Oando Denies Involvement In London Court Case

In a statement to the Nigerian Stock Exchange (NSE), Oando Plc has repudiated the Media Reports in print and digital news media purporting that the International London Court of Arbitration has ordered Oando Plc or Wale Tinubu to pay $680 million to Gabriel Volpi, following an investment dispute between Whitmore Asset Management Limited, jointly owned by Adewale Tinubu and Omamofe Boyo and Ansbury Investment Inc. owned by Gabriel Volpi.

The Nigerian oil and gas giant have said that it is not a party to the arbitration.

The statement stated that the London Court of International Arbitration did not order Oando Plc to pay any sum of money to Ansbury Investments Inc.; and that Oando Plc is not in any way indebted to Ansbury Investments Inc.

“We understand that the parties involved in the arbitration are Whitmore Asset Management Limited (a company beneficially owned by Jubril Adewale Tinubu and Omamofe Boyo) and Ansbury Investments Inc. (a company beneficially owned by Gabrielle Volpi). We confirm that neither party is a shareholder in Oando PLC,” said the statement

“We are informed that the London Court of International Arbitration (LCIA) on July 6, 2018 ruled that Whitmore Limited should pay Ansbury Inc. the sum of $80m. The LCIA also ordered Ocean and Oil Development Partners OODP BVI (OODP BVI), a joint venture company incorporated in the British Virgin Islands by Ansbury Inc. and Whitmore Limited, to pay Ansbury Inc. the sum of $600m.,” it added.

OODP BVI is in turn 99 percent shareholders in Ocean and Oil Development Partners Nigeria (OODP Nigeria) the majority shareholder in Oando PLC by way of 57.37 percent stake in the Company.

Oando said in the spirit of goodwill, transparency and full disclosure, the Company will continue to cooperate with the SEC in the discharge of their duties as the Capital Markets regulator during this exercise as well as update the market on any reports that may have a bearing on investors’ decision and the value of their shares.

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