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Sunday, July 22, 2018
Firms controlled by two Oando Plc executives have been ordered by a court to pay $680 million in a dispute over corporate shareholdings. A Nigerian court ordered firms owned or part-owned by Wale Tinubu and his deputy to pay $680 million in a dispute over corporate shareholdings.
The legal battle revolves around ownership of a holding company that controls a majority stake in Oando, which is being investigated over claims of financial mismanagement and had its shares temporarily suspendedin 2017.
According to court documents,the recipient of the payments is Ansbury Investment Inc., owned by the family of Nigerian-Italian businessman Gabriele Volpi.
A statement by Oando said it is not part of any arbitration and has not been ordered to pay anything.
The London Court of International Arbitration ruled that Ocean and Oil Development Partners (OODP) owes Ansbury $600 million. OODP is a JV between Ansbury and Whitmore Asset Management Ltd., owned by Oando CEO Tinubu and his deputy, Mofe Boyo. Whitmore itself owes a further $80 million.
Oando emphasized that the $600 million is owed by the JV between Ansbury and Whitmore, which means that in a sense the former “owes itself.”
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