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Lawyers representing Wale Tinubu and Mofe Boyo the Group Chief
Executive and Deputy Group Chief Executive of Oando PLC and co-owners
of Whitmore Asset Management Limited, have come out to say that
contrary to a statement issued by the Legal Counsel to Ansbury
Investment, Mr. Andrea Moja, the amounts owed to Ansbury Investments
Inc, owned by Mr. Gabriele Volpi, is in fact $80m owed by Whitmore
Asset Management Limited, while the balance $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
judgement by the London Court of International Arbitration (LCIA)
implies that Volpi as part owner of OODP BVI owes himself by virtue of
his ownership in the company.
This was made in a ruling on July 6, 2018 by the LCIA. OODP British
Virgin Islands owns 99.99% of OODP Nigeria which in turn owns 55.96%
of Oando PLC.
The principals have chosen to speak as there were concerns that
Volpi’s press release implied that they, Whitmore Limited, had a total
indebtedness of $680 million.
Sources have indicated that payment terms for the personal debt are
being ironed out by both parties whilst payment terms for the $600
million owed by OODP will be determined by the LCIA which is reputed
to be one of the world’s leading international institutions for
commercial dispute resolution.
The dispute between Gabrielle Volpi and the principals of Oando has
been ongoing for over a year and has been a cause of concern for
companies and individuals alike who look for investments to grow their
business via individuals in the form of equity or debt.
Gabrielle Volpi, a significant shareholder in OODP invested in the
company during Oando’s acquisition of ConocoPhillips Nigeria assets.
At the time it would have seemed like the investment of a lifetime,
unfortunately shortly after the price of oil crashed and saw many oil
and gas companies fold. That Oando is still alive today is testament
to its principals resilience and hard work.
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 6 consecutive
quarters of profits. The company kicked off 2018 on a positive note
also, through continued restoration of value to its shareholders via
profits in the first quarter of the year.
