Volpi, Tinubu’s conflict to dominate proceedings as Oando AGM opens today

There are indications that the conflict over the ownership and management of Oando Plc will dominate discussions as the company’s Annual General Meeting opens in Uyo, Akwa Ibom State today.

Investigations by Vanguard showed that many shareholders were not only worried about the relatively poor state of the company in the past few years but also the recent struggle for control and management of the company by one of the founders and majority shareholder of Intels Nigeria Limited, Mr. Gabriele Volpi and the group chief executive officer of Oando Plc, Mr. Wale Tinubu.

In his petition which is still before the Securities and Exchange Commission, SEC, Volpi cited alleged mismanagement, cooked books and huge debts as reasons for his action.

Already, while many stakeholders have expressed loyalty to Wale Tinubu-led management, others, especially those who feel that they have not yet reaped the fruits of their investments have thrown their weight behind Volpi.

Vanguard, October 2, 2017

 

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