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Oando Plc has described as false, the report that it had been ordered by the London Court of International Arbitration (LCIA) to pay Ansbury Investment Inc. $680 million, saying the calculated misinformation arose from a statement issued by the lawyer and legal counsel of Ansbury Investment Inc., Mr. Adrea Moja, following the LCIA’s ruling in London.

According to a statement by Oando, the LCIA ruling follows months of arbitration on a loan repayment dispute between Oando PLC’s Group Chief Executive, Adewale Tinubu; the Deputy Group Chief Executive Omamofe Boyo, beneficial owners of Whitmore Asset Management Limited and Gabriel Volpi the beneficial owner of Ansbury Inc.

The statement added that the dispute dates back to 2017 when Gabriel Volpi allegedly attempted to breach a loan repayment agreement between him and Whitmore Limited in the British Virgin Island.

Ansbury and Whitmore Limited incorporated a joint venture investment vehicle in the British Virgin Islands called Ocean and Oil Development Partners (OODP BVI). OODP BVI owns a 99.99 per cent stake in Ocean and Oil Development Partners (OODP Nigeria) who in turn owns 57.37 per cent stake in Oando PLC.

Contrary to media speculations, the LCIA had infact ruled that OODP BVI which Gabriel Volpi owns a 60 per cent stake in should pay Ansbury (his own company) a total sum of $600 million while Whitmore pay Ansbury $80million. Going by the ownership structure this implies that Gabriel Volpi would infact be paying himself $360 million.

The payment terms is yet to be released by the LCIA and is expected to be made known to the parities in the due course.

The dispute between Ansbury and the Whitmore principals arose when Gabriel Volpi called in his loan repayment before its due date, January 1, 2018. Volpi had allegedly invested $750 million used for Oando’s purchase of ConocoPhillips Nigeria assets.

He further breached the jurisdiction of the law governing OODP BVI by petitioning the Nigerian Securities and Exchange Commission accusing Oando PLC of ‘financial mismanagement and cooked books, a company his counsel claims he has a majority shareholding in, all a bid to recoup his loan from the principals.

Oando’s public documents has proven that the claim of Volpi’s shareholding is false. OODP Nigeria, as at the time of this report, remains the majority shareholder in Oando with a 57.37% stake in the company.

Gabriel Volpi has in the past few years been linked to several scandals in the country including the disagreement between his maritime company, Integrated Logistics Services Limited (INTELS) and the Nigerian Ports authority (NPA).

The NPA had instructed INTELS to comply with the Treasury Savings Account (TSA) in a project, which the logistics firm was handling for the agency. This instruction did not go down well with the INTELS as it argued that the TSA would affect the payment of its loan to the banks.

In a letter to the Managing Director of NPA, Ms. Hadiza Bala Usman, the Chief Executive Officer of INTELS, Andrews Dawes, at the time, made it clear that the TSA would cause a run on the finances of the company.

The altercation between the two heavyweights led to the cancellation of the project by NPA and brought to the forefront other underlying issues leading to the Federal Government’s (through NPA) decision to break INTELS’ monopoly, which was detrimental to indigenous companies in the oil and gas logistics sector.

Despite attempts to bring Oando and its principals to its knees, the company has successfully navigated through this difficult time and the reputational damage caused by the SEC saga. In 2017, the company recorded profits in all four quarters and more recently Oando recorded a N4.2 billion PAT in Q1 2018 and 19.8 billion PAT in its FYE 2017 financial results. Oando has recorded six consecutive profits since posting its FYE 2016 results.

Following the reputational and financial losses suffered by the company as a result of Volpi’s petition to the SEC, Oando kicked off 2018 by reaching a peace accord with one of its petitioners, Alhaji Dahiru Mangal in the bid to restore shareholder confidence in the brand.

In April, a two party consortium consisting of Oando PLC (“Oando”), in conjunction with its midstream affiliate, Axxela Limited (formerly known as Oando Gas & Power) and Oilserv Limited, were awarded the Engineering, Procurement, Construction (EPC) mandate for the Ajaokuta – Abuja portion (Lot 1) of the Ajaokuta-Kaduna-Kano Pipeline system by the Nigerian National Petroleum Corporation (“NNPC”).

The contract award follows an extensive due diligence process conducted by the NNPC following a submission by Oando and Oilserv in 2013 in response to an Expression of Interest for a contractor-financed EPC development of the AKK Pipeline Project. The US$727million Ajaokuta-Abuja Pipeline development is a 215km gas infrastructure with associated facilities such as Metering/Terminal Gas Station, Pigging Station, Block Valve Stations etc.

Much to the relief of its over 270,000 shareholders who suffered untold hardship as a result of the SEC crisis, the Commission gave the directive to lift the technical suspension on the shares of Oando. On its first full day of trading, Oando’s shares were already highly sought after. According to the Chief Compliance Officer and Company Secretary, Ms. Ayotola Jagun; “On day one, 178 million Oando shares were on bid with only 5.5 million available for sale. The Company’s share price hit the NSE daily price ceiling of 10% by 10.45am; further evidence that there is a lot of interest in Oando shares and that the general mood around the market and our shares is positive.”

Most recently, Oando Nigeria Agip Oil Company (NAOC), Shell Petroleum Development Company (SPDC), other indigenous and international oil companies in partnership with the Nigerian National Petroleum Corporation (NNPC) achieved a commendable feat with the signing of an agreement to implement Gas Projects worth $3.7 billion. The gas projects tagged ‘Seven Critical Gas Development Projects (7CGDP)’ is set to bridge the gas supply shortfall in the country. The 7CGDP is an integral part of the gas development strategy designed by the NNPC to leverage the full potential of gas to meet the target of generating at least 15 gigawatts (GW) of electricity by 2020. The agreement includes the development of the 4.3 trillion cubic feet (TCF) Assa North/Ohaji South field, the development of the 6.4 TCF Unitized Gas fields (Samabri-Biseni, Akri-Oguta, Ubie-Oshi and Afuo-Ogbainbri) and the development of 7 TCF Nigerian Petroleum Development Corporation’s (NPDC) OMLs 26, 30 and 42.

