Lagos, Nigeria – Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian Stock Exchange and the JSE Limited, today refutes statements circulating in the media and categorically states that Mr. James Ibori does not own ‘a large part of Oando’ and that this statement is incorrect and misleading. Oando is a publicly traded company listed on the Nigerian and Johannesburg Stock Exchanges and does not and cannot control the trading in its securities on the floor of the respective exchanges. Based on our current shareholding register, Mr. James Ibori’s shareholding stands at 443 shares out of a total issued and paid up share capital of 6.8 billion ordinary shares, which is clearly insignificant.
Oando also states that sometime in 2004, in the normal course of its business, its affiliate Ocean and Oil Services Limited sold approximately US$2.7 million in 3 separate transactions over a period of about 7 months to companies which have now turned out to be indirectly controlled by Mr. James Ibori. This amount was insignificant considering the company’s turnover of approximately US$800million in 2004. The above constitutes the only transactions between Oando, its affiliates and any company controlled by Mr. Ibori. Consequently, Oando cannot be described as “……a companywhere James Ibori has hidden assets…” as a result of these foreign exchange transactions.
Oando is not a party to the confiscation proceedings nor has it received any invitation to attend or participate in any capacity therein. There is no suggestion from the prosecution of any wrongdoing or involvement in wrongdoing on the part of Oando.
Oando is devoted to the principles and implementation of good corporate governance, and recognises the dependence of long-term business prosperity on accountability to its shareholders. Oando is also the first Nigerian energy company to sign the Pact Against Corruption Initiative and the Convention for Business Integrity.
