Featured

Oando Crisis: London Tribunal Asks Tinubu, Boyo to Pay Volpi N208bn

Published

8 years ago

July 16, 2018

Eric

Amid accusations by aggrieved shareholders of attempts to suppress the report of the ongoing forensic audit of its operation, Oando PLC Chief Executive, Wale Tinubu, and his deputy, Mofe Boyo, have been asked to pay Ansbury Investments Inc. about $680 million (about N207.9 billion @ N305.8/dollar).

Ansbury was incorporated in Panama as part of a family trust by an Italian-Nigerian businessman, Gabriele Volpi.

The three-member London Court of International Arbitration (LCIA) presided by David Midon on July 6 gave the partial award against the two embattled top officials of Nigeria’s indigenous oil company.

In the ruling, affirmed by two other co-arbitrators, Marco Frigessi di Rattalma and Harry Matovu, the tribunal upheld Mr Volpi’s application that Ocean and Oil Development Partners (OODP) was indebted to Ansbury by about $600 million (about N183.5 billion).

OODP Limited, incorporated in the British Virgin Islands, controls 55.96 per cent equity in Oando PLC through a holding company, Ocean and Oil Development Partners (OODP) Nigeria Ltd.

The company was established at a time Oando PLC was preparing to acquire ConocoPhillips’ upstream oil and gas assets in Nigeria.

According to a copy of the tribunal ruling sent to PREMIUM TIMES on Sunday by counsel to Ansbury Investment, Andrea Moja, the court also held that Whitmore Asset Management Limited was liable for another debt of $80 million (N24.5 billion).

Whitmore, incorporated in the British Virgin Islands as a single purpose investment vehicle, belongs to Messrs Tinubu and Boyo.

Court documents seen by PREMIUM TIMES showed initial agreement signed on June 17, 2013 gave 60 per cent equity in the venture to Ansbury and 40 per cent to Whitmore.

However, the source of dispute was whether there was a legally binding agreement for Ansbury to transfer 20 per cent share of its equity in the venture to Whitmore, such that OODP BVI equity would change to 60 per cent for Whitmore and 40 per cent for Ansbury.

Besides, the court was confronted with the decision whether the parties made a legally binding agreement to convert an outstanding loan of $150 million (plus interest) into shares in Oando E&P Holdings Limited.

In its ruling, the court said the draft amended loan agreement as well as the draft “Put and Call Option Agreements” never became effective.

“Whitmore is in breach of the repayment obligation in the First Loan Agreement,” the tribunal ruled. “The alleged oral agreement to switch the parties’ respective shareholdings in OODP BVI is not binding on the parties. The alleged oral agreement to extend the term of the loans to 1 January 2020 is not binding on the parties.”

Mr Moja said the final award was expected to follow in the next few days whereby the tribunal would make definite pronouncements on accrued interests on the debts owed and legal expenses.

He said the tribunal’s ruling is in respect of a debt Mr Tinubu is owing, and does not affect Mr Volpi’s status in Oando as its majority shareholder.

He said in line with the tribunal processes, details of the award have since been communicated to all the parties concerned since July 9. The ruling is, however, subject to appeal.

How Crisis Started

In 2012, Ansbury said it invested about $700 million in OODP BVI, by acquiring a 61.9 per cent stake in the firm, with Withmore Limited holding 38.10 per cent.

According to Mr. Volpi, Mr Tinubu approached him to invest in the company at a time Oando PLC was mobilising $1.5 billion to acquire assets in ConocoPhillips’ upstream oil and gas in Nigeria.

Similarly, OODP BVI, which controls 99.99 per cent equity in OODP Nigeria, holds 55.96 per cent of the stakes in Oando.

When the dispute broke out in 2017, Ansbury said it equally petitioned the Nigerian capital market regulatory authorities, the Securities and Exchange Commission (SEC) in May accusing the management of Oando PLC of mismanagement, “insider dealings, manipulation of the company’s shareholding structure and huge indebtedness”.

The petition culminated in the forensic audit of Oando PLC operations ordered by SEC in October 18, 2017.

But, the exercise did not take off several months after following the suspension from the office of the former Director General of SEC, Mounir Gwarzo.

