Oando Plc - Oando Responds To False Allegations Regarding Jailed Ex-governorRelease Date: 17/09/2013 09:41:00 Code(s): OAO
(Incorporated in Nigeria and registered as an external company in South Africa)
Registration number: RC 6474
(External company registration number: 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
("Oando" or the "Company" or the "Group")
Oando Responds to False Allegations Regarding Jailed Ex-Governor
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, and cannot be
considered as ?a large part of Oando?.
Oando also states that sometime in 2004, in the normal course of its business, it sold approximately US$2.7
million in 3 separate transactions over a period of about 7 months to companies 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 and any company controlled by Mr. Ibori.
Consequently, Oando cannot be described as a company where James Ibori has hidden assets as a result of
these foreign exchange transactions.
Oando is not a party nor has it received any invitation in connection with the proceedings.
Commenting on the statements made in court, Andrew Baillie QC, counsel representing Oando also stated
outside the courtroom: ?It is unfortunate that our client has been dragged into these proceedings. 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
17 September 2013
Macquarie First South Capital Proprietary Limited
For more information please contact:
Head, Investor Relations
2, Ajose Adeogun Street
Tel: +234 (1) 2601290-9, Ext 6396
DL: +234 (1) 2702496
Fax: +234 (1) 2611366
Date: 17/09/2013 09:41:00 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department . The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.