July, 20
LCIA has issued an award against two Nigerian companies to pay USD680
million to Ansbury Investments Inc
The London Court of International Arbitration (LCIA) has issued an award against two companies owned by the Chief Executive Officer of Oando Plc, Wale Tinubu, and his deputy, Mofe Boyo to pay a total debt of USD680 million (equivalent of N244.8 billion) to Ansbury Investments Inc, which is owned by Mr. Gabriele Volpi.

In its ruling on July 6, 2018, the LCIA held that Ocean and Oil Development Partners (OODP) British Virgin Islands, which owns 55.96% of Oando PLC through a holding company named Ocean and Oil Development Partners (OODP) Nigeria Ltd, is indebted to Ansbury Investment Inc. to the tune of USD600 million (equivalent of N216 billion). According to Moja, the Arbitration Court also held that a company known as Whitmore Asset Management Limited, whose ultimate beneficial owners are Wale Tinubu and Mofe Boyo, are indebted to Ansbury Investment to the tune of another USD80 million (N28.8 billion). This brings the total debt owed by the Oando managers to Ansbury Investment to USD680 million.