A more than $400 million gap between past and current valuations of a key Nigerian oil pipeline stake has drawn renewed scrutiny to a previously terminated sale now under fresh consideration.
Independent assessments conducted in 2025 value a 40 per cent stake in the Amukpe–Escravos Pipeline at between $544 million and $641 million, according to documents, more than double the $243 million offer tied to a transaction that collapsed in October 2024.
Multiple sources familiar with the matter said elements of the earlier process are being reconsidered, including a September 2025 approval linked to the failed transaction.
The development has raised concern among lenders involved in the asset, who argue that any attempt to proceed using the earlier valuation would not reflect current market conditions.
“This is about ensuring that the asset is not priced on outdated assumptions,” a senior banking source with knowledge of the lender syndicate said on condition of anonymity because of the sensitivity of the matter.
The lender syndicate includes the Asset Management Corporation of Nigeria (AMCON) and Sterling Bank.
The Amukpe–Escravos Pipeline, with a capacity of about 160,000 barrels per day, is regarded as one of the more stable crude evacuation routes in Nigeria’s oil network.
Records show the original sale process was formally terminated in October 2024 after the preferred bidder, Conpurex Limited, failed to meet payment obligations and sought to renegotiate key terms.
The Technical Committee overseeing the transaction ended the process, a decision supported at the time by the lender syndicate.
Two industry sources said the reappearance of an approval tied to that process has raised questions about whether a concluded transaction can be revisited without a full restart under current market conditions.
“If the deal has been closed, the expectation is that any new process begins afresh,” one of the sources said.
The initial bidding process involved Continental Oil and Gas Limited before Conpurex Limited emerged as the preferred bidder. The transaction collapsed shortly after.
Industry sources said lenders favour a process anchored on current valuations, with any next steps likely to attract close scrutiny from financial stakeholders.
For now, the pipeline remains operational and continues to support crude exports.
Officials at the Nigerian Upstream Petroleum Regulatory Commission and members of the Technical Committee did not respond to requests for comment as of press time.
