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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

Our Government Is Action-driven, Result-Oriented — Rasaq Ajala, Odiolowo/Ojuwoye LCDA Boss [His Full Speech]

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The Chairman of Odiolowo/Ojuwoye Local Council Development Area of Lagos State, Honourable Rasaq Olusola Ajala, has described his administration as not only action-driven but also result-oriented aimed at improving the welfare of the residents of the council and improve their standard of living.

Speaking on his achievements in the office at the council secretariat, Ajala stated that he and his team have been working tirelessly to ensure that dividends of democracy are brought nearer to the people thereby making them feel the positive impact of governance at the grassroots level.

“Thus, it is important that we enlighten our people about the policies, ideals, achievements and also future plans of the administration so that they will constantly be in the know and also be acquainted with ways in which they can take advantage of the various opportunities available to them as citizens of Odi-Olowo/Ojuwoye LCDA,” he said.

He stated further that, “we need to demonstrate through tangible solutions that Odi-Olowo/Ojuwoye LCDA is standing up for the good people of the community and is connected to their needs.

We also need to place more value on education, security, and safety in order to support those who are disadvantaged in one way or the other. We also need to communicate the added value of Odi-Olowo/Ojuwoye community and I believe we have done so on many fronts.

Making an impact in Odi-Olowo/Ojuwoye community remains paramount and essential to this administration and we have exhibited our desired style in the position of all-inclusive governance. The involvement of citizens enables the government to gain greater acceptance while tackling new issues which is one of the many reasons why this administration opted for the political philosophy tagline that says: “common pool for common benefit”.

We believe this conveys what we are trying to do for our people because it represents our primary aim and we continually spare no efforts in demonstrating it with not just words but visible actions”.

Ajala stated that his administration has carved an image of good governance for itself anchored on commitment, efficiency, and inclusiveness.

Below is the full speech of Hon Rasaq Olusola Ajala delivered at the press conference

PROTOCOL:

Good Afternoon Ladies and gentlemen of the press and our partners in progress and thank you for honoring our invitation. The media as we all know is a source of information on the work of the government as well as on the political, cultural and other relevant events within our community. Your efforts in appreciating and criticizing the good work of our LCDA thereby portraying Odi-Olowo/Ojuwoye in good light is not only praiseworthy but highly appreciated. Thank you very much.

This press conference has been put together in order to create awareness and further pass the information to the public at large about our involvement and efforts in catering to the needs of our immediate community and to encourage feedback on how we can do more in ensuring that we place our community on the desired level. It is important that we enlighten our people about the policies, ideals, achievements and also future plans of the administration so that they will constantly be in the know and also be acquainted with ways in which they can take advantage of the various opportunities available to them as citizens of Odi-Olowo/Ojuwoye LCDA.

For the fact that we are at the grassroot level, we have had to employ tactics in dealing with matters that concern our people because the biggest challenge that governments and institutions face today is showing that we care and to mobilize solutions that respond to people’s fears and anxieties with concrete answers.

First we need to demonstrate through tangible solutions that Odi-Olowo/Ojuwoye LCDA is standing up for the good people of the community and is connected to their needs.

We also need to place more value on education, security, and safety in order to support those who are disadvantaged in one way or the other. We also need to communicate the added value of Odi-Olowo/Ojuwoye community and I believe we have done so on many fronts.

Making an impact in Odi-Olowo/Ojuwoye community remains paramount and essential to this administration and we have exhibited our desired style in the position of all-inclusive governance. The involvement of citizens enables the government to gain greater acceptance while tackling new issues which is one of the many reasons why this administration opted for the political philosophy tagline that says: “common pool for common benefit”. We believe this conveys what we are trying to do for our people because it represents our primary aim and we continually spare no efforts in demonstrating it with not just words but visible actions. The performance of the past administrations in our prestigious LCDA has made continuity a yearning for its people and thus, the assumption of office of my administration has undoubtedly proved that we are well equipped for the job ahead of us.

I, Hon Rasaq Olusola Ajala and my team, believe in being action-oriented and result-driven. The efforts we constantly put into action serve as a reminder that people must be carried along through proper dissemination of information on activities and programmes of government and that is one of the targets we seek to achieve with this medium.

Over time, there has been a debate as to why there is a low or inadequate performance at the local government level in Nigeria. Some of the reasons range from low funding to the nation-wide recession amongst many others. This administration also believes that low funding is a major challenge the LCDA is facing because the funds being disbursed from the federal government is not adequate to execute all the needs of our people. I want to stress that in spite of the challenges, we must leave no stone unturned in serving our people.

