Fraud: Oil mogul Omamofe Boyo to be grilled in Milan over alleged tanker contract

Authorities have asked that Omamofe Boyo, the former CEO of Oando Trading and the current deputy CEO of Oando, as well as other significant individuals, be prosecuted for allegedly cheating Eni (ENI.MI) in a 2019 oil contract, according to documents from the Milan prosecutor’s office.

According to Reuters, Eni was extremely concerned about the problematic “White Moon” crude oil delivery in 2019 due to rumors that the oil was, at least in part, of Iranian origin. Dealing with Iranian oil would have been a grave violation given the sanctions that were reinstated by the US in 2018 after the US withdrew from an agreement with Iran over its nuclear program.

According to reports, the oil delivery, which Eni ultimately rejected, was made by the Nigerian company Oando. On the other side, Oando is alleged to have acquired the oil through the London branch of Italian gasoline trading firm Napag.

Oando, which is listed on the Nigerian Exchange, is one of the nation’s biggest energy companies.

According to the Milan prosecutor’s office, many individuals are accused of trying to swindle Eni using the aforementioned oil cargo. Along with Omamofe Boyo, the publication also lists Francesco Mazzagatti, a former partner and ex-director of Napag, and Massimo Mantovani, the former head of Eni Trading & Shipping (ETS).

On Thursday, a legal review that will last several months will start. The objective is to determine whether a thorough trial is necessary.

The North Sea oil production RockRose was acquired by Viaro in 2020, and Mazzagatti is currently the CEO of that company. His representatives in London and Italy have categorically rejected any involvement in the alleged scam, highlighting Mazzagatti’s separation from the earlier project at question.

Due to a lack of territorial jurisdiction, Mantovani’s attorney also avowed his client’s innocence and argued for moving the proceedings to Potenza.

Legal counsel for Oando and Omamofe Boyo who spoke with Reuters vehemently denied any wrongdoing, claiming that “if there was any deception, we too are deceived, not deceivers.”

Boyo indirectly owns 19.1% of the business. Bola Ahmeda Tinubu, the troubled president of Nigeria, has a nephew named Adewale Tinubu who serves as the company’s CEO.