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The London Court of International Arbitration has ordered two companies owned by the Chief Executive Officer of Oando Plc, Wale Tinubu, and his deputy, Mofe Boyo, to pay $680 million (N244.8 billion) to Ansbury Investments, which is owned by Gabriele Volpi.

In a July 6 ruling, the LCIA held that Ocean and Oil Development Partners, British Virgin Islands, which owns 55.96 per cent of Oando Plc through a holding company, Ocean and Oil Development Partners Nigeria Limited, is owing Ansbury Investments Incorporated $600 million (N216 billion).

Ansbury Investment’s counsel, Andrea Moja, confirmed the LCIA award in a statement on Sunday.

Moja said the Arbitration Court also held that Whitmore Asset Management Limited, whose ultimate beneficial owners are Tinubu and Boyo, was also owing Ansbury Investment $80 million (N28.8 billion).

The cumulative debt owed by the Oando chiefs to Ansbury Investment totals $680 million.

Documents obtained from the LCIA, which is reputed to be one of the world’s leading international institutions for commercial dispute resolution, identified the family of Volpi, a Nigerian-Italian, as the ultimate beneficial owner of Ansbury.

The London Arbitration Court ruled that the “Third Shareholders Agreement” between the parties, is legally binding on the parties as claimed by Ansbury Investment.

The documents indicated that in a few days, the court will pronounce on accrued interests on the debts.

It was learnt that the ruling was communicated to the parties on July 9.

The statement said: “The claim of Whitmore Asset Management Limited that the parties agreed to a binding Fourth Shareholders Agreement was rejected.

“The alleged agreement by which Whitmore Asset Management Limited was to hold 60 per cent Of Ocean and Oil Development Partners (BVI) Ltd is not binding on the parties.

“Ocean and Oil Development Partners (Bvi) Ltd owes a debt to Ansbury Investments Inc for an amount of US$ 600 million.

“Whitmore Asset Management Limited owes a debt to Ansbury Investments Inc for an amount of US$ 80 million.

“This Partial Award will be followed by a Final Award in which the London Court of International Arbitration (LCIA) will pronounce on interests on the amounts owed and legal expenses.

“Given the above, Ansbury Investments Inc will immediately submit an application to London Court of International Arbitration (LCIA) in which it will be asked to charge Whitmore Asset Management Limited for all the due interests and legal expenses as well.”

When the disagreement broke in 2017, Ansbury had also petitioned the Securities and Exchange Commission in May over allegation of financial mismanagement, huge indebtedness as well as falsifying its financial statement.

In addition, Ansbury had also informed SEC that Oando’s “current liabilities as at December 31, 2016, far exceeds the current assets by N263.7 billion, confirming serious financial imbalance from the previous financial year”.

However, Lawyers representing Tinubu and Boyo the Group Chief Executive and Deputy Group Chief Executive of Oando PLC and co-owners of Whitmore Asset Management Limited, said contrary to the claim by Ansbury Investment Counsel, Mr. Andrea Moja, the amount owed to Ansbury Investments Inc, owned by Mr. Gabriele Volpi, is $80m, which is owed by Whitmore Asset Management Limited, while the balance of $600m is owed by Ocean and Oil Development Partners (OODP) BVI.

Ocean and Oil Development Partners (OODP) BVI Ltd is owned by all three parties: Wale Tinubu, Mofe Boyo and Gabriele Volpi, hence the judgment by the London Court of International Arbitration implies that Volpi as part owner of OODP BVI owes himself by virtue of his ownership in the company.

It was learnt that had indicated that payment terms for the personal debt were being ironed out by the parties while payment terms for the $600 million owed by OODP will be determined by the LCIA.

The dispute between Gabrielle Volpi and the principals of Oando has been ongoing for over a year.

It has caused concern for companies and individuals who look for investments to grow their business via individuals in the form of equity or debt.

Volpi, a significant shareholder in OODP invested in the company during Oando’s acquisition of ConocoPhillips Nigeria assets.

At the time, it would have seem like the investment of a lifetime, unfortunately, shortly after the price of oil crashed, many oil and gas companies folded up.

It was the resilience of its principals hat Oando is still alive today, industry sources said.

The assumption would be that against this backdrop Gabrielle Volpi would wait for OODP to start to reap the rewards of its investment however he has faced near financial ruin in his home country Italy and it seems is now by any means necessary trying to recoup his investments.

Since the upturn in commodity prices, Oando has recorded six consecutive quarters of profits.

