Victor Ezeja
Oando PLC, an indigenous oil and gas company in Nigeria, has denied allegations that it owns a blending plant and storage facility in Malta.
A post via X on Friday, 26th July, had alleged that the company is a shareholder and some Principals are Board members in a Maltese company, Raz Hansir Oil Terminal Limited, which operates an oil storage and blending facility.
Join our WhatsApp ChannelThe report also accused Oando of being responsible for importing dirty fuel into the country through the named company.
However, in a statement released Friday, the company said neither Oando nor its executives have ever held shares or any form of interest in the said Maltese company.
The company also said it was not involved in importing dirty fuel into Nigeria through the “fictitious” Maltese company.
Part of the statement signed by Ayotola Jagun, Company Secretary reads: “Our attention has been drawn to recent allegations on social and digital media, levelled against Oando PLC of being a shareholder, and its Principals of being Board members, in a Maltese company, Raz Hansir Oil Terminal Limited that operates an oil storage and blending facility and is purportedly responsible for importing adulterated petroleum products into Nigeria.
“Considering the above, 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.”
Oando said its team went ahead and investigated the claim by conducting a search about any existing Maltese company with such name but found none in the Business Registry, the official repository for all registered entities past and current in 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,” it added.
“We therefore believe that the false claims are of the malicious intent of misleading the public and our stakeholders.
“We want to reiterate that as a publicly listed company, any corporate actions, such as acquisitions, are declared publicly in accordance with applicable corporate governance Laws and Rules.”
The company further stated that as a publicly quoted company, any action such as acquisition must be in line with corporate governance 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.
“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.”
READ ALSO: Dangote Refinery Debunks Report On Reselling Imported Crude
Prime Business Africa reports that the issue of some Nigerian oil and gas stakeholders having interest in a oil blending plant at Malta has been a trending topic since last week when the President of the Dangote Group, Aliko Dangote, alleged that some officials of the Nigerian National Petroleum Company Limited (NNPCL), own and operate blending plants in Malta.
Dangote made the allegation while highlighting difficulties his refinery is currently facing with regards to regulatory issues and access to crude oil supply.
“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,” Dangote said.
Responding to Dangote’s claim, Group Chief Executive Officer of NNPCL, Mele Kyari, said he does not own a blending plant outside Nigeria and does not know any personnel of the national oil company that owns and operates such.
Kyari challenged anyone with knowledge of such to make it public. He added that anyone found wanting would be dealt with in accordance with NNPCL laws regarding such.
However, data from Trade Map revealed that there was a substantial jump in petroleum products imports into Nigeria from Malta reaching $2.08 billion in 2023. When compared to previous years, the figure represents a massive increase fuelling speculations following the allegations made by Dangote. This is as Malta is a minor player in global oil market.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
