In a Fallout of SEC’s Action, Volpi Moves to Take over Oando

The directive by the Securities and Exchange Commission (SEC) that the co-founders of Oando Plc, Group Chief Executive Officer, Mr. Wale Tinubu, his deputy, Mr. Omamofe Boyo, and other board members should resign and an extra-ordinary general meeting be convened to appoint new directors, on or before July 1, this year, appears to play right into the hands of Mr. Gabriele Volpi, the Chairman and main shareholder of Intels Nigeria Limited, who has been having a running battle with Tinubu and Boyo over the control of the oil and gas company.

This comes exactly two weeks after the Nigerian Ports Authority (NPA) terminated its boats pilotage monitoring and supervision agreement with Intels for failure to pay $145 million in revenues the the FG’s Treasury Single Account ( TSA).

Alhaji Dahiru Mangal and Ansbury Investments Inc., had written two separate petitions against Wale Tinubu and Mofe Boyo. Specifically, Ansbury, a firm set up by the 78-year-old Volpi, a multi-billionaire, who holds dual Italian and Nigerian citizenship, with extensive interests in oil and gas, ports logistic services and real estate spanning 40 years in Nigeria, had petitioned SEC, where it sought removal of the two executives over their inability to repay $680 million, which he loaned them for the acquisition of ConocoPhillips oil and gas assets.

Read more: ThisDay, June 2, 2019

 

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