OER encourages a culture of compliance, safety and ethics through a governance framework that includes systems designed to ensure that the business acts responsibly, with high standards of corporate governance, while also delivering on shareholder value. These include:

• Financial management systems designed to detect bribery and corruption
• On-going training to ensure employees and business partners are aware of bribery and corruption issues
• Internal communications and reminders to all of their obligations under relevant policies and procedures in this area including the Company’s code of conduct
• Regular reviews of the Company’s policies including the Anti-Corruption Policy
• Whistle-blowing processes to assist employees report concerns in a confidential manner
• • Periodic Risk Assessments to ensure internal controls against corrupt practices are working effectively

The Company’s code of conduct prohibits improper payments such as bribes and facilitation payments and applies to all employees and business partners. All employees are introduced to the code as part of their induction and must sign a certificate of compliance. In addition, there is an annual mandatory ethics re-certification to ensure all employees maintain an awareness of the issues in this area. All business partners are made aware of the code.

OER has a zero tolerance policy towards corrupt practices both locally and internationally as this prevents transparency and impacts integrity in the conduct of its business. As OER operations take place all over the world, including some countries that present high bribery and corruption risk, it is important to comply with international laws like the Corruption of Foreign Public Officials Act 1998 and the UK Bribery Act 2010. The code is reviewed annually.

OER is a responsible business and we have a duty to all our stakeholders, in the countries and communities in which we operate, to conduct our business in a transparent and socially sustainable manner. Our code of conduct requires that we do not engage in bribery or corruption in any form and this applies to all employees and business partners. The Board values its communications with the Company’s shareholders and seeks to keep them up to date with company performance and developments.

Clear due diligence procedures have been put in place to ensure that the potential bribery and corruption risks associated with doing business with new business partners are identified and managed effectively. This allows the Company to make appropriate risk assessments and put mitigating measures in place thereby ensuring that we make informed decisions in the selection of our business partners and suppliers. There are also mechanisms in place to audit existing relationships to ensure continued compliance with globally acceptable ethical standards by existing business partners.

There is an obligation on business partners to maintain effective due diligence systems in compliance with the OER Code of Business Conduct and Ethics and this obligation extends to contractors and sub-contractors, who may hire services on OER’s behalf. Where there is suspected or potential violation of anti-corruption laws, we aim to examine these and take appropriate action where necessary.

As part of our continuous improvement plans, the Company recently implemented the Worldcheck compliance screening software, which enables us to capture any high-risk individuals and entities that are already on the radar of global enforcement agencies. This tool augments the company’s existing policies and procedures that identify and manage financial, regulatory and reputational risks associated with doing business with potential and existing business partners and counter parties.

In our bid to continue to take a risk-based approach in our vendor (business partners) screening processes, the company uses the Oracle Screening Software to ensure that new and existing business partners are registered on the company’s business partners’ database along with up-to-date requisite documents of the business partners. The Oracle software conducts a periodic automated audit wherein registered business partners are deactivated in a bid to re-evaluate and manage financial, regulatory and reputational risks associated with doing business with existing business partners.

OER is an international organization that engages with governments on many fronts, from collaborating on entrepreneurial initiatives to understanding our tax liabilities. Although the way we interact with government agencies, ministries and regulatory bodies depends on the legal and regulatory framework in each country of operation, our Code of Business Conduct and Ethics requires all employees and business partners to be honest, open and transparent in their interactions and dialogue with government officials and regulatory bodies. OER policy is clear in relation to the offering of facilitation payments to government officials, which is expressly prohibited. OER also has a policy of not participating directly in party political activity or making contributions to political candidates whether in cash or in kind.

• Annual Recertification Exercise where all employees are required to watch a presentation on the Company’s code of conduct and compliance policies and answer 10 random questions on the code / policies.
• International Anti-corruption Day on December 9 is recognized annually throughout the Company and communication on the United Nations initiative circulated to all employees.
• An “Ethics Watch” circulation is published periodically and includes information on various topics around ethical conduct and good corporate governance
• Compliance Itinerary Videos on compliance and ethical issues are available on the Company Intranet for all employees to view

On the 9th of December of every year, Oando joins the rest of the world to commemorate the “International Anti-Corruption Day” in a bid to further entrench the ideals of good corporate governance and international best practice as an essential part of the Company’s culture.

This annual commemoration is a clear demonstration of the company’s commitment in the fight against corruption as further encapsulated in our Anti-Corruption Policy. The policy highlights the measures in place to counter corruption-related business risks across all our operations whilst aiming to create and maintain a level playing field with fair competitiveness in our business dealings.

The Company, its directors, employees and business partners are to comply with and uphold relevant laws for countering corruption and economic crime in all jurisdictions where it operates; and are to be committed to the principles prohibiting corruption as prescribed by organizations with which the Company has subscribed.

