Various print and digital platforms have been used to spread baseless and damaging claims about Oando Plc and the Group Chief Executive, Adewale Tinubu, specifically alleging that NNPC Limited has been dishonest in transferring ownership of all petrol stations to Adewale.
These statements are completely without foundation and have been made with reckless ignorance about the truth. The disinformation has been spread and has caused significant reputational damages to both the company and its leadership and their continued circulation is both legally and ethically unacceptable.
Findings have confirmed that on the 30th of June 2016, Oando partially divested of the majority interest in downstream business, as it sold 60 percent of its shares in Oando Marketing Limited to a consortium consisting of international trading company, Vitol Group and Helios Investment Partners, an international private equity firm.
The result showed that an organization called OVH Energy BV reflected the names of the three partners (Oando, Vitol and Helios).
The press statement read in part: “Recognising the goodwill in the Oando name, the Brand Licence Agreement was made on the 30th of June 2016 between Oando PLC and OVH Energy BV for the use of the Oando logo/brand for a 10-year period. The brand licence agreement was that later on the 24th of March 2023 and OVH Energy was given a term of 18 months to totally rebrand and remove the Oando brand from its products and assets.
“This term will expire in September 2024. Oando’s strategic aim at the time of the partial divestment was to totally exist downstream and midstream business to allow it focus on its upstream business by enlarging its portfolio of upstream assets. On the 5th of October 2017, Oando divested off an additional 35% of its shareholding in OVH Energy by the issuance of 210,000 additional class A shares to HV investment BV (Helios/Vitol). On the 29th of November 2019, Oando fully exited from the OVH partnership when it transferred its remaining 5% shareholding in OVH Energy BV to Vitol and Helios.”
Oando has a long-standing dedication to transparency and integrity, and it doesn’t tolerate the dissemination of falsehood that undermines its reputation or that of the executives. Viewing the actions of these online digital and media platforms as a serious breach of ethical standards and blatant violation of legal principles surrounding defamation. The company will go after all the available legal avenues to ensure that these defaming statements are withdrawn and those responsible are held accountable.
Oando Plc therefore demands the instant removal of all libelous content from the offending platforms. Failure to obey will result in legal action, including claims for damages and other remedies provided by law.
The company declares its dedication to its mission and its stakeholders, and it will continue to act with integrity in all its endeavours.