Although Abdul Zubair was appointed acting DG to succeed Mr Gwarzo, he was redeployed on April 13 and replaced by Mary Uduk, whom critics say was brought by the minister to do her bidding.

Months after the audit by KPMG commenced, aggrieved shareholders under the platform of Proactive Shareholders Association of Nigeria (PROSAN) accused the management of the company, a fortnight ago, of working with the Minister of Finance, Kemi Adeosun and Mrs Uduk, to frustrate the release of the audit report.

The shareholders blamed the long delay in releasing the audit report on Mrs Adeosun and Ms Uduk’s alleged clandestine activities “to shield Oando management from criminal prosecution”.

“We are calling on the Acting Director-General of SEC to immediately release the report of the forensic audit conducted on the company since last year although we believe the result will be compromised since they have failed to suspend the management of the company while the so-called forensic audit lasted,” National Coordinator of PROSAN, Taiwo Oderinde, said on Sunday in a statement sent to PREMIUM TIMES.

Oando Speaks

When contacted, the spokesperson of Oando, Alero Balogun, said on Monday that she does not have the authority to react to the debt issue.

She, however, Oando or Mr Tinubu’s lawyers would do so at the appropriate time.

Ms Balogun denied the allegation by Oando shareholders that the management was sitting on the forensic audit report.

“We (Oando PLC) are not sitting on any audit report. We went to court to challenge the audit, because we said SEC would not be fair. We lost. Now the the audit has begun and they are saying it is taking too long. We are also waiting for the report of the audit like every other person,” she said.

When PREMIUM TIMES contacted the minister for her response to the allegation she was frustrating the audit, her spokesperson, Oluyinka Akintunde, said his boss had no comment on the allegation.

Mr Akintunde directed this reporter to SEC, which he explained was the agency that ordered the forensic audit.

When this reporter contacted the acting director general of SEC for her response, the acting spokesperson of the commission, Efe Ebelo, assured that Ms Uduk would respond to PREMIUM TIMES’ enquiry.

About a day later, no response has been received from the regulator.

The firm conducting the audit, KPMG, also declined comment on the status.

A representative of the firm, who answered the telephone when the company’s official telephone was called, said KPMG is not obliged to speak to the media on any of its clients’ briefs.

Premium Times

Featured

Dominican University Hails Peter Obi on 65th Birthday

Published

2 days ago

July 20, 2026

Eric

The Dominican University, Ibadan, has paid glowing tribute to its Pro-Chancellor and former Governor of Anambra State, Mr. Peter Obi, on his 65th birthday, describing him as a visionary leader whose commitment to education, youth development and national progress continues to inspire generations of Nigerians.

In a goodwill message issued on Sunday, the Vice-Chancellor of the university, Prof. Jacinta Opara, lauded Obi’s enduring passion for quality education, noting that his consistent investments in human capital and advocacy for educational excellence have strengthened institutions and offered hope to young people across the country.

According to Opara, Obi has, through his public service and private engagements, remained a steadfast champion of education, making it a cornerstone of his vision for national development.

She said his words, actions and unwavering support for learning had reinforced the conviction that education remains the most effective instrument for building a prosperous, inclusive and sustainable society.

The university also expressed appreciation for Obi’s contributions to the institution as Pro-Chancellor, describing his leadership, generosity and guidance as instrumental to its growth and development.

The statement noted that under his stewardship, Dominican University has continued to pursue academic excellence while remaining committed to its mission of producing morally upright and globally competitive graduates.

It read in part: “As a university founded a decade ago on the rich 800-year educational heritage of the Order of Preachers (Dominicans), we remain profoundly grateful for your visionary leadership, generous support and invaluable contributions as our Pro-Chancellor.”

The institution joined family members, associates and well-wishers in celebrating Obi’s milestone, praying for continued good health, wisdom, strength and divine guidance as he continues to advocate good governance, human dignity, hope and national development.

The message, signed by the Vice-Chancellor, reaffirmed the university’s pride in its association with Obi, whose dedication to education, integrity and selfless service, it said, continues to leave a lasting impact on the nation and inspire future generations.

