On The Heels Of Private Jet Acquisition Kola Karim’s Shoreline Natural Resources MD, Ladi Bada Raises Alarm Over Company’s Operations

…discloses it has had to take ‘haircut’ in its upstream activities

Recent disclosures credited to Ladi Bada, the Managing Director of Shoreline Natural Resources has revealed things certainly not as rosy as portrayed with the lifestyle of face and chairman of the big money enterprise, Mr Kola Karim.

Karim, listed by Forbes Magazine as one of the most powerful men in Africa just acquired a private jet.

The development transpired in the face of stringent economic measures by government to arrest spiralling economy in the face of plummeting oil price.

Here is a link for background link – http://societynowng.com/Shore-Energy-Boss-Kola-Karim-Buys-Private-Jet-In-The-Face-Of-Growing-Stringent-Economic-Measures

Kola Karim

The purchase had portrayed KKarim and his Shoreline Natural Resources as immune from the grave implications of falling oil price.

But recent disclosures attributed to the man charged with day to day running of the outfit reveals the big money acquisition by Karim as cosmetic attempt at covering deep level challenges the company is contending with.

Bada went as far as revealing Shoreline Natural Resources has had to take ‘haircut’ in it’s downstream operations.

And went on to make very concerning interpretations with the assertions that the company which closed the $850m OML 30 acquisition deal with Shell and partners in record time is battling

‘production which has been down by 40% since June…right now we are seeing figures that are very difficult for us to sustain’

He reportedly went on to give a hairy verdict ‘ If the prices continue to fall into Q1 AND Q2 of 2015, ten we start to be more concerned’.

Bada provided a gloomy glimpse into possibility of bailout finances ‘ with further divestment to take place, it becomes trickier to finance…when you stack the banking case with your lending partners, it becomes less attractive for the banks…they (banks) are going to demand mre equity from you to put in’

The Managing Director that was brutally honest about the position of his company and sector reportedly made the shocking disclosures during a television talk show.