Oando PLC, Nigeria’s leading energy solutions provider, has firmly denied recent allegations claiming it holds interests in a Maltese oil storage facility, Ras Hansir Oil Terminal Limited.

The accusations, circulated on social and digital media, suggest that Oando’s executives are involved in importing adulterated petroleum products into Nigeria.

Oando has categorically refuted these claims, asserting that neither the company nor its executives have any shareholding or investment in the alleged Maltese company.

To address the allegations, Oando conducted a thorough investigation, including a search of the Malta Business Registry. The investigation found no evidence of Ras Hansir Oil Terminal Limited’s existence.

The company believes the accusations are malicious attempts to mislead the public and undermine its reputation.

Oando emphasizes its commitment to transparency, noting that any corporate actions are publicly disclosed in compliance with governance laws and rules.

As a publicly listed company on both the Nigerian Exchange (NGX) and Johannesburg Stock Exchange (JSE), Oando stresses the importance of accurate reporting to prevent misinformation among investors and stakeholders.

The company urges media outlets to verify information with its Corporate Communications department to ensure the accuracy of any reports.

Oando remains dedicated to its stakeholders and continues to focus on delivering energy solutions while maintaining the highest standards of corporate integrity.

The company reaffirms its commitment to transparency and accountability in all its operations.

Transcorp Power Plc, a leading power subsidiary of the Transcorp Group, has reported a 214% increase in profit before tax (PBT) from N16.2 billion recorded in the first half (H1) of 2023 to N50.9 billion in the first half of 2024.

The company also announced a 142% increase in revenue from N55.9 billion in H1 2023 to N135.4 billion.

Transcorp Power Other Key Highlights Include:

• Revenue Growth: Increased by 142% to N135.4 billion
• Net Finance Cost: Decreased by 37% to N1.3 billion.
• Total Assets: Expanded by 45% to N322.9 billion.
• Shareholders’ Funds: Grew by 64% to N94.6 billion, driven by retained earnings.

Strategic Vision and Resilience

Peter Ikenga, MD/CEO, Transcorp Power commented on the outstanding H1 2024 performance, attributing it to the company’s strategic vision and relentless pursuit of excellence.

He said “This positive performance across key indicators emphasizes our agility and ability to navigate complex market dynamics effectively. We recognize the criticality of power to unlocking the value in our dear country, Nigeria and we remain committed towards our goal of bridging the energy gap in our country. We will continue to execute our maintenance program and make the necessary investments to increase our power generating capabilities”.

Emmanuel Nnorom, Chairman of the Board, highlighted the interim dividend as a testament to their dedication to shareholder value.

He said, “The interim dividend of N1.50 is a testament to our commitment to create value and spread wealth to all our shareholders. The half year performance also further reinforces our consistent upward growth trajectory year on year and confidence that Transcorp Power will continue to deliver exceptional performance in the future. Our shareholders are assured of sustained high level of performance and superior returns for their investment in Transcorp Power.

Transcorp Power, which was listed on the Nigerian Exchange (NGX) earlier this year, has continued to show impressive growth, attaining a market capitalisation of N2.8 trillion up from its listed market value of N1.8 trillion.

With a clear strategic direction and a strong foundation, Transcorp Power is leading power generation company and paving the way for the future of energy in Nigeria and beyond. The company remains focused on its mission to provide dependable power solutions, driving economic progress and improving the quality of life for millions.”

Oando PLC, Nigeria’s foremost indigenous energy solutions provider, has announced that the Nigerian Government has approved its acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC).

The approval was granted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), allowing Oando and Eni to proceed with finalizing the transaction.

The acquisition is set to enhance Oando’s position in the oil and gas industry, strengthening its portfolio and operational capacity.

Wale Tinubu, Group Chief Executive of Oando PLC, expressed his satisfaction with the approval, stating, “We are delighted that Eni has received the Government’s approval to proceed with the completion of this strategic transaction. We extend our gratitude to the Honourable Minister of Petroleum Resources and the Chief Executive Officer of the NUPRC for their concerted efforts in ensuring the execution of the grant of consent under the novel and robust divestment framework established by the recently enacted Petroleum Industry Act.”

This acquisition aligns with Oando’s long-term vision to expand its footprint in the energy sector and capitalize on new opportunities.

The integration of NAOC’s assets will bolster Oando’s production capacity and operational efficiency, contributing to its overall growth strategy.

The Petroleum Industry Act has played a crucial role in facilitating this acquisition, providing a structured framework for divestment and fostering a conducive environment for investment in the oil and gas sector.

This move is expected to attract further investments and enhance Nigeria’s energy landscape.

With this acquisition, Oando aims to leverage its enhanced capabilities to drive innovation and sustainable practices within the industry.

The company is committed to ensuring a seamless integration process, focusing on maximizing value and delivering long-term benefits to stakeholders.

As Oando continues to expand its operations, the acquisition of NAOC positions the company to better meet the growing energy demands in Nigeria and beyond.

This strategic move underscores Oando’s commitment to contributing to the country’s economic development and energy security.

The approval of the acquisition is a testament to Oando’s strategic vision and ability to navigate complex regulatory environments.

As the company embarks on this new chapter, it remains focused on delivering value and pioneering advancements in the energy sector.