MRS Holdings Limited, the oil marketing firm owned by Sayyu Dantata, the younger brother of Aliko Dangote, helped provide the cash used by state-owned oil and gas company NNPC Limited for buying two shallow-water oil assets from Chevron Corp, Bloomberg reported Wednesday.
MRS Holdings reported losses for three consecutive years to 2020, managing to post a meagre profit last year.
Bahamas-registered Bestaf Funding Limited, a subsidiary of MRS Holdings, funded the purchase valued at $300 million, according to NNPC’s latest financials and a response to Bloomberg’s query by Umar Ajiya, NNPC’s chief financial officer.
