The Oando Shareholders Solidarity Group (OSSG) has said that the intervention of the Emir of Kano, Muhammadu Sanusi, in the face-off between the company and one of its aggrieved shareholders, cannot stop a forensic audit planned by the Securities and Exchange Commission (SEC). The Co-ordinator of OSSG, Clement Ebitimi, said that while his group is […]
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The Nigerian National Petroleum Corporation (NNPC) has intensified efforts to flood the market with Premium Motor Spirit (PMS), otherwise called petrol, and other products. Already, six major marketers: Total, Forte Oil, Oando Plc, MRS, 11 Plc and Nipco Plc, are now loading products round the clock from their various depots in Lagos for onward trucking […]
Read More A Federal High Court sitting in Lagos on Thursday strucked out a case filed by Oando Plc against the Securities and Exchange Commission (SEC), seeking to stop the apex regulatory authority of the capital market from conducting a forensic audit on the company and also lift a technical suspension placed on its shares. The presiding […]
Read More Despite the low crude oil price in the global market, Oando Plc disclosed that it has reduced its debt position by 24 per cent. The company indicated in a brief obtained by Vanguard that the debt position which stood at ₦290 billion in the first half of 2016 was reduced to ₦218 billion in the […]
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Shareholders of Oando Plc from across the South-West states has called for the resignation of its Chief Executive Officer on Tuesday in staged a protest in Ibadan, the Oyo State capital. This is as a result of the firm’s poor financial position. Making reference to the report of the last Annual General Meeting of the […]
Read More Oando Plc 40th Annual General Meeting (AGM) held yesterday at the Ibom Hall in Uyo, Akwa Ibom State. The event in which shareholders of the company vote unanimously, expresses confidence in the management team, led by its Group Chief Executive Officer, Wale Tinubu, and retaining the company’s Board of Directors. The Chairman of the Board, […]
Read More The Securities and Exchange Commission has given approval to Oando Plc to conduct its Annual General Meeting hitherto slated for September 11, 2017. This came after the Special Task Team constituted by SEC to review petitions filed by Alhaji Dahiru Bara’u Mangal and Ansbury Inc against Oando, submitted an interim report, which cleared the oil […]
Read More … To take over Port Harcourt Refinery Nigeria’s formost petroleum company, Oando Plc, has revealed plans to raise additional capital from investors which would support its recovery strategy. This was disclosed by the company’s Group Managing Director, Wale Tinubu, while addressing stockbrokers, investors and financial journalist at the Nigerian Stock Exchange (NSE) during its facts […]
Read More Oando Plc’s strategy of growth across its business operations has steadily paid off as it records ₦1.7 billion profit in Q1 2017. The company’s turnover grew by 116 per cent to ₦138.4 billion and gross profit by 53 per cent to ₦13.4 billion compared to the first quarter of 2016. Oando’s ₦1.7 billion profit can […]
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Oando Plc yesterday secured a N94.6 billion facility from nine local banks to enable it restructure its debt positions and improve earnings, The Nation report. The financing, coordinated by the mandated Lead Arranger, Access Bank Plc, is a five-year Medium Term Note (MTN) given at the Nigeria Interbank Offered Rate (NIBOR) plus 200 basis points, […]
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