Nigerian oil tycoon Wale Tinubu’s Oando disputes ownership of Maltese firm, rejects adulterated fuel claims

Feyisayo Ajayi -

Key Point

  • Oando Trading denies links to Maltese oil firm accused of importing adulterated fuel, rejecting all allegations of involvement.
  • Oando clarifies no ownership or interest in Ras Hanzir Oil Terminal; denies any connection to compromised fuel imports.
  • Company pledges adherence to industry standards, requests evidence from accusers, and emphasizes its transparency amid ongoing investigations.

Oando Trading, a subsidiary of Oando Plc, the leading integrated energy solutions provider led by Nigerian oil magnate Wale Tinubu, has strongly rejected allegations linking it to a Maltese oil company purportedly involved in importing adulterated petroleum products into Nigeria.

The claims, which have circulated on social media and digital platforms, have been firmly denied by Oando. The company asserts that its name and reputation have been wrongly implicated in this issue.

Oando clears up oil terminal claims

In an official statement, Oando clarified that neither the company nor its executives hold shares, investments, or interests in Ras Hanzir Oil Terminal Limited. This Maltese oil storage and blending facility was allegedly connected to the importation of the compromised fuel.

The allegations surfaced during a period of heightened scrutiny on Nigeria’s oil industry, including ongoing disputes involving Aliko Dangote’s refinery and regulatory challenges. Dangote, Africa’s wealthiest individual, is reportedly considering selling his multi-billion-dollar oil refinery to the state-owned Nigerian National Petroleum Corporation (NNPC) Limited.

Oando challenges Ras Hanzir allegations

Oando emphasized its commitment to industry standards and quality assurance. The company conducted an extensive search of the Malta Business Registry, which returned no record of Ras Hanzir Oil Terminal Limited, suggesting that the company may not exist.

The firm sources its petroleum products from reputable international suppliers and maintains rigorous oversight throughout its supply chain. Oando has challenged those making the allegations to provide verifiable evidence.

Oando’s growth across sectors

Oando Plc, a Nigerian multinational, operates across oil and gas exploration, production, and marketing, and also engages in power generation and distribution.

Under Wale Tinubu’s leadership, holding a 66.67 percent indirect stake through Ocean and Oil Development Partners (OODP), Oando has expanded its operations across upstream, midstream, and downstream sectors.

The company has reaffirmed its commitment to transparency as investigations into recent allegations continue, urging authorities to conduct a thorough and impartial inquiry.