Oando speaks up amid claim of importing dirty fuel

3 months ago 5

Oando refuted claims that it imported dirty fuel into Nigeria through Raz Hansir Oil Terminal Limited, a Maltese company
Chief Executive of Chief Executive saying that the country would continue importing fuel in an effort to end the Dangote monopoly
The GCEO of NNPC, Mele Kyari earlier stated that he had no control over any blending facilities located outside of Nigeria

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Oando PLC has refuted claims that it has a blending plant in Malta.

Additionally, The Punch reported that the energy provider denied bringing dirty petrol into Nigeria via Raz Hansir Oil Terminal Limited, a Maltese entity.

The claims made against Oando of being a shareholder and its principals of being board members of Raz Hansir Oil Terminal Limited, a business that runs an oil storage and blending facility in charge of bringing tainted petroleum products into Nigeria, were deemed baseless, according to a statement released by the company secretary, Ayotola Jagun.

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“We wish to refute such claims and attest that neither Oando PLC nor its Executives have ever held shares, investments, or interests in the fictitious Maltese company.“As part of a comprehensive investigation into the basis of the false claims, we conducted a search of the Malta Business Registry, the official repository for all registered entities past and current within the country. Our search yielded no results for a company bearing that name. Subsequent due diligence efforts similarly failed to uncover any record of the company’s existence.“We therefore believe that the false claims are of the malicious intent of misleading the public and our stakeholders,” Jagun stated.

The company reaffirmed that, in compliance with all relevant corporate governance laws and regulations, all corporate action—including acquisitions—is disclosed to the public as a publicly traded business.

“Furthermore, it is imperative that information released about a publicly quoted company such as Oando, is thoroughly researched and deemed accurate before it is published in the public domain.“The company’s securities are traded daily across two exchanges (NGX and JSE). To prevent misinformation and confusion among investors, as well as our other stakeholders, we implore all members of the press to take adequate steps to ensure the veracity of reports by fielding all inquiries with Oando PLC’s Corporate Communications department,” Jagun said.

Following claims made by Aliko Dangote, President of the Dangote Group, that certain officials of the Nigerian National Petroleum Company Limited possess blending plants in Malta, Malta and its oil have recently come up for discussion.

Amid the crisis surrounding his $20bn refinery, Dangote had said,

“Some of the terminals, some of the NNPC people, and some traders have opened blending plants somewhere off Malta. We all know these areas. We know what they are doing,”

According to Trade Map data, Nigeria imported fuel valued at $2 billion in 2023 alone.

Mele Kyari, the NNPC's group chief executive officer, had earlier declared that he did not control any blending facilities outside of Nigeria.

Kyari claimed that he had received a ton of calls from friends and family enquiring as to whether or not he indeed owned a blending factory in Malta.

In response to claims made by Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, that the diesel produced at the Dangote refinery contained more sulfur than imported diesel, Dangote has been vocal; he has labeled this as an attempt to demarket his refinery.

Ahmed added that in order to break the Dangote monopoly, the nation would keep importing fuel.

Dangote Refinery confirms date for release of petrol

Legit.ng reported that Dangote Industries Limited has reiterated that production of Premium Motor Spirit (PMS), commonly known as petrol, will commence at the Dangote refinery in July 2024.

Devakumar Edwin, vice president of Oil and Gas at Dangote Industries Limited, stated this during a visit by the S&P Global team to the Dangote Refinery in Ibeju-Lekki, Lagos.

Earlier, Legit.ng reported that Dangote refinery set July 10–15, 2024, as the dates for supplying petrol products to the Nigerian market.

Source: Legit.ng

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