Oando Plc led by oil mogul, Wale Tinubu is under pressure after Irad Investment Ltd. an engineering and services company based in Rivers State, accuse
Oando Plc led by oil mogul, Wale Tinubu is under pressure after Irad Investment Ltd. an engineering and services company based in Rivers State, accused the firm of failing to settle long-overdue payments for completed projects. Irad said the delayed payments have caused severe financial strain and forced it to take out bank loans to finance work done for Oando.
The company said it has since accumulated heavy interest payments and is facing pressure from its lenders. Irad said it completed all assigned contracts to Oando’s satisfaction but has yet to receive full payment despite repeated assurances and several months of negotiations.
The company said it staged a peaceful protest on July 15 to draw attention to the issue after months of unfulfilled promises and missed payment timelines. Following that protest, Irad said Oando’s management promised to clear all verified invoices within three months. Nearly three months later, less than 10 percent of the total outstanding amount has been paid and the continued delay has put immense pressure on Irad’s bankers, suppliers, and subcontractors.
Irad urged Oando to demonstrate the corporate responsibility and integrity expected of a leading energy company and settle its verified debts.
