BEVERLY HILLS, June 08, (THEWILL) – The group chief executive of Oando Plc, Wale Tinubu, on Thursday appeared before the Senate Joint Committee on Petroleum Resources over allegations about the conglomerate’s supposed role in the privatisation of the Port Harcourt refinery. He clarified that Oando’s involvement in the contract is a patriotic act.
Tinubu explained that the company is only out to support the government in making the country self-sufficient in the production of petroleum products and to end fuel importation and subsidy.
THEWILL notes that there had been reports that the Port Harcourt refinery was due to be sold via a privatisation or concession exercise with Oando and Eni as the preferred consortium.
In querying the contract, the upper legislative chamber said the contract did not follow due process and mandated a panel chaired by Senator Kabir Marafa to probe the deal.
But in a statement to the Senator Marafa-led joint committee on petroleum resources, the Oando CEO said, “As indicated in the rejoinder statement we published, I must explicitly state that no mandate for the concession, sale, equity transfer or privatiSation of the Port Harcourt refinery or any of the nation’s refineries has been signed with Oando.
“As a crude exporter and supplier of refined products to the country, it is intuitive and patriotic for us to be interested in the refurbishment and upgrade of the refineries.
“Our proposed participation as a local partner in this effort is an opportunity to drive the country forward and accelerate the process to see product security realised in this dispensation. We share the vision of the Nigerian Government to become a petroleum product self-sufficient country in the short to medium term, and ultimately be a net exporter.
“The Port Harcourt refinery remains a national asset, under the full control of the NNPC as far as we are aware.”
In his remarks, the committee chairman said, “We acknowledge that Oando was quoted out of context and we hope that they understand that this committee was set up as a matter of oversight and in the interest of Nigerians because we represent Nigerians.
“When the time comes, we will instruct the NNPC to carry out this rehabilitation process in the most transparent manner.
“We advise Oando as a responsible company and good corporate citizen to guard its future statements in public, but applaud the fact that the minute they were misquoted by the media, they put out a statement to correct the facts.”
