September 8, 2017
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Securities and Exchange Commission (SEC) on Friday dissociated itself from the publication in the Thisday Newspaper captioned “Intel’s Volpi Steps Up Battle Against Wale Tinubu over Control of Oando,”.
“The attention of the Securities and Exchange Commission has been drawn to a publication by Thisday Newspaper on Wednesday, September 6, 2017 with the above caption.
The Commission categorically dissociates itself from the publication and any other related articles published in other media outlets.
The Commission assures the investing public of its resolve to uphold its mandate of Investor Protection and Market Development,” SEC said in a statement on its official website.
The publication reported that Gabriele Volpi, one of the founders and majority shareholder of Intels Nigeria Limited, operator of the oil and gas logistics terminals in Onne, Rivers State and Warri, Delta State, Gabriele Volpi, has stepped up his battle against the group chief executive officer of Oando Plc, Wale Tinubu, over control of Oando, citing alleged mismanagement, cooked books and huge debts.
The report says, Ansbury Investments Inc., a firm set up by Volpi, a multi-billionaire who holds dual Italian and Nigerian citizenship, with extensive interests in oil and gas, ports logistic services and real estate spanning 40 years in Nigeria, has written a petition to the SEC and is seeking to stop Oando from holding its Annual General Meeting (AGM) scheduled to take place in Uyo, Akwa Ibom State on September 11.
SEC few days ago had given approval to Oando to conduct its AGM for September 11, 2017 in Uyo, Akwa Ibom State.
Shares of the oil marketing major at the close of Friday’s trading on the Nigerian bourse, increased 3.33 percent to N5.51 from N6.30 traded the previous session; gaining 0.21 kobo per share.
