Paddy Adenuga recently wrote an intriguing story about how he almost bought Chevron’s entire upstream, exploration and production business in the Netherlands. Long, beautifully written and (some will say) inspiring, the tale chronicled all he did in his bid to own the giant so he could use it as a ‘Trojan Horse’ to enter the lucrative African Oil and Gas market. If you haven’t already, read the piece HERE.
There have been varying reactions since the story was published. Some people have commended his bravery, while others have attributed his ability to do all he did to his fathers’ massive wealth. Some have said if their father was Mike Adenuga, and worth over 5 billion dollars, they would pursue massive ventures like that, but others have admitted that if their father was that rich, they will probably just relax and enjoy life.
Whatever side you’re on, we have attempted to calculate how much Paddy spent pursuing that dream.
Enjoy, share. And remember that it is all bants.
The story begins in October 2013, but he mentioned he met with his mentor in early spring of 2014. So most of the costing begins from March 2014 to July 2014, when Catalan’s final bid was rejected.
- Bringing Vance Querio, the COO of Addax Petroleum on as Adviser and Board Member – Estimated: $100,000 monthly. Total – $400,000
- Unnamed Mentor (Board Member) – Most likely free, seeing as he is a mentor.
- Trip to Switzerland to meet mentor: Return ticket – assuming he flies Business class, instead of using private jet, hotel, chauffeur and other expenses – $5,000
- Lunch with Edgar, the respected banker – $1,000
- Two trusted friends – Directors. Probably served on an ‘equity’ basis, but logistics and miscellaneous – $100,000
- Nicolas Lavrov: Logo design, graphics, web design and company profile for Catalan, – $10,000
- Meeting with Richard Kent of Jeffries Investment bank, London. (Assuming lunch) $1,000
- Management Team (of 15 people). From:
- DeBrauw – Dutch law firm, as lawyers
- Canaccord Genuity – Canadian as finance managers
- RPS Energy – as technical managers
- Moore Stephens – as accountants.
Retainer/billing/expenditure for 4 months – $3,000,000
- Trip to Amsterdam to meet EBN MD – Jan Dirk. Few days in Amsterdam, enjoying the Dutch nightlife and hospitality. $10,000
- Meetings with banks, investors and oil trading companies. (Part of Management Team fees)
- Kung-Fu training with Master Shifu Heng-Wei. $5,000
- Drinking Rose wine with friends at the Arts Club in London. $1,000
- Trip to Amsterdam to meet Jan-Dirk of EBN again. $5,000
- Meeting with Marcel and Alex of ONE at a London prestigious club (Membership privilege, so negligible amount)
- Meeting in Amsterdam at ONE’s offices with Management team (15 people plus Paddy). Assuming he hired a private jet for this purpose. Return trip – $25,000
- Five brand new jet-black Mercedes S-Classes to ferry the Catalan management team to and from ONE’s offices. $3,000
- Few days in Amsterdam, Dutch nightlife and hospitality. $10,000
- Bicycle. $4,000
- Edgar – Assuming the Princely Salary he initially refused to pay was $1,000,000, the King’s Ransom would be $2,000,000
- Steak dinner with Edgar – Negligible
- French banker, Guillaume Leenhardt – $300,000
- Miscellaneous – $120,000
Total: $6,000,000 (Six Million Dollars only)
What an expensive dream.
To end this on a serious note, while we all know that the privilege he was born into gave him a head-start, and opportunities to bid for conglomerates like Chevron Netherlands, we must admit he was courageous, tenacious, and could be a poster-child for ‘don’t give up on your dreams’.
What do you think?