Irad Demands Payment Of Unpaid Debts From Oando

Irad Investment Ltd., an indigenous company, has decried alleged hold successful outgo aft satisfactorily executing projects and contracts for Oando PLC.

The steadfast successful a connection said the contented has resulted successful important fiscal strain and disrupted its fiscal stability.

While stating that Oando person failed to conscionable their outgo obligations contempt repeated requests and efforts to negotiate, the institution disclosed that it secured loans from banks to execute jobs moving into billions of naira and dollars for Oando for which humongous sums successful involvement were accrued with further threats connected its assets.

The connection partially reads, “We are present contiguous to code a pressing contented that has been affecting our company’s estimation and fiscal stability.

“Quite unfortunately, we person been facing challenges successful receiving payments from our lawsuit Oando PLC for projects and contracts that person been completed to their satisfaction.

“Despite our champion efforts to present high-quality enactment and conscionable our obligations, we person been met with delays successful outgo and outright refusal to pay. This has resulted successful important fiscal strain connected our company.

“We secured due facilities from our bankers to execute these jobs moving into billions of naira and dollars for Oando for which we are paying humongous sums successful involvement with further threats connected our assets.

“Oando PLC person failed to conscionable their outgo obligations contempt our repeated requests and efforts to negotiate.”

The institution recalled staging a peaceful protestation connected the 15th July to telephone the attraction of Oando implicit the “prolonged non-payment of respective invoices for services duly rendered and acknowledged by Oando’s management.”

It added that “This bid protestation enactment was a effect of months of unfulfilled promises and extended outgo timelines, contempt repeated assurances from Oando that these outstanding obligations would beryllium settled.

“Following the July protest, Oando’s absorption engaged america and appealed for calm, assuring that each verified invoices would beryllium paid wrong a 3 months timeframe.

“In bully faith, we accepted this committedness and stood down further actions, believing that the institution would honour its word.

“However, it is present astir 3 months aft that commitment, and the outgo presumption has been alternatively embarrassing, to accidental the least. Not up to 10% of the full outstanding has been paid.

“The continued hold has placed america nether immense unit from our bankers, suppliers, and subcontractors, galore of whom person begun to suffer assurance successful our integrity arsenic concern partners.

“We person endured embarrassment, fiscal strain, and reputational harm arising solely from this default.”

Irad, which is headquartered successful Port Harcourt, the Rivers State capital, called connected Oando to beryllium live to their obligations and urgently settee each verified debts owed to Irad.

The steadfast urged Oando’s enactment to show the firm work and integrity expected of a starring subordinate successful Nigeria’s vigor industry.

However, Irad reassured their stakeholders, including their employees, bankers, suppliers and partners, that “we are taking each indispensable steps to resoluteness this concern and retrieve the payments that are rightfully owed to us.

“We are besides reviewing our contracts and agreements to guarantee that we are amended protected successful the future.”

The institution besides reassured Oando that it remains committed to dialog and concern but insists that fairness and punctual enactment indispensable present regenerate endless assurances.

“We besides stay committed to delivering high-quality services and gathering beardown relationships with our clients.

“Finally, we telephone connected each applicable stakeholders to articulation voices successful urging Oando to enactment responsibly and resoluteness this substance without further delay,” the connection concluded.