Oando vows legal action on NAOC transactions
Oando Plc has vowed to take legal action against recent false claims concerning the NAOC/Oando transaction timelines.
The company, in a statement filed with the Nigeria Exchange on Monday, had issued a formal response to the allegations, which were widely circulated on various media platforms.
The firm stated that its legal team was monitoring the situation closely and gathering evidence against those spreading false information.
It noted that it would be seeking legal redress against individuals or entities involved in disseminating misleading claims.
“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,” it asserted.
The company expressed disapproval of what it described as “malicious, baseless, and false insinuations” that had been spread by certain individuals and their agents.
“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,” the company stated.
It added that it was fully committed to upholding its integrity and maintaining transparency in all its dealings.
The firm highlighted that the regulatory framework under the Petroleum Industry Act was followed meticulously.
According to the PIA, the responsibility for obtaining regulatory consent for the transaction lies with the asset owner/assignor, in this case, NAOC.
It remarked that the law stipulated that the process from application receipt to ministerial consent should take up to 180 days.
“However, the NAOC/Oando transaction, which started with a notification to NUPRC on May 16, 2023, and an application submitted on November 7, 2023, was completed in 248 days,” it explained.
Oando reassured stakeholders of its dedication 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.
“The company urges the public and stakeholders to rely solely on official communications from Oando Plc and disregard unverified rumours,” it added.
