Oando Plc has responded to recent allegations concerning the timeline of its transaction with Nigerian Agip Oil Company (NAOC).
The company responded in a statement to the Nigerian Exchange Limited (NGX) seen by NewsNGR
The allegations had claimed an accelerated timeline for completing the NAOC/Oando transaction.
But Oando denied these claims, describing them as malicious, baseless, and false.
The company highlighted that the PIA stipulated a 180-day timeframe for the regulatory process from the receipt of an application to the grant of Ministerial Consent.
“However, due to a thorough due diligence process and the cooperation of all parties involved, the Ministerial Consent for the NAOC/Oando transaction was granted after 248 days—a period extending beyond the statutory timeline, underscoring the transaction’s rigor and transparency,” it stated.
Oando stated that it would not tolerate attempts to tarnish its reputation or disrupt its operations through unfounded and defamatory claims.
The company emphasized its commitment to integrity and transparency in all dealings and has instructed its legal team to monitor the situation closely.
“Oando is prepared to take legal action against any individual or entity found responsible for disseminating false information against the company and its management.
“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,” it said.
Oando assured its stakeholders that the NAOC/Oando transaction was conducted with the highest level of integrity and strict adherence to regulatory standards.
The company encouraged stakeholders and the public to disregard rumors and unverified information and to rely solely on official communications from Oando.
Oando reiterated its dedication to maintaining open and honest communication with all stakeholders, underscoring its commitment to upholding the trust and confidence of its investors, partners, and the public.