Popular Nigerian billionaire and oil magnate, Arthur Eze, has secured four offshore oil blocks in Liberia through his company, Atlas Oranto Petroleum Limited.
The move is seen as a major step that could breathe new life into Liberia’s long-stalled energy sector.
The deal gives Atlas Oranto rights to four offshore blocks, LB-15, LB-16, LB-22, and LB-24. The contracts were signed in Paris between the Liberia Petroleum Regulatory Authority and Atlas Oranto.
Each block comes with a commitment to invest up to $200 million, alongside a $12 million signature bonus already paid.
Liberia has struggled for years to attract sustained investment in oil exploration. With major companies like TotalEnergies and ExxonMobil already making a comeback to the country’s waters, Eze’s entry is seen as another strong signal that Liberia’s oil industry could finally take off after more than a decade of inactivity.
President Joseph Nyuma Boakai welcomed the agreement, stressing that his government would ensure fairness, accountability, and local involvement in the sector. He pledged that revenues from oil would be properly managed and that environmental standards would be respected.
“This sector must work for the people,” Boakai said, as he assured Liberians that the contracts would now go through the country’s legislature in Monrovia for final approval before exploration begins.
Arthur Eze, often described as one of Nigeria’s most influential businessmen, founded Atlas Oranto in 1991.
Today, the company operates in more than 20 countries across Africa, including Uganda, Senegal, Equatorial Guinea, South Sudan, and Zambia.
The Liberian deal is the latest in his push for global expansion. In 2024, Atlas Oranto made its first entry into South America by signing a prospecting agreement in Venezuela, with President Nicolás Maduro in attendance.
Still, the company has not been without challenges. Earlier this year, authorities in Equatorial Guinea demanded payment of a $10 million bonus related to block recovery issues. Yet, despite such setbacks, Eze continues to position Atlas Oranto as a key African player in the global oil market.
The signing marks more than just business. It signals a potential turning point in the country’s economy, which has long relied on mining and agriculture. If successful, oil production could diversify national revenues and create opportunities for local communities.
For Nigeria, Arthur Eze’s win is another example of how private African companies are stepping onto the world stage, competing with international giants in the oil and gas industry.
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