A Review of the Nigerian Energy Industry

We did not say Ibori owns 30% of Oando – British Crown Prosecutor

British Crown Prosecutor, Sasha Wass25 September 2013, London – In a dramatic u-turn, the British Crown prosecution today (Wednesday 25th September) denied ever suggesting in any way that the former governor of Delta State James Ibori who is currently serving a jail term in a UK prison owns 30% of OANDO PLC.

In a sudden twist of events, the British prosecution’s denial of their allegation against James Ibori in the course of the assets confiscation hearing that started last Monday, declaring he owned 30% of Oando, which became a sensational news story in Nigeria, threw the court into some confusion which forced the court to rise for 10 minutes to allow some calm to return, especially between Sasha Wass, the British Prosecutor and counsels, QC Ivan Krolic for James and QC Bailey for Oando.

We recall that the Company’s shares dropped at least 25% within 3 trading sessions at the Nigerian stock exchange following the report.

The shares have however since rebounded.

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