Reps wade into Oando, Ansbury ownership rift, summon SEC DG

Munir Gwazo


The House of Representatives Committee on Capital Market and Institutions yesterday waded into the ongoing controversial ownership tussle between Oando Oil Plc and Ansbury Investments over the ownership structure and share values of Oando Oil Plc.

Following this intervention, the committee, led by Tajudeen Yusuf, has summoned the Director-General (DG) of the Security and Exchange Commission (SEC), Munir Gwarzo, to appear before it next week Tuesday and provide detailed information on the controversy.

In a letter with reference No. HOR/CCMI/0050/17/9 and addressed to the Commission’s DG on September 19, the Deputy Chairman of the committee, Tony Nwulu (PDP, Lagos), who signed the letter, cited media reports regarding the said controversy over the share values and ownership structure of Oando as being contested by one Mr. Gabriele Volpi of Ansbury Investments against Mr. Wale Tinubu, Group Chief Executive Officer of Oando Oil.

Stating the need for parliamentary intervention using the needed details being sought, the committee in its letter made available to journalists in Abuja noted with dismay, the protests that characterised the company’s recent annual general meeting in Uyo, and the number of petitions forwarded to it by concerned individuals and groups within the capital market sector of the economy.

“You may also recall the various petitions before the Annual General Meeting (AGM), protests and counter-protests during the event in Uyo, Akwa Ibom State on September 11, 2017 and the unsavoury details emanating therefrom.

“Arising from the above, the committee has been inundated with petitions from far and wide by the concerned public, stakeholders, shareholders, investment and analysts.

“In cognisance of our oversight responsibility and the need to restore investors’ confidence in the company, we are mostly strongly constrained to invite you and your management to appear before the House Committee on Capital Market and Institutions on Tuesday, September 26, 2017 by noon prompt…” the letter read.

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Munir GwarzoSEC


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