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Nigeria: ADM seeks assets as IOCs sell

AIM-listed ADM Energy says its new management team is closing in on acquisitions in Nigeria and the rest of West Africa. The former MX Oil aims to pick up assets being offloaded by IOCs, and invest in local licence holders, partnering with oil traders that can provide the necessary capital. The company changed its name last year after Sheikh Ahmed Bin Dalmook Al-Maktoum, a member of Dubai’s ruling family, took a 30% stake in April 2019, but resigned from his non-board role as president in August 2019 and sold his shares.

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