In a Fallout of SEC’s Action, Volpi Moves to Take over Oando - Ripples Nigeria
Connect with us

Nigeria In One Minute

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

Published

on

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

 

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Exit mobile version