In reference to recent misinformation circulating, Oando PLC, a prominent oil firm, released the following statement on September 2, 2024 to clarify the timeline of its downstream business divestment.
The process commenced in June 2016 and was successfully concluded in 2019, preceding the current administration led by President Bola Tinubu.
READ THE FULL STATEMENT
Demands Immediate Cessation of Libelous Content on Media
Platforms
02 September, 2024
Over recent weeks, various print and digital platforms have
been used to circulate baseless and damaging claims about Oando PLC and its
Group Chief Executive, Mr. Adewale Tinubu, specifically alleging that NNPC
Limited has fraudulently transferred ownership of all petrol
stations to our Group Chief Executive, Mr Adewale Tinubu.
These statements are entirely without foundation and have been made with
reckless disregard for the truth.
The misinformation being spread has caused significant
reputational harm to both the company and its leadership and their continued
circulation is both legally and ethically unacceptable.
Basic research of publicly available information would
confirm that on the 30th of June 2016, Oando partially divested of
the majority interest in its downstream business, when it sold 60% of its
shares in Oando Marketing Limited to a consortia consisting of International
Trading
Company, Vitol Group (“Vitol”) and Helios InvestmentPartners
(Helios), an International Private Equity firm. The resulting entity was called
OVH Energy BV reflecting the names of the three
Partners (Oando, Vitol and Helios). Please reference the
Press Release issued at the time of the initial divestment (Oando concludes
recapitalization and partial divestment of equity stake in its downstream
operations to a consortium of Helios and Vitol – Oando PLC) Oando
Concludes recapitalization and partial divestment of equity
stake in its downstream operations to a consortium of Helios and Vitol – Oando
PLC.
Recognising the goodwill in the Oando name, a Brand Licence
Agreement was also entered into on the 30th of June 2016 between
Oando PLC and OVH Energy BV for the use of the Oando logo/brand for a 10-year
period. The brand licence agreement was subsequently terminated on the 24th
of March 2023 and OVH Energy was given a term of 18 months to
Completely debrand and remove the Oando Brand from its
products and assets. This term expires in September 2024.
Oando’s strategic intent at the time of the partial
divestment was to completely exit its downstream and midstream business to
enable it focus on its Upstream business by expanding its portfolio of upstream
assets. On the 5th of October, 2017, Oando divested of an additional
35% of its shareholding in OVH Energy by the issuance of 210,000 additional
class
A shares to HV Investments BV (Helios/Vitol).
On the 29th of November 2019, Oando completely
exited from the OVH partnership when it transferred its remaining 5%
shareholding in OVH Energy BV to Vitol and Helios. Oando has a long-standing
commitment to transparency and integrity, and it will not tolerate the dissemination
of falsehoods that undermine its reputation or that of its executives.
We view the actions of these online digital and media
platforms as a serious breach of ethical standards and a blatant violation of
legal principles surrounding defamation.
The Company will pursue all available legal avenues to
ensure that these defamatory statements are retracted and that those
responsible are held accountable.
Oando PLC demands the immediate removal of all libelous
content from the offending platforms. Failure to comply will result in legal
action, including claims for damages and other remedies provided by law.
The company reaffirms its dedication to its mission and its stakeholders, and it will continue to act with integrity in all its endeavours.