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Sunday, 16 July 2017

Nigeria's Oil Company, Oando Under Probe By Securities and Exchange Commission

Oando Oil Company Under Probe By Nigeria's Securities and Exchange Commission

From a reliable source, it was recently reported that a Nigerian Oil Company, Oando is under probe by the Nigeria's Securities and Exchange Commission, SEC. Oando Oil Company is owned by Wale Tinubu, a cousin to former Lagos State governor, Asiwaju Ahmed Bola Tinubu.

According to BellaNaija, a reliable informant from the Nigeria's Securities and Exchange Commission that SEC's investigators have already collated some evidence that Oando Oil Company that "been cooking its books for the past 6 years which has based on creation of some impressions that the oil company had been making some gain even, when the company was been swallowed up by unpaid debts and overburdened by mismanagement."

BellaNaija added that the owner of the company, Mr. Wale Tinubu's stake in the oil company had fallen to a doubting 1% after he secured loans from Mr. Mangal, Mr. Volpi and the Nigeria's formal vice president, Atiku.

The source told BellaNaija that the Lagos State formal Governor Ahmed Tinubu had been reported to have used his political influences with the current presidential administration of President Muhammadu Buhari to pave way for a new life into Oando oil company, "but that hasn't happened."

SaharaReporters have also made a effort to contact the Director General of the Securities and Exchange Commission, Mounir H. Gwarzo, in order to confirm the scope of the commission's ongoing investigations into the oil company, but in response, the Director General of the commission said that the agency would not reveal any information of an ongoing investigation to anybody.

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