With Kase Lawal’s CAMAC Energy acquisition of Pacific Asia Petroleum, history grows with listing of African-led corporation on NYSE platform.

By Chido Nwangwu, Founder & Publisher of USAfrica, USAfricaonline.com, CLASSmagazine and The Black Business Journal, Houston.

http://www.usafricaonline.com/camac-pap-nyse-kaselawal-chido2010

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At 9 minutes after four o’clock pm, on April 7, 2010, Dr. Kase L. Lawal, a business leader of immense capacities, walked into the conference room headquarters of CAMAC Holdings near the upscale Galleria, Houston.

He was beaming with smile, acknowledging another accomplishment, accompanied by his technocratic, gracious wife and key adviser Eileen (an executive of CAMAC), his visiting guest from Abuja (via Washington DC) the Secretary to Nigeria’s federal government Yayale Ahmed, newly-promoted president of CAMAC Kamoru Lawal.

On this day of accomplishment and fulfillment for CAMAC on April 7, Dr. Lawal’s robust and vibrant vision of trading between Cameroon and America (camac) was yielding fruits from foundational seeds sown, nurtured and expanded since 25 years ago.

It was worth more than the aggregates of money for in his march to yet another historic business landmark: the listing of the largest U.S-based, African-led corporation on the highly-valued New York Stock Exchange (NYSE) Amex platform.

This point is  a strategic advantage and operational benefit for CAMAC International from its acquisition of Pacific Asia Petroleum (PAP). It is currently is traded on NYSE with the symbols PAP. What’s deal, today? It’s basically the consummation of the Sales and Purchase agreement. (USAfrica’s exclusive multimedia pictures of the April 7 signing are on our pictorial events site www.PhotoWorks.TV http://photoworks.tv/camac-kase-pap-usafrica-chido2010)

USAfrica data research show that as at Monday April 12, 2010, the market valuation of PAP rose to $263,697,200, a 4.8% increase in 5 days. CAMAC now owns 62.74% of the issued and outstanding capital stock of PAP. It could grow higher. PAP was founded in 2005 with offices in Hartsdale, New York, and Beijing, China.

On the significance of the NYSE listing, Dr. Lawal, a Commissioner on the Port of Houston Authority  said in an exclusive USAfricaTV video that “It gives CAMAC some responsibilities and grants us more respect, and to return shareholders value. It should open doors for others to follow, add value and create value.”

Dr. Lawal, chairman of Allied Energy corporation and Vice Chairman of Houston Airport Development System corporation added that he looks forward to a valuable outcome from the merging of PAP and CAMAC International into CAMAC Energy.

Mr. Ingriselli has since noted that “We are now prepared to capitalize on the opportunities presented by this acquisition.  We expect that the addition of the Oyo Oilfield asset, combined with our existing China assets and the wealth of experience from the new board members and CAMAC, will further enhance our capacity to achieve the Company’s strategy to aggressively grow shareholder value with high-return and early cash flow assets.”

PAP’s stockholders at the company’s special meeting on April 5, 2010, approved the deal.

It is important to note that the largely financial acquisition of the CAMAC-primarily owned Oyo field, an offshore oil asset in Nigeria by Pacific Asia Petroleum, was the first step and cornerstone of the deal. It was established as a production sharing contract. The Oyo Oilfield started production in December 2009.

In a nutshell, CAMAC needed to expand its capacity as an oil/gas E&P (exploration and production) business with the added leverage of a listed corporation, and significant experience in gas projects, PAP brought those to the table; PAP needed more revenue, quicker access to capital/revenue, CAMAC has excellent asset with its Oyo oilfield and a network of influences and relationships.

The merging partners will soon move to the realistic phase of navigating and harmonizing the corporate cultures of PAP and CAMAC.

With a sense of optimism, Kamoru Lawal notes that the “timing of the deal is perfect and we have known Frank (Ingriselli) for almost 3 years, and things are coming along very well. We’ll do well.”

Lawal, a philanthropist on education and literary projects, has political connections inside Nigeria, South Africa and the U.S. He has propelled the CAMAC International, a private company for almost 25 years (by 2011), to be recently ranked #193 in Forbes list of America’s Largest Private Companies.

Kase was born in 1954 in Ibadan, Oyo State (western Nigeria). He was  awarded the prestigious USAfrica Business Person of the Year, in 1997.

Around 2001-2003, he expanded CAMAC’s reach into South Africa and the capacity of the operations in Nigeria. Around 2002, Kase led CAMAC to its first billion dollars. Business has flourished ever since, adjusting for the global economic crunch; the latter interrupted the scope of the stock offerings plans for CAMAC-Allied Energy on the Nigerian Stock Exchange.

For 19 years, despite a few business controversies which he has had to contend with,  I have witnessed, first hand that amidst the expansion of his fortune has been major efforts by Kase and Eileen to give back to the community.

I have also witnessed the exponential, methodical expansion of the clout and revenue drivers for CAMAC and of Kase, himself.                                                                                              —- • Chido Nwangwu, Founder of USAfrica,  first African-owned, U.S-based newspaper published on the internet USAfricaonline.com, The Black Business Journal, CLASSmagazine, PhotoWorks.TV, AchebeBooks.com, Nigeria360 e-group, USAfricaTV and several blogs, assessed by The New York TImes as the most influential multimedia networks for Africans and Americans. He served on the editorial board of the Daily Times of Nigeria in Lagos and worked for the Nigerian Television Authority (news) in the 1980s;  publicity committee of the Holocaust Museum, Houston; recipient of an honorary Doctor of Humanities degree in May 2009; member advisory board on Africa to Houston’s former Mayor Dr. Lee Brown. Chido appears as an analyst on CNN, VOA, SABC, CBSNews, ABCNews, FOXNews, NBCNews, etc.   Chido@USAfricaonline.com  — wireless: 832-45-CHIDO (24436)

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Goodbye to Nigeria’s President Yar’Adua….by Chido Nwangwu

http://www.usafricaonline.com/welcome-goodbye-yaradua-by-chido-nwangwu/