The company kicked off 2018 on a positive note through continued restoration of value to its shareholders via profits in the first quarter of the year.

 

 

 

The Nation

BIG STORY

JUST IN: Again, Police Arrest Speed Darlington During Show In Imo State

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Operatives of the Nigeria Police Force have arrested Nigerian musician Darlington Okoye, popularly known as Speed Darlington, in Owerri, the capital of Imo State.

The singer’s counsel and human rights lawyer, Deji Adeyanju, confirmed the arrest in a post on his official X page on Wednesday.

Adeyanju revealed that his client was detained while performing at a show in Owerri, just days after returning to Nigeria earlier in the week.

He wrote, “Our client, Speed Darlington, a.k.a AKPI, has been arrested by the Nigeria Police in Owerri at his show upon return to Nigeria.”

However, the exact reason for the singer’s arrest remains unclear at the time of filing this report.

It is worth noting that the Nigeria Police had previously arrested Darlington over allegations of cyberstalking fellow musician Damini Ogulu, better known as Burna Boy.

Darlington was initially arrested in Lagos, then transferred to Abuja, where he was detained by the IGP’s Intelligence Response Team in the Guzape area of the city.

The musician, who faced accusations of cyberstalking Burna Boy, was later released on bail days after his arrest.

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President Tinubu Asks NNPC To Fast-Track Reactivation Of Warri, Kaduna Refineries

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President Bola Tinubu has praised the Nigeria National Petroleum Company (NNPC) Limited for the revitalization of the Port Harcourt refinery.

On Tuesday, NNPCL announced the official commencement of crude oil processing at the refinery—a milestone achieved after three years of rehabilitation work.

In a statement on Tuesday from Bayo Onanuga, the president’s special adviser on information and strategy, Tinubu urged the NNPC to expedite the reactivation of the Warri and Kaduna refineries.

Tinubu, while acknowledging the efforts of former President Muhammadu Buhari in making this achievement possible, reaffirmed his administration’s commitment to advancing energy sufficiency in Nigeria.

“The President acknowledges the pivotal role of former President Muhammadu Buhari in initiating the comprehensive rehabilitation of all our refineries and expresses gratitude to the African Export-Import Bank for its confidence in financing this critical project,” the statement reads.

“Furthermore, President Tinubu commends the leadership of NNPC Limited’s Group Chief Executive Officer, Mr. Mele Kyari, whose unwavering dedication and commitment were instrumental in overcoming challenges to achieve this milestone.

“With the successful revival of the Port Harcourt refinery, President Tinubu urges NNPC Limited to expedite the scheduled reactivation of both the second Port Harcourt refinery and the Warri and Kaduna refineries.”

Tinubu emphasized that the commencement of petrol production at the refinery would bolster the country’s domestic production and position Nigeria as a major energy hub.

He called on individuals, institutions, and citizens entrusted with public infrastructure to uphold trust in their service to the nation.

“These efforts will significantly enhance domestic production capacity alongside the contributions of privately-owned refineries and make our country a major energy hub, with the gas sector also enjoying unprecedented attention by the administration,” Onanuga said.

“In alignment with the Renewed Hope Agenda focused on shared economic prosperity for all, the President reaffirms his administration’s commitment to achieving energy sufficiency, enhancing energy security, and boosting export capacity for Nigeria.”

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FG Considering US Diaspora Bond, Targets $1bn Monthly Remittances — CBN Governor Cardoso

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Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), announced that the country’s foreign reserves increased to $40.88 billion as of November 21.

Cardoso made the statement on Tuesday during a press conference following the monetary policy committee’s 298th meeting in Abuja.

He reported that the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.

This marks an increase of $82 million, or 2.05 percent, in just 21 days.

“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he explained.

However, a check on the apex bank’s website revealed that Nigeria’s foreign reserves were listed at $40.27 billion on November 22, which is lower than the figure presented by Cardoso.

Further commenting on the matter, Cardoso stated, “the process of getting us where we are in terms of reserves has been a long one.”

“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.

He emphasized that “reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.”

“They are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary,” he clarified.

“And when we talk about shocks that are not anticipated, I think we can see how the global economies are,” Cardoso continued.

The governor also affirmed that the bank will persist in efforts to stabilize the currency and prices.

“The currency has been stable compared to what it was in June,” he noted.

However, he pointed out that for the country’s currency to maintain stability, there must be increased exports and greater diversification of the economy.

Cardoso also highlighted that diaspora remittances have risen due to policies that have been implemented.

He commended Nigerians in the diaspora for helping the country achieve over $600 million in remittances.

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