The Chief Governance Officer of OER, Ms. Ayotola Jagun was appointed Co-chairperson of the UNGC Working Group on the 10th principle whose main goal is to challenge private sector actors not only to avoid bribery, extortion and other forms of corruption, but also to develop policies and concrete initiatives in their respective countries to address corruption .

Business Partner Non-Solicitation Policy

At OER, we selects our vendors on merit, competence, pricing, timely delivery through a competitive bidding process. The Procurement (Supply chain) department identifies suitable and qualified vendors who have the capability to provide the required services or solutions to meet the user department’s requirement at the most competitive price. Only valid vendors with track records of performance are selected and registered for business dealings. The performance of vendors is monitored to determine if the business relationship should be continued or discontinued.

In supporting the company’s fight against corruption and unethical practices, the company establishes a framework through which the company may suspend dealings with business partners for a failure to comply with OER policies and procedures and the Corporate Code of Business Conduct and Ethics. The policy applies to the adherence by Business Partners to contractual terms, safety, standards of ethics, financial property and human rights in the provision of goods and/ or services.

Bid Process

The process is aimed at ensuring transparency and upholding the Company’s integrity in all business activities undertaken whilst simultaneously obtaining value for money. The Governance Office has the responsibility of ensuring that the principles of transparency and fair play govern the conduct of this exercise and has set down acceptable guidelines for conducting this process.

The implementation of the Tenders Board Policy and Oando Bid Opening guidelines in line with fundamental principle of good procurement practice ensures consistency, accountability, transparency, fairness and integrity in tendering and contracting processes in OER. The Tenders Board policy establishes the terms of reference and composition of the board which comprises of personnel with diverse disciplines in the Risk Management & Controls unit, Finance unit, Legal unit, Engineering, Governance unit, EHSSQ unit, Operations unit, Group procurement and representative of JV partners if required. The Tender Board meets to consider and if deemed appropriate, approve any bids after a thorough technical and commercial evaluation has been carried out by the necessary teams

With the diversity of the board composition, sound professional judgment is employed to determine the good use of resources and ensure that the company is exposed to minimized risks and costs in the selection of vendors and award of contracts.

Whistle blowing procedure

At the recommendation of OER’s Audit Committee, the board of directors of OER has approved its Whistleblower Policy to comply with applicable Canadian securities laws; to ensure compliance with all applicable Nigerian laws; and to provide a procedure for reporting. Importantly, it encourages directors, officers, employees and contractors of the Company to report evidence of any misconduct without fear of discrimination, harassment or retaliation.

The OER Board has approved the following procedures to show its commitment to maintaining a workplace in which the Company can receive, retain, and address all complaints received by the Company regarding violations or perceived violations of its Corporate Code of Business Conduct and Ethics, and all applicable laws and regulations.

In accordance with OER’s Whistleblower Policy, any OER employee, officer, contractor and director may report actual or suspected irregularities or improprieties with respect to OER’s financial statements, accounting, internal accounting controls, auditing matters, or any other violation of Canadian securities or other applicable laws, rules or regulations; and the OER Corporate Code of Business Conduct and Ethics through a Secure Reporting Process as follows:

Ms. Ayotola Jagun
Chief Governance Officer
Oando Energy Resources Inc.
8th-10th Floor, 2 Ajose Adeogun Street,
Victoria Island, Lagos, Nigeria.
Phone: +234 1 2702400 ext 6159,
Direct Line: +234 1 2705556
Mobile: +234 8069806190
Email: ajagun@oandoplc.com

who will then report those concerns to the Chair of the Audit Committee.

In the event that the Chief Compliance Officer is the subject of such a Complaint, the Complaint shall be directed only to the Chair of the Audit Committee by e-mail: whistleblower@oandoenergyresources.com

Alternatively, OER has provided a Secure Reporting Process where employees, officers, directors, contractors and consultants of the Company have a confidential and anonymous means of submitting concerns through an independently monitored and staffed by a third party (the “KPMG Ethics Line”).

The KPMG Ethics Line is available between 8:00am-5:00pm on weekdays by calling the following numbers:
0703-000-0026 (8.00 am – 5.00 pm on weekdays)
0703-000-0027 (8.00 am – 5.00 pm on weekdays)

Toll free numbers for calls from Airtel numbers only:
0808-822-8888 (8.00 am – 5.00 pm on weekdays)

*All international employees should dial any of the above numbers using the +234 code
*All voicemail messages will be transcribed into the report and will be submitted by KPMG in a report format to the Chief Governance Officer.

The KPMG Ethics Line is also available by emailing

All complaints received by the KPMG Ethics Line will be promptly forwarded to the Chief Governance Officer and the independent Chair of the Audit Committee.

A copy of the Whistleblower Policy is posted on the OER website.