Irad Investment Limited, an indigenous Nigerian company, has accused Oando PLC of failing to fulfill its financial obligations after the successful completion of several projects and contracts. The company raised the alarm over what it described as prolonged non-payment for services duly rendered, alleging that the situation has caused severe financial strain and threatened its operational stability.
In a statement released to journalists on Tuesday, Irad stated that despite executing multi-billion naira and dollar contracts to Oando’s satisfaction, the oil and gas company has allegedly failed to settle outstanding invoices. The firm said it resorted to obtaining bank loans to fund the projects, accruing substantial interest and facing threats to its assets due to Oando’s alleged default.
According to the statement, Irad expressed disappointment that its repeated requests and efforts to engage Oando in good faith had not yielded meaningful results. The company said the situation has caused it “embarrassment, financial strain, and reputational damage,” emphasizing that the delayed payments have disrupted its cash flow and weakened confidence among its partners and financial institutions.
“We are here today to address a pressing issue that has been affecting our company’s reputation and financial stability,” the statement read. “Unfortunately, we have been facing challenges in receiving payments from our client Oando PLC for projects and contracts that have been completed to their satisfaction. Despite our best efforts to deliver high-quality work and meet our obligations, we have been met with delays in payment and outright refusal to pay.”
Irad explained that it had obtained “proper facilities” from its bankers to execute the projects, but Oando’s failure to honor its financial commitments has left the firm with mounting interest payments and significant pressure from lenders. The company further noted that its attempts to engage Oando’s management were met with repeated assurances that have not been fulfilled.
The company recalled that it staged a peaceful protest on July 15, 2025, to draw public attention to what it described as Oando’s “prolonged non-payment of several invoices for services duly rendered and acknowledged.” Following the protest, Irad said Oando’s management engaged with them and promised to settle all verified invoices within three months.
According to Irad, it accepted Oando’s assurances in good faith and suspended further action, expecting the oil company to fulfill its commitments. However, nearly three months after the agreement, the company claimed that less than 10 percent of the total outstanding payments had been made.
“The continued delay has placed us under immense pressure from our bankers, suppliers, and subcontractors, many of whom have begun to lose confidence in our integrity as business partners,” the statement added. “We have endured embarrassment, financial strain, and reputational damage arising solely from this default.”
Headquartered in Port Harcourt, Rivers State, Irad Investment urged Oando PLC to “be alive to its obligations” and to urgently clear all verified debts owed to the company. It called on the energy firm’s leadership to uphold corporate integrity and responsibility expected of a major player in Nigeria’s oil and gas industry.
Despite its frustrations, Irad reaffirmed its commitment to professionalism and dialogue, stating that it remains open to engaging Oando to resolve the matter amicably. “We are taking all necessary steps to recover the payments rightfully due to us,” the company said, noting that it is also reviewing its contracts and agreements to ensure better protection in future dealings.
The company reassured its employees, bankers, suppliers, and partners of its stability and determination to overcome the financial challenges resulting from the unpaid debts. It emphasized that it remains committed to delivering quality services and maintaining trust-based relationships within the energy sector.
In conclusion, Irad appealed to relevant stakeholders and industry regulators to intervene, urging Oando to act responsibly and settle the outstanding debts without further delay. “Finally, we call on all relevant stakeholders to join voices in urging Oando to act responsibly and resolve this matter without further delay,” the statement said.
As of the time of this report, Oando PLC has not issued an official response to Irad Investment Limited’s allegations.
