Jul
16
U.K. Court Orders Nigeria’s Oando CEO to Pay $680m Debt
By-
Firms owned by CEO Tinubu and his deputy to pay Ansbury
- Oando shares fell 9.4% Monday, mosts since July 2017
A London court ordered two companies owned by Wale Tinubu, the chief executive of Nigerian energy company Oando Plc, and his deputy, Mofe Boyo, to pay $680 million to Ansbury Investment Inc. following 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 $600 million, Ansbury spokesman Bolaji Akinola said…