Looking at the journey since we assumed office, we have carved an image for ourselves that represents good governance, commitment, efficiency, and inclusiveness. We have worked concertedly to cover a milestone in several sectors such as the educational sector, infrastructural sector, agricultural sector, health sector and also in the areas of civic engagement, staff welfare and social intervention programs. Gentlemen of the Press, I will now take you through our achievements which have been made possible through collective efforts from various quarters:

WORKS AND INFRASTRUCTURE

• Construction of 4-rooms office for the use of staff tagged (LAGOS @ 50 BLOCK)
• Completion of drainage projects : ​Ago-Owu Street

​​​​​​​​Alhaji Otta Street

​​​​​​​​Anuoluwapo Street

​​​​​​​​Opeloyeru Street

​Cole Street

​​​Smith Street

• Re-Construction of roads: ​​Araba Street

Oziegbe Street

Cole Street

Ogidan Street

Olorunsogo Street

Iya Egbe Street

​​​​​​​​Alhaji Lasisi Street

​​​​​​​​Ogunji Street

​​​​​​​​Ibukunolu Street

​Ibiteye Street

• Rehabilitation of roads: ​​​Abiodun Street

​​​​​​​​Kumuyi Street

​​​​​​​​Fafolu Street

Macaulay Street

Michael Adekoya Street

• Palliative Roads Obalodu Street

​Ogundele Street

​Bello Cresent

• Renovation and furnishing of the Legislative building​in the council secretariat
• Renovation of HOD’s offices
• Renovation and furnishing of offices for the use of the S.L.G and Supervisors.
• Reconstruction/Rehabilitation of Boreholes (135 Nos.) and provision of generators to power for effective use by the people.
• Complete renovation of the council marriage registry hall.
• Complete renovation of LASSRA building.
• Renovation and furnishing of customary court.
• Complete renovation and re-making of the council Hall.
• Complete renovation of the council premises.
• Procurement of 3 buses for the police formation in the LCDA
• Refurbishment of pick up van for Ilupeju police station
• Procurement of 2 trucks for evacuation of refuse and carting away of desilted drain waste.
• Renovation and re-making of the chairman and vice chairman’s office
• Construction and furnishing of police post for theuse of mopol unit at Alhaji Lasisi street, Idi-Oro.

HEALTH SECTOR

• Ongoing reconstruction of coker primary health care, ilupeju
• The community was duly sensitized on Lassa Fever, Monkey pox virus, polio and measles
• Medical mission in collaboration with Rotary Club Ilupeju, NYSC, pharmaceutical council of Nigeria, Fidson pharmaceutical and Synlab on free blood pressure test, free treatment on hypertension and Eye screening, consultation and free treatment.
• Maternal and child health week: Immunization, family planning, ante-natal, delivery, post-natal, hand washing, HIV counseling and screening, mosquito net distribution, de-worming of children under five (5) years, supplements distribution to pregnant women, malaria diagnosis and treatment, nutrition counseling at four primary health care centres (PHC’s) namely: Ayantuga, Coker, Anikulapo and Kajola.

AGRIC AND SOCIAL SERVICE

Organisation of programmes targeted at community development and civic engagement. The programmes include;

• Odi-Olowo/Ojuwoye Traders Money (Trade Assistance programme: TAP)
• Sales of chickens at subsidised rate during the christmas period
• Eid-el-Kabir celebration and sales of Ileya rams at subsidized rates

• Participation at annual celebration of Community day.
• Introduction of carol and thanksgiving service to celebrate the yuletide season
• Pre-Ramadan lecture to foster religious harmony.
• Periodic meeting with stakeholders

• YOUTH DEVELOPMENT
• Table Tennis Championship
• Boxing Tournament
• Novelty match
• Skill acquisition programs

WASTE AND SANITATION

• Initiation of a programme tagged operation ‘Keep Odi-Olowo/Ojuwoye LCDA Clean A Must (KOOCAM)
• Procurement of two trucks for refuse collection and disposal
• Employment of over 100 sanitation corps
• Procurement of sanitation equipments for fumigating and cleaning.
• Regular drainage clearing and silt removal.
• Evacuation of refuse from illegal dungs and black spots around the LCDA thereby reducing flood and ensuring free flow of waste water.

• Regular Inspection of residential, industrial and commercial premises to ensure clean environment, community participation in sanitation and hygiene. This inspection led to reduction of breeding spaces and places for vectors andn rodents.

• Public enlightenment on environment education and sanitation
• Tree Planting Exercise

EDUCATIONAL SECTOR

• Transportation of one thousand five hundred (1500) primary school students in Odi-Olowo/Ojuwoye LCDA to their common entrance venues.
• Construction of 6 blocks of classrooms at Ajenifuja primary school and Nusara-U-Deen primary school
• Renovation of Structural defects of classrooms (replacement of roofs, provision of fence, construction of drains etc…) in all the twenty seven (27) public primary schools in the LCDA.
• Annual financial support of sporting activities in all the twenty seven (27) public primary schools within the LCDA.
• Procurement of two free school buses for students within the community
• Provision of one thousand (1000) copies of upper basic mathematics workbook with past questions and answers to J.S.S 3 students within the LCDA.
• Home economics equipment (Refrigerators, Freezer, four burner cooking gas, and manual gas cooker) presented to the home economics centre at Adeleye Primary School.
• Free G.C.E forms distributed to indigent students within the LCDA
• Sponsorship and assistance towards the celebration of World Teachers Day.
• Sponsorship of the annual spelling bee competition

STAFF WELFARE

• Periodic financial assistance to staff
• Payment of bonus during festive period
• Medical assistance to staff that have health challenges

INFORMATION MANAGEMENT

• Building of official website for the council.
• Construction and placement of complaint boxes at strategic locations within the LCDA.
• Procurement of gadgets and equipment for information dissemination within the LCDA.

