Oando Plc has threatened to take legal action against individuals and entities spreading false information about its recent acquisition of Nigerian Agip Oil Company (NAOC).
Gatekeepers News reports that in a statement, the company’s secretary, Ayotola Jagun, warned that Oando will sue those who continue to disseminate inaccurate information despite the company’s efforts to set the record straight.
“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,” Jagun said.
The warning comes after former Vice President Atiku Abubakar questioned the federal government’s accelerated approval of the deal, suggesting that Oando’s ownership by the president’s nephew influenced the decision.
However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) clarified that the divestment of NAOC to Oando followed the Petroleum Industry Act (PIA) 2021 and the commission’s standard consent approval process.
Oando described the claims as “malicious, baseless, and false,” stating that they have been deliberately propagated by certain individuals and their agents. The company emphasized that such claims damage its reputation, mislead the public, and will not be tolerated.
Oando provided a timeline of the transaction, noting that NAOC notified the NUPRC of its intent on May 16, 2023, and formally submitted its application on November 7, 2023.
The company received ministerial consent for the transaction on July 12, 2024, following the NUPRC’s recommendation. “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,” the company explained.
“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,” Oando added.
The company reaffirmed its commitment to integrity and transparency, urging stakeholders and the public to rely on official communications and disregard any rumors or unverified information.
