Nigerian Oil Company Oando Under Probe

Nigeria Securities and Exchange Commission (SEC), is probing Oando, an oil company owned and run by Wale Tinubu.

A source at SEC said, the commission's investigators had so far found evidence that Oando had "been cooking its books for the past six years, creating the impression that it was making a profit when in fact the company was swimming in debts and overburdened by mismanagement."

Our SEC source stated that Mr. Tinubu's stake in the company fell to a minuscule one percent after he secured funds from Mr. Volpi, former VP Atiku, and Mr. Mangal.

Our source added that former Governor Tinubu apparently counted on using his political influence with the Muhammadu Buhari administration to re-inject life into Oando, "but that hasn't happened."

SaharaReporters contacted Mounir H. Gwarzo, the Director General of the Securities and Exchange Commission, to confirm the scope of the commission's investigations into Oando, but he responded that the agency would not disclose the details of any ongoing investigation.

UCJ, UNILORIN.