Reckless Wale Tinubu borrows money to save crumbling empire
In what will come as a rude shock to many Nigerians who knew him and his company’s networth, it appears the dark days are here for the boss of Oando Oil Plc Wale Tinubu, if what is filtering in is anything to go by.
As you all know that Global News will always be the first to break the hottest news in the country and as you read this we can authouritatively reveal that the boss of Oando, Wale Tinubu is about to run the company completely aground because of his financial recklessness and indebtedness.
The company which is said to be in serious financial turmoil is now making frantic efforts to patch up the books for auditors as the management and other investor and strategic partners of the company have begun to suspect foulplays from Tinubu who is not only known to be reckless but also given to many unwarranted and unguided ostentatious lifestyle.
The cracks in the company further opened in the last few weeks when Tinubu had to turn to his bank MDs friends in order to get a facility just to balance the books for the auditors. We also gathered that Wale Tinubu used various means and gimmicks to cajole the management and investors that the needed loan was to consolidate the strength of the company and to bring it to good health.
Oando boss further lied to some of the top guys that the facility is indeed to reschedule the debt profile of the company when in actual fact the company is dying owing to the financial recklessness at the very top echelon of the oil and gas company which used to be the envy of other players in the industry.
However,the bank chiefs fell for his antics and a whopping N94.6b was released to continue with his fake diversification and expansions.
What the Chief Executive of Oando Plc Wale Tinubu forgot when he said he wants to bring the company back to profitability in 2016 after signing the facility which came from a consortium of local banks in the country is the fact that every thing that goes on in the company is in the public domain already. Some top staffers of the company we hear are already on the payroll of some of the biggest investors of the company and are feeding these investors with the true picture of what goes on in the company.
Oando’s phenomenal growth under the watch of Wale Tinubu was not really leveraged; Tinubu has a reputation and a very serious antecedents when it comes to company and reputation management and this has over the years impacted negatively on the brand image and financial health of the company he oversees. Oando Plc which is the largest indigenous oil and gas player in the sub-Saharan of the African continent is yet to optimise its balance sheet in recent years due largely to lack of strong fiscal discipline from the leadership of the company – And this might not be unconnected with why Tinubu went cap in hand to his big boys’ friends in the financial sector to get this medium term loan which some analysts say may ultimately not be in the best interest of the company.