UK court orders companies owned by Oando’s CEO to repay $680m

A London court has ordered two companies owned by Wale Tinubu, the CEO of Nigerian energy firm Oando, and his deputy, Mofe Boyo, to pay $680m to Ansbury Investment after a dispute over shareholding and financial management.

The London Court of International Arbitration ruled that Ocean and Oil Development Partners, a company incorporated in the British Virgin Islands, which owns 55.96% of Oando through a holding company, is indebted to Ansbury to the tune of $600m, Ansbury spokesman Bolaji Akinola said.

Whitmore Asset Management, also owned by Tinubu and Boyo, owed Ansbury $80m, Akinola said in a statement emailed on Monday.

The dispute, which arose in 2017, is related to the investment in 2012 by Ansbury of $700m to acquire a 61.9% stake in Ocean and Oil Development Partners, a special purpose vehicle in which Whitmore held the remaining 38.1%, according to the statement.

Ansbury, owned by the family of Nigerian-Italian businessman Gabriele Volpi, petitioned Nigeria’s Securities and Exchange Commission in 2017 over allegations of financial mismanagement, indebtedness and falsification of financial statements, Akinola said.

The commission in October ordered a probe into Oando and suspended the stock after a review found possible insider dealings and discrepancies in its shareholding structure. While the Abuja-based commission lifted the trading ban on Oando in April, it continued with the investigation into the company.

Tinubu did not respond to an e-mail seeking comment. Oando itself is not in any way indebted to Ansbury Investments and was not party to the arbitration, the company said in a statement.

THE COMMISSION ORDERED A PROBE INTO OANDO AFTER A REVIEW FOUND POSSIBLE INSIDER DEALINGS