When the travails of Oando Plc reached its crescendo months ago, it came as a big shock to many as the high flying up and downstream oil and gas firm was rocked with several petitions by two of its major shareholders; Mallam Dahiru Mangal and Italian born Gabriele Volpi of Ansbury Incorporated, over alleged mismanagement of funds by the board headed by Wale Tinubu.
Last week, the Security Exchange Commission (SEC), issued an order to the Nigeria Stock Exchange(NSA) to put every stock exchange activities of Oando on halt to enable them carry out forensic audit of the alleged mismanagement of funds levelled on the management by its major shareholders.
The NSA immediately placed an embargo on all stock activities while the sanction was also extended to the Johannesburg Stock Exchange (JSE). For Wale Tinubu, who understood the business terrain, kept doing his thing, not falling for the gimmick his detractors employed to bring him down. He kept trudging on as he gets the backing of many shareholders to keep flying the flag of the company high.
Last week, the Security Exchange Commission (SEC), issued an order to the Nigeria Stock Exchange(NSA) to put every stock exchange activities of Oando on halt to enable them carry out forensic audit of the alleged mismanagement of funds levelled on the management by its major shareholders.
The NSA immediately placed an embargo on all stock activities while the sanction was also extended to the Johannesburg Stock Exchange (JSE). For Wale Tinubu, who understood the business terrain, kept doing his thing, not falling for the gimmick his detractors employed to bring him down. He kept trudging on as he gets the backing of many shareholders to keep flying the flag of the company high.
Like the proverbial cat with nine lives, Wale bounces back with much fire power. CITYSPY gathered that Wale through his lawyer was able to secure a court injunction to retract the embargo placed on his company’s activities at the NSA and JSA pending the time investigation is being carried out. The injunction also covers Wale to keep doing his business as the company’s CEO without intimidation from any quarters.
CITYSPY gathered that on the 23rd of October, the Minister of Power, Housing and Works, Babatunde Fashola, paid Wale and Oando Plc a courtesy visit to congratulate him for his doggedness during the tsunami that rocked the company. The visit was to further strengthen the bond between the federal government and Oando Plc. Interestingly, It is often said that to succeed in the Nigeria oil sector, you must have the heart of Hercules, the fearlessness of Achilles, the grace of Terpsichore, the memory of Macaulay, and the hide of a rhinoceros.
