Volpi lied about the London Court of Arbitration ruling: Oando

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Oando Plc has said it is not true that the London Court of International Arbitration, LCIA, ordered its Group Chief Executive, Mr Adewale Tinubu, and Deputy Group Chief Executive, Mr. Omamofe Boyo, to pay $680 million to Gabriel Volpi, the owner of Ansbury Investment Incorporated.

The company stated this, yesterday, in a statement in response to a press release on the LCIA’s ruling issued by the lawyer and legal counsel of Ansbury Investment Inc, Mr. Adrea Moja.

The statement reads:

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

‘’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, in fact, ruled that OODP BVI in which Gabriel Volpi owns a 60 per cent stake should pay Ansbury (his own company) a total sum of $600 million, while Whitmore pay Ansbury $80 million. ‘’Going by the ownership structure, this implies that Gabriel Volpi would, in fact, be paying himself $360 million. Payment terms are yet to be released by the LCIA and is expected to be made known to the parties in 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 Conoco Phillips 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 in a bid to recoup his loan from the principals.

“Oando’s public documents have 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.”

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