Our attention has been drawn to a recent advertorial published in a few widely circulated newspapers. The advertorial alleges amongst other things that Oando has given donations to political parties through the use of two private jets – ‘a Bombardier Challenger with Reg Number ZS BOT and a Hawker 4000 with Reg Number ZS JAT’.
This is to inform all members of the public that these assertions are false and misleading for the following reasons:
- Oando PLC (‘Oando’) does not own directly or indirectly through a special purpose vehicle or subsidiary, a Bombardier Challenger with Registration Number ZS BOT and/or a Hawker 4000 with Registration Number ZS JAT; and
- Oando has not made any donations or gifts of its property or funds of any amount whatsoever to any Nigerian political party or association.
Section 38(2) of the Companies and Allied Matters Act Cap C20 Laws of the Federation of Nigeria,
2004 (‘the Act’) stipulates ‘…A company shall not have or exercise power either directly or indirectly to make a donation or gift of any of its property or funds to a political party or political association, or for any political purpose; and if any company, in breach of this subsection makes any donation or gift of its property to a political party or political association, or for any political purpose, the officers in default and any member who voted for the breach shall be jointly and severally liable to refund to the company the sum or value of the donation or gift and in addition, the company and every such officer or member shall be guilty of an offence and liable to a fine equal to the amount or value of the donation or gift’.
The above provision of the Act is unambiguous and makes it clear that it is illegal for a company to make a donation of any amount of money and in the event of a default such acts would attract the stipulated consequences.
Oando is a responsible corporate citizen and a leading indigenous integrated oil and gas company listed on both the Nigerian Stock Exchange and the Johannesburg Stock Exchange with over 260,000 shareholders and a large workforce, all with diverse interests and cannot take a political leaning from a corporate standpoint.
We therefore insist that publications of this nature cease as they are damaging to the company’s reputation and good standing.
Please be guided accordingly.
