Oando Clears Air on Malta Plant Ownership
Oando PLC denies allegations of owning a blending plant in Malta and importing adulterated fuel, while Nigeria's fuel import controversy continues amidst Dangote's refinery saga and NNPCL's denial of offshore interests.
Oando PLC has categorically denied rumors circulating on social media and digital platforms that it owns a blending plant in Malta, dismissing the claims as entirely false.
The company has also vehemently denied accusations of importing adulterated fuel into Nigeria through a Maltese company, Raz Hansir Oil Terminal Limited, describing the allegations as unfounded and misleading.
In a statement, Oando's company secretary, Ayotola Jagun, emphasized that the claims against the company, including allegations of shareholding and executive involvement in Raz Hansir Oil Terminal Limited, are completely baseless and lack any merit.
“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.
“As part of a comprehensive investigation into the basis of the false claims, we conducted a search of the Malta Business Registry, 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.
“We therefore believe that the false claims are of the malicious intent of misleading the public and our stakeholders,” Jagun stated.
As a publicly traded company, Oando PLC stressed that it is obligated to transparently disclose any significant corporate activities, including acquisitions, in compliance with applicable laws and regulatory requirements governing corporate governance, ensuring utmost transparency and accountability.
“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.
“The company's securities are traded daily across two exchanges (NGX and JSE). To prevent misinformation and confusion among investors, as well as our 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 submitted.
Malta's oil industry has faced recent controversy following allegations made by Alhaji Aliko Dangote, President of the Dangote Group, who accused certain officials of the Nigerian National Petroleum Company Limited (NNPCL) of having undisclosed interests in blending plants located in Malta.
In the midst of the controversy surrounding his $20 billion refinery, Dangote alleged, “Some of the terminals, some of the NNPCL people, and some traders have opened blending plants somewhere off Malta. We all know these areas. We know what they are doing.”
According to Trade Map data, Nigeria spent a staggering $2 billion on fuel imports in 2023 alone, highlighting the country's significant reliance on foreign fuel sources.
In a previous statement, Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), categorically denied any involvement in owning or operating blending plants outside of Nigeria, specifically addressing allegations of offshore interests.
Mele Kyari revealed that he had been inundated with calls from concerned family and friends asking if he indeed owned a blending plant in Malta, prompting him to publicly address the allegations.
Alhaji Aliko Dangote responded to accusations made by Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), who claimed that the diesel produced by Dangote's refinery contained higher sulfur levels than imported diesel. Dangote vehemently denied these allegations, viewing them as a deliberate attempt to discredit and undermine the credibility of his refinery.
Farouk Ahmed further explained that Nigeria would continue to import fuel to maintain a competitive market and prevent Dangote's refinery from dominating the industry, thereby avoiding a monopoly that could stifle competition and hinder market growth.
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