OANDO PLC - Oando Plc Responds to Allegations Regarding NAOC Transaction Timelines

Oando Plc Responds to Allegations Regarding NAOC Transaction Timelines

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")


    OANDO PLC RESPONDS TO ALLEGATIONS REGARDING NAOC TRANSACTION TIMELINES

                                   02 September 2024

Oando PLC (referred to as "Oando" or the "Company"), Nigeria's leading energy solutions provider listed
on both the Nigerian Exchange Limited and Johannesburg Stock Exchange wishes to address recent
allegations concerning accelerated timelines for completing the recent NAOC/Oando Transaction raised on
various print and online digital media platforms. We note the extensive response directed at these
allegations by the Nigerian Upstream Petroleum Regulatory Commission ("NUPRC", "the Commission") via
its Press Statement of Monday, 26 August 2024.

As a law abiding Company, Oando PLC wishes to formally state its position in response to these malicious,
baseless and false insinuations and allegations, that have been deliberately conceived and persistently
peddled by certain individuals and their agents. These actions are not only damaging to our reputation but
also misleading to the public.

Regulatory/Legal Framework under the Petroleum Industry Act ("PIA")

The PIA provides a comprehensive regulatory framework for the transfer of upstream oil and gas assets.
The responsibility for obtaining regulatory consent from the Nigerian Upstream Petroleum Regulatory
Commission ("NUPRC", "the Commission") lies with the Asset Owner/Assignor, in this case, NAOC.

Specifically, Section 95 of the PIA provides that the holder of a petroleum prospecting licence or petroleum
mining lease shall not assign, novate or transfer his licence or lease or any right, power or interest, or a
shareholder of an incorporated joint venture shall not sell or transfer its shares without prior written consent
of the Minister, which shall be granted upon the recommendation of the Commission.

Timelines for the NAOC/Oando Transaction

NAOC, as Assignor, notified the NUPRC of its intention to carry out the transaction via its letter to the
NUPRC dated 16th May 2023 and submitted its formal application to the NUPRC by letter dated
7th November 2023. Further to the recommendation by the NUPRC to the Minister, the NUPRC via its
letter dated 12th July 2024 communicated the grant of Ministerial Consent over the assignment transaction
in accordance with the relevant laws.

The timeframe under the PIA, from receipt of the application from the Assignor to the grant of Ministerial
Consent is clearly stipulated in the law to be a total of 180 days. Following a rigorous, transparent and
detailed due diligence process and with the effort and co-operation of all parties to the transaction the
NAOC/Oando approval process was granted Ministerial Consent after a total period of 248 days from
submission of the application by NAOC to the Commission.

We want to make it unequivocally clear that Oando PLC will not tolerate any attempts to tarnish our image
or disrupt our operations through baseless and defamatory claims. We are fully committed to upholding our
integrity and maintaining transparency in all our dealings. To this end, the Company has instructed its legal
team to closely monitor the situation and gather evidence against those involved in these malevolent
activities as we intend to seek legal redress against any individual or entity found to be responsible for
spreading false information against the Company and its management.

Oando PLC values the trust and confidence of its stakeholders and is dedicated to maintaining open and
honest communication. We assure all stakeholders that the NAOC/Oando Transaction was conducted with
the utmost integrity and adherence to regulatory standards and encourage the public and all stakeholders
to disregard all rumours and unverified information and rely solely on official communications from Oando
PLC.


For further information, please contact:

Ayotola Jagun
Company Secretary
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.

Tel: +234 (1) 270400, Ext 6159
ajagun@oandoplc.com

For: Oando PLC

Ayotola Jagun (Ms.)
Chief Compliance Officer and Company Secretary


JSE Sponsor to Oando
Questco Corporate Advisory Proprietary Limited

Date: 03-09-2024 07:05:00
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