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OANDO BOSS, WALE TINUBU LAUGHS LAST
If Billionaire Business man and King of African Oil Wale Tinubu was to pen down his business sojourn from Genesis to Revelation; trust me last week has been so turbulent for the Oando boss, who has crossed the T and dotted the I in Oil and Gas business.
Like the proverbial cat with nine lives, every slightest opportunity to cut his live short; Wale bounces back better.
Last week, some media report went viral, as some Oando top shareholders wrote a petition against Wale Tinubu and his team for allegedly mismanaging Oando funds and also plunged it into a huge debt after the company acquired ConocoPhillips several years back which makes it one of the biggest acquisition in Nigeria indigenous oil and gas history.
As Oando was set to declare profit to it’s shareholders at this years 40th Annual General Meeting (AGM) in Akwaibom, some angered top shareholders wrote a petition to stop the AGM from holding as they also wanted Wale’s removal as the company’s MD and CEO.
The Security Exchange Commission (SEC), investigated deep into the petition; but eventually declared the AGM fit to hold as the petition to halt the AGM hold no water.
At the successful AGM in AkwaIbom, CITYSPY gathered that Wale Tinubu got the total support of the larger shareholders as they encouraged him to work more on the company so as to enable their investment yield more profit in the next AGM. They also backed Wale to retain his post as the Managing Director (MD) and the Chief Executive Officer(CEO) as his Midas touch has pushed the company to an enviable height by making it a force to reckon with in the Oil and Gas business.