Featured

Ooni of Ife Loses Elder Brother Prince Adetunji

Published

2 days ago

July 20, 2026

Eric

The Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, has announced the passing of his immediate elder brother, Prince Adetunji Ogunwusi.

The monarch made the announcement in a statement released on Sunday through the Director of Media and Public Affairs at the Ooni’s Palace, Sodiq Lawal.

Describing the late prince as a respected businessman and compassionate leader, the Ooni said Prince Adetunji lived a life dedicated to service, humility and the wellbeing of others.

According to the statement, the death of Prince Adetunji has left a deep void in the Ogunwusi family, the Ojaja Royal Dynasty and the entire Ile-Ife Kingdom.

Prince Adetunji, who was born on December 8, 1967, was a member of the Ojaja lineage of the Giesi Ruling House in Ile-Ife. He was also the Group Chairman of Primewaterview Holdings, where he earned recognition for his contributions to business development and entrepreneurship.

The Ooni noted that his late brother built a reputation as an innovative entrepreneur and visionary leader. Through his business activities, he created opportunities for many people and contributed to economic growth in different sectors.

The monarch further stated that beyond his achievements in business, Prince Adetunji was known for his generosity, kindness and commitment to humanitarian causes. He was said to have quietly supported many individuals and families, offering assistance, guidance and encouragement whenever needed.

The statement added that Prince Adetunji’s influence extended beyond the corporate world, as he remained deeply connected to his roots and maintained a strong interest in the progress and development of Ile-Ife and its people.

The Ooni described his late brother as a dependable adviser, a loving family member and a man whose legacy would continue to inspire future generations.

Family members, friends, associates and well wishers have continued to pay tribute to the late prince, remembering him for his humility, wisdom and positive impact on society.

The palace said further details regarding funeral arrangements and other ceremonies would be announced by the family in due course.

Prince Adetunji’s death marks a significant loss to the royal family and the people of Ile-Ife, who will remember him for his service, leadership and dedication to humanity.

Featured

Harakati Za Holds Pan-African Conference on Economic Restructuring, Political Reforms, Regional Integration in Accra

Published

2 days ago

July 19, 2026

Eric

More than 200 delegates from across Africa are expected to converge in Accra on July 24, 2026, for an international conference on “Economic Restructuring, Political Reforms and Integration for Sustainable Development in Africa.”

The conference, organised by Harakati Za Muungano, will take place at the GNAT Hall and will bring together policymakers, academics, business leaders, traditional authorities, civil society organisations, youth leaders and development partners to explore practical solutions for accelerating Africa’s development through deeper regional integration.

Harakati Za Muungano, a Swahili phrase meaning “Union Movement,” is a pan-African movement committed to promoting African unity, economic transformation and governance reforms that support sustainable development.

The organisation believes that Africa’s vast human and natural resources can only be fully harnessed through stronger regional cooperation, enhanced intra-African trade and governance systems that place the continent’s long-term development at the centre of public policy.

Since its establishment in November 2023, the movement has expanded its operations to 17 African countries, engaging governments, regional institutions, traditional leaders, professionals, youth groups and community organisations.

Its work focuses on policy advocacy, research, civic engagement and humanitarian initiatives aimed at fostering inclusive development, strengthening regional cooperation and encouraging reforms that improve the quality of life of Africans.

The conference will provide a platform for participants to deliberate on critical issues affecting the continent, including constitutional reforms, economic restructuring, regional market integration, industrialisation, governance continuity and sustainable financing models for development.

Organisers expect the discussions to produce practical recommendations that can inform policy decisions at both national and regional levels.

A major focus of the conference will be the movement’s vision of a more integrated Sub-Saharan Africa where barriers to trade and movement are reduced, economic collaboration is strengthened and governments adopt policies that encourage long-term planning, investment and shared prosperity.

The organisation believes that greater integration will unlock new opportunities for businesses, create jobs, promote industrial growth and enhance Africa’s global competitiveness.

Organisers say the conference represents an important opportunity for African leaders and stakeholders to collectively examine bold and innovative approaches to the continent’s future.

With over 200 delegates expected from across the continent, the event is anticipated to foster meaningful dialogue, strengthen partnerships and advance a shared vision of an economically resilient, politically stable and fully integrated Africa.

-Overseeronline.com