JSE-listed Nigerian oil company Oando issued a Sens statement on Tuesday morning saying reports that a London court ordered it to return $680m to a disgruntled investor were false. But Oando appears to be prevaricating since most reports made it clear the dispute was between its majority shareholders, Oando CEO Adewale Tinubu and deputy CEO Omamofe Boyo, and businessman Gabriele Volpi who invested $700m in Oando’s majority shareholder. Volpi’s company Ansbury acquired 62% of Ocean and Oil Development Partners for $700m. The balance was owned by Tinubu and Boyo via a company called Whitmore Asset Management. The London Court of International Arbitration on July 6 ordered Ocean and Oil Development Partners to return $600m to Volpi, and Whitmore was ordered to pay him a further $80m. Ocean and Oil Development Partners owns 57% of Oando and is domiciled in the British Virgin Islands — facts Oando used in its defence when the relationship with Volpi turned sour and he petitioned Nigeria’...

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