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Oando Plc - Oando Plc Responds To False Allegations Regarding Jailed Ex-governor James Ibori

Release Date: 19/09/2013 13:45:00      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
ISIN: NGOANDO00002
("Oando" or the "Company" or the "Group")

Oando PLC Responds to False Allegations Regarding Jailed Ex-Governor James Ibori
                                    (Part 2)

Lagos, Nigeria - Oando PLC (?Oando? or ?The Company?), Nigeria?s leading indigenous
energy group listed on both the Nigerian Stock Exchange and the JSE Limited, today states
that we are in no way part of the confiscation proceedings nor have we received any
invitation to attend or participate in any capacity. There is no suggestion from the
prosecution of any wrongdoing or involvement by Oando.

In a bid to protect our reputation and the interests of our shareholders, partners and
stakeholders we believe it is necessary that we respond to all such allegations and present the
facts as and when pertinent.

On the Wednesday 18th September 2013 in the said proceedings in UK, the Crown
Prosecution presented the following evidence as proof of Mr. Ibori's alleged 30%
ownership in Oando Plc.

1.      Mr. Ibori's own statement to that effect as proof of his legitimate earnings when he
        attempted to open a bank account in Europe;
2.      A statement attributed to Mr Ibori's lawyer that, Mr. Ibori ??had a beneficial
        ownership related to a company called Ocean and Oil.?;
3.      A statement from a foreign bank wherein it was stated ??.that the Ibori family had a
        30% share in Oando; and
4.     The oral evidence by the Prosecution Witness Detective Constable Clark that Ocean
       and Oil Ltd and Oando Plc are ??the same company but under a different name.?

Ibori at no time in the history of Oando's existence owned nor held a 30% stake in the
company, today Ibori owns just 443 shares, an insignificant stake for a company with an
issued share capital of 6.8 billion ordinary shares and a current market capitalization of N63.6
billion.

Oando cannot be held responsible for how a person represents themselves: We can only be
held responsible for actions taken by the company and personnel within the organisation.

The contradictory evidence of the Prosecution does not establish Ibori?s claim and the
shareholding register of Oando destroys it.

As this statement alludes to our shareholding in 2004, we have requested that the Company?s
registrar (First Registrars Nigeria Limited) provide a list dating back to 2004, highlighting
our top 20 shareholders.
We have been forthcoming and honest in relation to these allegations and will continue to do
so.

Oando reiterates its commitment to the principles and implementation of good corporate
governance, and recognizes the dependence of long-term business prosperity on
accountability to its shareholders.

19 September 2013

JSE Sponsor
Macquarie First South Capital Proprietary Limited


For more information please contact:

Tokunboh Akindele
Head, Investor Relations
aakindele@oandoplc.com
Tel: +234 (1) 2601290-9, Ext 6396

Ayo Ajose-Adeogun
Chief, Strategy Officer
Aajose-adeogun@oandoplc.com
Tel: +234 (1) 2601290-9, Ext 6296

Oando PLC
10th Floor
2, Ajose Adeogun Street
Victoria Island
Lagos, Nigeria

Fax: +234 (1) 2611366

Website: www.oandoplc.com

Date: 19/09/2013 01:45:00 Supplied by www.sharenet.co.za                     
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