Oando Plc led by Nigerian oil mogul Wale Tinubu is under pressure after Irad Investment Ltd. accused the firm of failing to settle long-overdue payments for completed projects.
Irad, a Port Harcourtbased engineering and services company, 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.
Company says delays threaten stability