In August 2021, it managed to reach a deal where it would help loan money to Whitmore Asset Management, linked to its CEO Tinubu, to pay out $550mn to Gabriele Volpi’s Ansbury Investments. Oando borrowed the cash from Afreximbank and advanced this to Whitmore.
“Production is not at the level we would like. We intend to own the asset and we need a new plan of development, which will take different things into consideration,” he said. Many wells need to undergo workovers, he said, in order to make it fit for the long term.
Big companies have big plans to cut emissions and often find it easier to sell assets. Buyers may not be quite so concerned about tackling emissions, though, a report from the Environmental Defense Fund (EDF) has found.