ADM Energy has provided a clarification on a potential investor, following a number of questions.
The London-listed company, in October 2020, said it had reached an agreement with a new partner, Dubai Bridge Investments (DBI). A US citizen, Zubair Abdur-Razzaq Al Zubair, founded DBI in 2013 in Dubai.
As Energy Voice has previously reported, Al Zubair is not affiliated with a family corporation of the same name from Oman.
“It’s a storm in a teacup,” ADM CEO Osa Okhomina told Energy Voice today. “We’ve had to defend ourselves when nothing has occurred.”
Okhomina noted that he had clarified DBI’s background in a recent shareholder call and in comments to Energy Voice.
Part of the problem for ADM was a lack of clarity on DBI. This fuelled speculation that the Nigerian company had made the same mistake as Lekoil.
“We were never uncertain,” Okhomina said. “It has irritated Al Zubair who is backing us but of course he will continue to back us. He’s still comfortable with us but it’s been an unnecessary distraction.”
The ADM CEO declined to provide any further investment on previous investments by Al Zubair and DBI.
ADM revealed that Al Zubair had previously been a partner and CEO in AWGAL Investments, an investment vehicle of Abdulwahab Galdari.
The company also said Al Zubair’s use of the “His Excellency” title was based on “social and cultural adoption rather than it having been awarded in connection with a senior governmental, or such other, position”.
DBI has not yet provided any funds to ADM. The company statement went on to say there was no certainty that DBI would provide funds.