By YUNUS YUSUF

Aiteo Eastern Exploration and Production Company (AEEPCO), operator of the NNPCL joint venture on OML 29, has terminated its contracts with Amotoi Global Services and other surveillance security providers.

Mr Victor Okoronkwo, Group Managing Director of AEEPCO, disclosed this in a statement issued by the company on Monday in Lagos.

The company notified the public, in particular, all the relevant regulatory and government authorities within the oil and gas industry, all law enforcement and security agencies on the contract termination.

Aiteo also notified all relevant third parties associated or connected with matters relating to the security of its operating installations and infrastructure

It listed the contractors as Mr Clement Amunaboye (trading under the name and style of Amotoi Global Services Ltd); Obiene M Obiene (known as Organiser); Thomas Livingstone; Christopher Ezekiel Enu.

According to the company, the developments follows confirmation of the occurrence of various damaging nefarious activities that have compromised its operations, constituting grave safety violations, manifesting high fraud and injurious criminal activity.

The company said other related violations included gross negligence and the unacceptable cumulative exposure of its assets and business, perpetrated by the within-named entities and individual security contractor and service providers.

The management advises all relationships/transactions with them, whether jointly or severally, purportedly on our behalf, cease forthwith.

Any further involvement with these entities or individuals ostensibly pertaining to our company is hereby disclaimed.

For years, our company and its stakeholders have borne the worst impact of the consequences of crude theft.

Facilities vandalisation, crude trafficking culminating not only in substantial financial losses but causing severe disruption to our operations.

Despite the painful price we have had to pay, it is particularly galling to discover that we have been undermined by the entities or individuals who are supposed to secure our facilities and output.

This speaks to the depth of the decay and the severity of the problem facing producers like us and calls for a heightened, urgent and comprehensive escalation and implementation of corrective measures. (NAN)