Nigerian billionaire Arthur Eze faces backlash in Liberian parliament over oil deal

Arthur Eze, the Nigerian billionaire who owns Atlas Oranto Petroleum, is under pressure in Monrovia after two senior Liberian lawmakers warned colleagues against ratifying proposed production-sharing contracts with his company. In a letter tabled this week, former House Speaker J. Fonati Koffa and Representative Musa Hassan Bility branded the agreements “corrupt and dangerous,” arguing that the process lacked competitive tension, the numbers don’t add up and the counterparty has not demonstrated the firepower to work Liberia’s deep-water acreage.

The Boakai administration has promoted the Atlas Oranto package as a catalyst for a sector that has been largely idle for more than a decade. Officials have pointed to headline signature bonuses and promises of local participation as evidence the state negotiated a fair deal. The letter challenges that narrative on several fronts: who advised the government, who stands behind the mandated local equity, why public bonus figures appear to have shifted, and whether the fiscal terms protect the treasury if discoveries are made.

Capacity is a central fault line. Critics say Atlas Oranto, a private group controlled by Eze, has a patchy record of converting licences into drilled wells across West and Central Africa. They cite Liberia’s own history: awards in the late 2000s that were later flipped without a single exploration well. To them, the current package looks more like option value than a development plan.

The government argues the contracts align Liberia with a well-connected regional player, could unlock employment and offshore services, and come with environmental and transparency provisions. But with parliament’s energy and contracts committees now in the spotlight, the political arithmetic has shifted. Any sign of a rushed process or mispriced terms will be hard to defend against a backdrop of fiscal pressure and voter scrutiny.

For Eze, whose profile and philanthropy are well known in Nigeria, Liberia offers the prospect of a flagship if he can secure ratification and prove up resources. For lawmakers, the decision is less about personalities than about risk allocation and credibility. Unless the administration answers the questions in the Koffa-Bility letter with hard numbers and timelines, the odds of a swift approval look slim.