IRAD Investment Ltd., an indigenous company, has decried the alleged delay in payment after satisfactorily executing projects and contracts for Oando Plc.
 
In a statement signed by its Director, Levi Golubo, and made available to newsmen, Irad said the issue had resulted in significant financial strain and disrupted its financial stability.
 
The firm, while stating that Oando has failed to meet its payment obligations despite repeated requests and efforts to negotiate, disclosed that it secured loans from banks to execute jobs running into billions of naira and dollars for Oando, for which humongous sums in interest were accrued, with further threats on its assets.

 The statement read in part: “We are here today to address a pressing issue that has been affecting our company’s reputation and financial stability.  
 
“Quite 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. This has resulted in significant financial strain on our company. 
 
“We secured proper facilities from our bankers to execute these jobs running into billions of naira and dollars for Oando, for which we are paying homongous sums in interest with further threats on our assets.
 
“Oando Plc has failed to meet its payment obligations despite our repeated requests and efforts to negotiate.” The firm, therefore, urged Oando’s leadership to demonstrate the corporate responsibility and integrity expected of a leading player in Nigeria’s energy industry. 
 
However, Irad reassured its stakeholders, including their employees, bankers, suppliers and partners, that “we are taking all necessary steps to resolve this situation and recover the payments that are rightfully due to us.
 
“We are also reviewing our contracts and agreements to ensure that we are better protected in the future,” Irad stated. The company also reassured Oando that it remains committed to dialogue and partnership, but insists that fairness and prompt action must now replace endless assurances.