Seplat Petroleum Boss, Austin Awuru Troubled Over Increasing Company Loss ...why he is finding it hard to arrest alarming spiral.

Away from the high spirited spending, a peek into the account book of his cash cow, Seplat Petroleum Development Company reveals Austin Awuru is a troubled man.

Revelations from his company finances revealed 'he is losing money heavily'

According to an insider ' his sales revenue has experience very grave drop'.

Insiders insist the situation is such that his petroleum outfit has lost more than the profit it earned as at this time last.

Checks revealed the situation the fallout of three major factors.

Sources disclosed the generous spender and his outfit have to contend with reduction in revenue due to what is labelled 'output constraints'.

The situation is said to such that the firm has lost about one and half of the earnings it made as at this time last year. And this development is said to be compounded with growing cost of maintaining it's magnificent debt profile. 'You know with loss in revenue, servicing debts - and increasing one at that becomes a serious issue...especially with arrangement in the banking sector that discourages acquiring added debts to pay off another' a source said. And giving additional worry is said to be increasing ballooning administrative cost. As at the end of the second quarter of  this year, informants confirmed administrative costs has risen very close to 200%  more than the whole of last year- and it is still rising. And to create a perfect riddle Awuru and his team claimed to have pencilled N16n as the minimum dividend to shareholders this year. The payment is expected to come to fruition in Novemeber 2014. Informations revealed the money man and is team are currently at a loss on how to solve the spiralling money loss riddle - even as he spots a personal extravagant lifestyle to cover deepening company's financial crises. According to information sourced on it's official website, Seplat is an independent oil and gas exploration and Production Company incorporated and operating in Nigeria with strategic focus on Nigeria. In July 2010, it acquired a 45% participating interest in, and was appointed operator of, three on-shore producing oil and gas leases located in the western Niger Delta basin of Edo and Delta states (OMLs 4, 38 and 41) which include the Oben, Ovhor, Sapele, Okporhuru and Amukpe fields.