From this narrative, it is evident that this administration is leaving no stone unturned in delivering on our electoral promises. It is worthy to note that governance should not be only by saying but by doing what will be of utmost benefit to the people. As we look at the various challenges we face daily, there is no doubt that the desired solution requires collective efforts.

The truth is that many of us are not convinced of the power and purpose of cooperation thus we need to understand why, and ultimately act on that understanding.

It is my sincere desire that this administration in its pursuit of serving and improving the overall conditions of its people strategically positions Odi-Olowo/Ojuwoye Local Council Development Area as an ideal frontline grassroots community.

Therefore, I would like to use this medium to appeal to every member of Odi-Olowo/Ojuwoye community to please pay their rates and levies because it is only with your unflinching support and encouragement that we will be able to continue the good works.

We will continue to encourage collaboration from stakeholders and private sector participants in moving Odi-Olowo/Ojuwoye LCDA forward.

To the gentlemen of the Press, I encourage you to serve us with critiques that will spur us to do better for the greater good of not just our community but the society at large.

Thank you and God bless you all.

Long Live Odi-Olowo/Ojuwoye LCDA

Long Live Lagos State

Long Live the Federal Republic of Nigeria

Hon Rasaq Olusola Ajala

Executive Chairman

Odi-Olowo/Ojuwoye LCDA

​Opeloyeru Street

​Cole Street

​​​Smith Street

• Re-Construction of roads: ​​

Araba Street

Oziegbe Street

Cole Street

Ogidan Street

Olorunsogo Street

Iya Egbe Street

​​​​​​​​Alhaji Lasisi Street

​​​​​​​​Ogunji Street

​​​​​​​​Ibukunolu Street

​Ibiteye Street

• Rehabilitation of roads: ​​​Abiodun Street

​​​​​​​​Kumuyi Street

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BIG STORY

Why Blackout Persists Despite Strike Suspension —- Transmission Company of Nigeria

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The Transmission Company of Nigeria (TCN), on Thursday, said some parts of the country might still experience blackouts caused by the just suspended strike by the National Union of Electricity Employees (NUEE) on Wednesday.

It said that led to grid instability as the system was forced to shut down.

The TCN Managing Director (MD), Mr. Usman Gur Mohammed, who stated at a press briefing in Abuja, explained that it takes a minimum of one day for the grid to be stabilized.

Although he noted that the entire country had been reached, supply would be gradually restored.

“At the point of ramping up, the grid was brought down by force and this caused a lot of problems but as of today, we have reached all parts of the country. However it takes time, it is a gradual thing. Normally it takes more than one day. ” he said.

Meanwhile, the Abuja Electricity Distribution Company (AEDC), on Thursday, had said that customers within its franchise area have continued to experience blackout as a result of grid fluctuation.

In a statement published via its twitter handle, it hinted that it is experiencing challenges in power supply due to fluctuation caused by a grid system outage.

The terse statement partly reads: “Dear esteemed customers, this is to inform you that we are currently experiencing some challenges with power supply as a result of fluctuation leading occasionally to a grid system outage. “

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BIG STORY

BREAKING: 28 Family Members Die In Bauchi Auto Crash

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No fewer than 28 persons said to be members of the same family were reportedly burnt beyond recognition in a fatal auto crash that occurred on the Bauchi-Ningi federal highway in Bauchi State.

The crash, we gathered, occurred in the early hours of Thursday.

Speaking to our correspondent in a telephone interview, a relation of the victims, Abdullahi Yamadi, confirmed the incident and described it as “very sad.”

Yamadi, who is the Secretary, North-West Zone of the Nigeria Union of Journalists, said the deceased were all his relatives.

He said they were on their way to Yola, Adamawa State when the incident occurred.

He told The PUNCH: “Yes, the accident is true and all of the deceased are my relatives.

“They were traveling to Yola, Adamawa State, for a visit when the unfortunate incident happened.

“You know, after the harvest and at seasons like this, people travel to visit loved ones resident in different places; and that was where they were going to.

“They left Dutsinma, Katsina State, and they had left Jigawa State and were within Bauchi State when their vehicle had a head-on collision with another vehicle.

“They were 29 in the vehicle and all of them died except the driver, who survived.

“This is very sad news and very pathetic for 28 people from the same family to die in an accident in one day.

“It is really sad.”

The Bauchi Police Command has yet to make an official pronouncement on the incident.

Details later…

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