We own no interests in Maltese oil storage company – Oando

Oando Plc has denied recent news report of being a shareholder and owning interest in a Maltese Oil Company, Raz Hansir Oil Terminal Limited.

In a statement signed by Ayotola Jagun, company secretary, Oando Plc, the company also denied any interest in the oil storage and blending facility, stating that Oando was not responsible for importing adulterated petroleum products into Nigeria.

“We wish to refute such claims and attest that neither Oando Plc nor its executives have ever held shares, investments, or interests in the fictitious Maltese company.”

Jagun stated further that Oando conducted a comprehensive investigation into the basis of the false claims, by conducting a search of the Malta Business Registry, which is the official repository for all registered entities past and current within the country.

“Our search yielded no results for a company bearing that name. Subsequent due diligence efforts similarly failed to uncover any record of the company’s existence,” Jagun stated.

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He further stated that the false claims were intended to mislead the public and Oando’s stakeholders.

“We want to reiterate that as a publicly listed company, any corporate action, such as acquisitions, are declared publicly in accordance with applicable corporate governance laws and rules.

“Furthermore, it is imperative that information released about a publicly quoted company such as Oando, is thoroughly researched and deemed accurate before it is published in the public domain,” Jagun stated.

According to him, the company’s securities are traded daily across two exchanges (NGX and JSE) and can be easily verified to prevent misinformation and confusion among investors, as well as its other stakeholders.

“We implore all members of the press to take adequate steps to ensure the veracity of reports by fielding all enquiries with Oando Plc’s corporate communications department,” Jagun stated.