Further to the Management of Oando Plc address of market operators on Friday, September 20, 2013, the Company hereby issues the following to back their claims that it is in no way part of the confiscation proceedings against James Ibori nor have they received any invitation to attend or participate in any capacity in the trial.
Oando Plc states that there is no suggestion from the prosecution of any wrongdoing or involvement by Oando.
The Company in its bid to protect its reputation and the interests of its shareholders, partners and stakeholders believes it is necessary to respond to all such allegations and present the facts as and when pertinent.
The company’s account concerning this issue is stated below:
“On the Wednesday 18th September 2013 in the said proceedings in UK, the Crown Prosecution presented the following evidence as proof of Mr. Ibori's alleged 30 per cent ownership in Oando Plc.
1. Mr. Ibori's own statement to that effect as proof of his legitimate earnings when he attempted to open a bank account in Europe;
2. A statement attributed to Mr Ibori's lawyer that, Mr. Ibori "had a beneficial ownership related to a company called Ocean and Oil.”;
3. A statement from a foreign bank wherein it was stated "that the Ibori family had a 30per cent share in Oando; and The oral evidence by the Prosecution Witness Detective Constable Clark that Ocean and Oil Ltd and Oando Plc are "the same company but under a different name.”
Ibori at no time in the history of Oando's existence owned nor held a 30per cent stake in the company, today Ibori owns just 443 shares, an insignificant stake for a company with an issued share capital of 6.8 billion ordinary shares and a current market capitalization of N63.6 billion.
Oando cannot be held responsible for how a person represents themselves: We can only be held responsible for actions taken by the company and personnel within the organisation.
The contradictory evidence of the Prosecution does not establish Ibori’s claim and the shareholding register of Oando destroys it.
As this statement alludes to our shareholding in 2004, we have requested that the Company’s registrar (First Registrars Nigeria Limited) provide a list dating back to 2004, highlighting our top 20 shareholders. We have been forthcoming and honest in relation to these allegations and will continue to do so.
Oando reiterates its commitment to the principles and implementation of good corporate governance, and recognizes the dependence of long-term business prosperity on accountability to its shareholders”
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