The London Court of International Arbitration has ordered Ocean and Oil Development Partners (OODP), a firm owned by Wale Tinubu, the chief executive officer of Oando Plc, pay Ansbury Investments Incorporated $600 million.
The court also ruled that Whitmore Asset Management Limited, a company owned by Tinubu and his deputy, Mofe Boyo, are indebted to Ansbury Investment to the tune of another $80 million, bringing the total debt to $680 million.
According to a statement released on Sunday by Andrea Moja, counsel to Ansbury, the court made the ruling on July 6.
In 2017, Ansbury Investments has been in a dispute with Oando Plc accusing the management of insider trading and falsifying financial statements.
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“The alleged agreement by which Whitmore Asset Management Limited was to hold 60% of Ocean and Oil Development Partners (BVI) Ltd is not binding on the parties,” the statement read.
“Ocean and Oil Development Partners (BVI) Ltd owes a debt to Ansbury Investments Inc for an amount of $600 million.
“Whitmore Asset Management Limited owes a debt to Ansbury Investments Inc for an amount of $80 million.
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“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.”
The dispute between both parties led to the suspension of Oando’s shares on the Nigerian Stock Exchange and Johannesburg Stock Exchange.
The suspension has since been lifted and the Securities and Exchange Commission has been ordered to carry out a forensic audit of the company.
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