Shareholders of petroleum marketing company, Oando Plc have commended the apex regulator of the capital market, the Securities and Exchange Commission (SEC) resolve to investigate allegation leveled against the management of the company. Recall that SEC on Wednesday, slammed Oando Plc with suspension, directing the Nigerian Stock Exchange (NSE) to suspend trading of the shares […]
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Nigeria’s capital market apex regulator, Securities and Exchange Commission (SEC) has slammed major petroleum marketing company, Oando Plc with suspension, directing the Nigerian Stock Exchange (NSE) to suspend trading of the shares of the company effective forty eight hours from today October 18 to 20, 2017. According to a statement from the NSE, which was […]
Read More Oando Gas & Power Limited (“OGP”), the erstwhile midstream business subsidiary of Oando Plc (“Oando”), has formally announced the change of its corporate identity and branding to Axxela Limited (“Axxela”). The rebranding effort according to the company, through a media statement followed the recent US$115.8million acquisition of a 75 percent equity stake in the business […]
Read More The Rivers State government and Nigeria’s leading indigenous energy company, Oando PLC, are closing in on the completion of an 8.5 kilometres expansion of the natural gas distribution network in the Port Harcourt Franchise Area from the Above-Ground Installation (AGI), in Trans-Amadi, to BUA Sugar Refineries (BUA). The project is being executed by the Central […]
Read More Oando Plc, Group Chief Executive, Wale Tinubu, has analyse the importance of strategic partnership to maximise organisation’s potential and grow the nation’s economy. A statement on Wednesday said Tinubu was in attendance at a private dinner in New York with top United States investors with a keen interest in Nigeria, organised by the US Nigeria […]
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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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 Nigeria is expected to save about $120 million or ₦37.75 billion in demurrage annually, following Oando Plc’s construction of first mid-stream jetty in the country. The novel infrastructure, which is the downstream sector’s first in decades, will provide a more efficient platform for product receipt to all marketers currently using the Major Marketers Association of […]
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A Federal High Court sitting in Port Harcourt, Rivers State, has ordered the arrest and detention of three crude oil drilling rigs belonging to Oando Energy Services Limited (also known as OES Energy Services Limited) over debts of $15,399,524.84 (equivalent of ₦4.7 billion) and ₦14,169,164.80. The arrest and detention order for the three drilling rigs […]
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The Nigerian Stock Exchange market capitalisation appreciated by ₦14bn at the close of trading on Monday to close at ₦11.477tn from ₦11.463tn recorded on Friday last week. A total of 322.814 million shares valued at ₦2.734bn were traded in 3,830 deals. The equities market advanced by 0.12 per cent to bring the year-to-date return to […]
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Oando Nigeria Plc is being investigated by the Securities and Exchange Commission over observed malpractices in the company’s financial statements. The investigation was reported to have been triggered by the petition filed by some foreign investors over the shareholding structure following the $1.65bn paid by Oando for the acquisition of the oil production assets of […]
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