Go Back Email this Link to a friend

OANDO PLC - Oando PLC Responds to False Allegations Regarding Jailed Ex-Governor

Release Date: 17/09/2013 11:40:00      Code(s): OAO     
Oando Plc
(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 PLC 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.

Oando also states that sometime in 2004, in the normal course of its business, its affiliate Ocean and Oil Services
Limited sold approximately US$2.7 million in 3 separate transactions over a period of about 7 months to
companies which have now turned out to be 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, its affiliates 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 to the confiscation proceedings nor has it received any invitation to attend or participate in
any capacity therein. 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

JSE Sponsor
Macquarie First South Capital Proprietary Limited

For more information please contact:

Ayo Ajose-Adeogun
Chief, Strategy Officer
Tel: +234 (1) 2601290-9, Ext 6296

Tokunboh Akindele
Head, Investor Relations

Oando PLC
10th Floor
2, Ajose Adeogun Street
Victoria Island
Lagos, Nigeria
Tel: +234 (1) 2601290-9, Ext 6396
Fax: +234 (1) 2611366
Website: www.oandoplc.com

Date: 17/09/2013 11:40:00 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.

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2018 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.