Like many other global brands, Oando took the risk of seeking an equity investment from Gabriel Volpi, one which hasn’t turned out in its favour. The company has been questioned for getting into bed with the devil. The answer to this question could lie in a desperate bid of two young Nigerian entrepreneurs striving to add value to the country by providing gainful employment both directly and indirectly to Nigerians as well as add its quota to the country’s GDP. A company that has successfully evolved from a downstream company to an active player in the full oil and gas value chain.

Volpi is presumed a cowboy investor and one who is not particularly interested in adding value to the Nigerian economy, community or impacting lives. Rather than creating a lasting positive impact, his actions have proven he is hell-bent on destroying value at all cost, even if it’s to the detriment of over 270,000 shareholders and over 25,000 lives impacted as a result of direct and indirect employment by Oando. In this instance, we must ask ourselves the following question, do we want one of Nigeria’s most prestigious oil and gas companies who has positively impacted the nation since inception to be destroyed?

BIG STORY

RRS Officers Stop Armed Policemen From Taking Timi Dakolo and His Wife, Busola To Abuja

Gbemileke Ajayi

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The Rapid Response Squad (RRS) were right on time to stop Timi Dakolo and his wife, Busola from being taken by armed policemen to Abuja over allegations of criminal conspiracy, falsehood, mischief and threat to life.

Timi Dakolo had shared the letter of ‘invitation for questioning’ which according to him, came after Pastor Fatoyinbo allegedly bribed investigating officials to delay summons, and also pushed for the case to be transferred to Abuja.

However, the armed policemen were stopped from taking away the singer and his wife by RRS officers.

End SARS campaigner, Segun Awosanya tweeted that the policemen sent to “abduct” Timi Dakolo and Busola, are now under investigation.

See his tweets below:

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You Can’t Intimidate Us, We’re Ready For War —- Timi Dakolo Fires Back At Biodun Fatoyinbo

Peter Okunoren

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As Police stormed the residence of popular Nigerian singer Timi Dakolo and his wife Busola Dakolo, to invite them for questioning over the allegation they (Dakolo’s) levelled against the Commonwealth of Zion Assembly (COZA) Pastor Biodun Fatoyinbo, Mr. Timi, has said that he would not allow them (Police) to intimidate his family. Busola Dakolo and Pastor Biodun Fatoyinbo COZA Recall that Busola in an interview with an online media revealed how Fatoyinbo raped her at 16.

In view of that report, Police on Saturday visited their family (Dakolo), to invite them for interrogation. Siasia begs abductors for mother’s release(Opens in a new browser tab) From the Police letter obtained by Vanguard, the force said that they want to investigate a criminal conspiracy, falsehood, mischief and threat to life. Reacting, Timi via his instagram opined that he would never allow Police officers to intimidate his wife, children or any member of his family.

His words, “Our lawyers had told us to get ready for this letter. We have long been ready for this type of institutionalized intimidation and dirtiness. Investigating officials have frustrated as a result of underhand delay? Dirty bloggers are fabricating things that cover the truth, going to the IG’s people under dark to force this case to be posted to Abuja?

Now this: a false investigation in Abuja when our own petition filed since June has not been answered and NO INVITATION HAS BEEN MADE TO THE ACCUSED IN A RAPE CASE????! NOT ONE MOVEMENT TOWARDS JUSTICE??? Rubbishing the legal and criminal system? Father accused of sexual assault on 3 daughters remanded in prison(Opens in a new browser tab) And sending a bus load of questionable armed “policemen” and shady men lying in wait to intimidate my wife and children today, forcing their way into my home?

Is that how the REAL police delivers a letter? This is best you can do? This is why all the hurting women and families haven’t come out with HORRIBLE THINGS DONE TO THEM???!!

You picked the wrong one and you picked the wrong time. Nigerians are more awake than you think. I will fight for my wife and my children -it’s the promise I made with my life and one I intend to keep I will defend them from the unrelenting attack of a weak man who thinks he can use money and power to cover for all of his crimes. Like I said, we have since been ready. GIVE US THE FIRE, THEN WATCH ME WORK!”.

Vanguard

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BIG STORY

BREAKING: Police Invite Timi, Busola Dakolo Over Alleged Falsehood, Criminal Conspiracy And Threat To Life [Letter Attached]

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The Police on Saturday invited soul singer, Timi Dakolo and his wife, Busola, a celebrity photographer, for interrogation over alleged falsehood.

The invitation letter, which was delivered at the Lekki residence of the Dakolos around 6pm, may not be unconnected with the allegation of rape by Busola against the founder of Commonwealth of Zion Assembly (COZA), Pastor Biodun Fatoyinbo.

Busola had alleged Fatoyinbo raped her at 16 in Ilorin while attending his church.

The allegation led to the stepping down of the flamboyant Abuja-based preacher pending the conclusion of the investigation.

The invitation letter signed by Deputy Commissioner of Police IGP Special Tactical Squad Force Headquarters, Abuja asked the couple to report for interrogation on Tuesday by 10am.

The couple was accused of “criminal conspiracy, falsehood, mischief and threat to life.”

There was drama during delivery of the invitation letter as the couple raised alarm with the social media awash with the alleged invasion of their private residence by police operatives.

Calls to Police spokesman Frank Mba were not answered or returned.

But a police source confided the Police authorities will issue a statement shortly on the matter.

Details shortly…

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