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The Nigerian National Petroleum Corporation, NNPC, yesterday, signed an agreement with Nigeria Agip Oil Company, NAOC, and Oando, for the transfer of NNPC’s stake in three oil wells, Oil Mining Lease, OML, 61, 62 and 63 to its upstream subsidiary, Nigerian Petroleum Development Company, NPDC.
If the SEC goes ahead with this action it will be in clear violation of the interim injunction obtained by Oando’s principals Adewale Tinubu, the Group Chief Executive and Omamofe Boyo, the Deputy Group Chief Executive which restrains SEC, its servants and agents from directing or requesting any agency of the Government to act upon its decisions contained in its letter of 31st May pending the hearing.
Capital market operators on Wednesday called for urgent intervention of the Federal Government in the conflict between the Securities and Exchange Commission (SEC) and Oando Plc.
The Oando and SEC saga just got more interesting. In their personal capacities, Oando PLC’s boss, Wale Tinubu and his Deputy, Omamofe Boyo, have obtained an injunction under presiding Judge C M A Olatoregun of Federal High Court (FHC), Lagos, restraining the SEC from implementing the sanctions contained in its 18 month long forensic audit report.
The Lagos Division of the Federal High Court has restrained the Securities and Exchange Commission (SEC) from removing Wale Tinibu and Omamofe Boyo as Oando Plc’s Group Chief Executive Officer (GCEO) and Deputy Group Chief Executive Officer (DGCEO), respectively.
Oando Plc on Monday said that it had yet to receive any letter from the Securities and Exchange Commission (SEC) on the appointment of its interim management team.
The Federal High Court in Lagos has granted the Group Chief Executive, Oando, Wale Tinubu and his deputy, Omamofe Boyo, an injunction restraining the SEC from executing the sanctions in the letter to Oando dated the 31st of May, 2019.
Fireworks on the controversy over corporate governance issues in Oando Plc may begin today as the management of the company is set to contest the veracity of the sack of its directors by the Securities and Exchange Commission, SEC, last weekend.
Oando Plc has demanded from the Securities and Exchange Commission the report of the forensic audit carried out by Deloitte & Touche for it to have a better understanding of the findings that culminated in the decisions taken by the commission.
Nigeria’s Securities and Exchange Commission’s claims that the group chief executive officer of Oando Plc, Wale Tinubu, his deputy Omamofe Boyo and the oil firm were involved in dubious activities cannot be substantiated, an official of the oil company Oando said late on Friday.
After over a year of forensic audit, the Securities and Exchange Commission (SEC) has concluded investigation of Oando Plc and barred the Group Chief Executive Officer, Mr Wale Tinubu, from being a director of a public company for five years.
The Securities and Exchange Commission has concluded its investigation of Oando Plc and ordered the Group Chief Executive Officer of the company, Mr Wale Tinubu, and other affected board members to resign.
Oando Plc said on Friday that it would challenge the Securities and Exchange Commission (SEC) ruling on the outcome of its forensic audit.
Oando PLC’s shareholders can heave a sigh of relief as the Company, has set the record straight following claims in the mediawhich implied that Oando has been ordered by the London Court of International Arbitration (LCIA) to pay Ansbury Investment Inc. $680 million
The dispute between Gabrielle Volpi and the principals of Oando has been ongoing for over a year and has been a cause of concern for companies and individuals alike who look for investments to grow their business via individuals in the form of equity or debt.
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, has said the joint venture between the NNPC and the Nigerian Agip Oil Company (NAOC) will add an extra 480 megawatts (MW) to the federal government’s power generation aspiration.
Four Nigerian returnees have been detained by soldiers in Cotonou, the Benin Republic after being quarantined for 14 days in a hotel in the West African country for refusing to pay N900, 000 each for the accommodation facility.
The police in Lagos on Wednesday arraigned additional 17 residents who flouted the stay-at-home order of the state government.
President Muhammadu Buhari has granted pardon to some inmates of the Custodial Centres of the Nigeria Correctional Service, NCoS,.
The much-awaited 67 Nigerians resident in Ivory Coast on Wednesday arrived at Seme Border Post in a luxurious bus with registration number Osun XA 240 EJG.
Real Madrid's first team will take pay cuts of between 10 and 20 per cent to compensate for the club's loss of income during the coronavirus pandemic, the Merengue confirmed on Wednesday.
Google announced that its Stadia Pro cloud gaming service will be available for free in 14 countries for the next two months. The idea is to give people relief while isolating themselves because of the pandemic.
Kwara State Government on Tuesday, began fumigation of major markets in Kwara South Senatorial District, after confirmation of two coronavirus cases in the state.
The government has put Britain into a virtual lockdown, closing pubs, restaurants, and nearly all shops, while banning social gatherings and ordering Britons to stay at home unless it is absolutely essential to venture out.
Oyo State chapter of All Progressives Congress (APC) has lauded the Federal Government for taking decisive action to ameliorate the effect of coronavirus on Nigerians.
5G phone masts are being set alight in the UK, after online conspiracy theories have misleadingly linked the cell towers to the coronavirus pandemic. The BBC reports that at least three 5G towers were set alight last week, and police and fire services were called to extinguish the flames.