Nigerian billionaire businessman, Arthur Eze is in trouble as the Senegalese government has revoked the oil exploration license of his company, Atlas Oranto Petroleum.

According to sources, the decision was taken to strengthen regulation in Senegal’s energy sector and accelerate the development of its hydrocarbon resources. The license was withdrawn after the company failed to meet key operational and financial obligations, including providing required bank guarantees and carrying out substantial exploration work.

The revoked Cayar Offshore Shallow block, awarded in 2008, covers about 3,600 square kilometers north of Dakar. Despite its oil potential, no exploratory wells were drilled during the license period, even after several deadline extensions.

Senegal’s Energy Ministry, under Minister Birame Souleye Diop, formally terminated the license in September 2025 as part of President Bassirou Diomaye Faye’s broader push to enforce compliance and tighten oversight of petroleum assets.

The move highlights a growing trend across Africa, where governments are reassessing old oil contracts to ensure they deliver real investment rather than speculation. Atlas Oranto has yet to officially respond to the development.