Intel’s Volpi Steps Up Battle Against Wale Tinubu over Control of Oando Petitions SEC, seeks to stop company’s AGM Oando: This is an attempt to force us to buyout Volpi Ejiofor Alike One of the founders and majority shareholder of Intels Nigeria Limited, operator of the oil and gas logistics terminals in Onne, Rivers State and Warri, Delta State, Mr. Gabriele Volpi, has stepped
up his battle against the group chief executive officer of Oando Plc, Mr. Wale Tinubu over control of Oando, citing alleged mismanagement, cooked books and huge debts,
THISDAY has learnt. Accordingly, Ansbury Investments Inc., a firm set up by Volpi, a multi-billionaire who holds dual Italian and Nigerian citizenship, with
extensive interests in oil and gas, ports logistic services and real estate spanning 40 years in Nigeria, has written a petition to the Securities and Exchange Commission (SEC) and is
seeking to stop Oando from holding its Annual General Meeting (AGM) slated to take place in Uyo, Akwa Ibom State on September 11. He is also pushing for the
FG, NARD Meet Today to Resolve Doctors' Strike… Page 47
removal of Tinubu and his deputy, Mr. Omamafe Boyo, over their inability to repay an $80 million loan, which he lent them. However, Oando has pushed back on the allegations, with a Continued on page 10
Wednesday 6 September, 2017 Vol 22. No 8175. Price: N250
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Despite Exiting Recession, FG Admits Growth Remains Fragile Buhari expresses hope recovery will improve living standards Senate elated at improvement in nation’s economy Omololu Ogunmade, Damilola Oyedele and James Emejo in Abuja The federal government’s reaction yesterday to the news of Nigeria’s emergence from the economic recession was subdued, as the government admitted that the country’s economic growth remained
fragile and vulnerable, despite the cheering news from the National Bureau of Statistics (NBS) that the economy grew by 0.55 per cent in the second quarter of 2017, after five consecutive quarters of contraction. The NBS yesterday confirmed THISDAY’s Continued on page 10
With Population Growth at 2.7%, Nigeria Still Not Out of the Woods
Obinna Chima
Notwithstanding that the Nigerian economy turned the corner by recording an expansionary GDP growth rate in the second quarter (Q2) of 2017, Nigerians, especially the country’s policymakers, should be under no illusion that the economy is out of the woods.
N E W S A N A LY S I S Although the GDP figures released by the National Bureau of Statistics (NBS) yesterday showed that the economy grew by 0.55 per cent in Q2 2017, affirming that the Continued on page 46
Again, FEC Meeting Cancelled over Public Holiday... Page 47
NIGERIEN PRESIDENT COMES VISITING... Nigerien President, Muhammadou Yusouffu, inspecting the guard of honour, when he arrived Katsina yesterday to meet with President Muhammadu Buhari