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In addition to recording a profit in its Q3 financials in Ocotober, Oando’s management has received recognition from various reputable institutions in the country.
Oando Plc, an indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange has announced unaudited results for the nine months period ended September 30, 2019,(Q3’19) recoding Profit After Tax , PAT of N13.1 billion, an increase of 26 percent compared to N10.4 billion in the same period in 2018 (Q3’18).
The Nigerian National Petroleum Corporation, NNPC, yesterday, signed an agreement with Nigeria Agip Oil Company, NAOC, and Oando, for the transfer of NNPC’s stake in three oil wells, Oil Mining Lease, OML, 61, 62 and 63 to its upstream subsidiary, Nigerian Petroleum Development Company, NPDC.
The Chief Operating Officer, Dr. Ainojie Alex Irune and General Manager, Commercial, Akinbambo Ibidapo-Obe, of Oando Energy Resources (OER), the upstream subsidiary of Oando PLC recently paid a courtesy visit to the Prime Minister of Sao Tome and Principe (STP), Jorge Bom Jesus, and the Minister of Infrastructure, Natural Resources and Environment, Osvaldo Abreu.
Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced unaudited results for the six months period ended June 30, 2019.
The oil giant, whose operation was grounded by the Securities and Exchange Commission (SEC) when it laid siege to its head office with the police, weathered the storm and recorded a six per cent increase in revenue of N315.4 billion, from N297.3 billion, in comparative period of 2018.
The NNPC has reportedly issued award letters for highly sought-after contracts to exchange crude oil for imported fuel, with some Nigerian oil firms beneficiaries.
If the SEC goes ahead with this action it will be in clear violation of the interim injunction obtained by Oando’s principals Adewale Tinubu, the Group Chief Executive and Omamofe Boyo, the Deputy Group Chief Executive which restrains SEC, its servants and agents from directing or requesting any agency of the Government to act upon its decisions contained in its letter of 31st May pending the hearing.
The Securities & Exchange Commission (SEC) and Oando saga is generating commentary from all quarters. There have been appeals for SEC to follow due process in the Oando case from groups as divergent as minority shareholder groups to NGOs to the Institute of Directors and even reputable voices such as Atedo Peterside. The international community has been draweninto the fray with the US–Nigeria Trade Council (UNSC) echoing the same tune, but this time the same message.
It is often said that when two elephants fight, the grass suffers. This is proving to be the case between the Securities and Exchange Commission (SEC) and Oando PLC as concerned minority shareholders, who are the aggrieved party in the on-going issue, have seized every opportunity to vehemently air their grievances against the SEC, specifically faulting the recent actions of the regulatory body against Oando PLC.
Oando shareholder Olatunde Okelana warns SEC against abuse of power and not following due process at Okumo Oil annual general meeting.
The Pragmatic Shareholders Association of Nigeria has joined Oando PLC, its management team and Board of Directors, in calling the Securities and Exchange Commission (SEC) out for not availing the company with a fair hearing.
The Pramatic Shareholders Association of Nigeria (PSAN) has condemned the Securities and Exchange Commission's (SEC) suspension of the 42rd Annual General Meeting of Oando Plc which was scheduled to take place on Tuesday, June 11, 2019.
The Securities and Exchange Commission, SEC, has debunked all allegations insinuating lack of due and statutory processes in the investigation of Oando Plc.
OF supports the Nigerian Government in achieving the Sustainable Development Goal 4 (Basic Education) through its Adopt-A-School Initiative (AASI), aimed at holistic improvement of public primary schools. The condition, location and nature of school infrastructure has direct impact on access, quality of education, and also influences learning outcomes.
The Court of Appeal sitting in Makurdi has upheld the decision of the election petition tribunal affirming the election of Abdullahi Sule as governor of Nasarawa State.
An engineer in the employ of Nnamdi Azikiwe University, Awka, Anambra State, Emeka Chiaghana, has been abducted.
The crisis rocking the Edo State chapter of the All Progressives Congress (APC) has got messier with State Working Committee of the party passing a vote of no confidence in the state chairman, Anselm Ojezua.
President Donald Trump on Tuesday signalled that he would be open to striking a deal with Democrats on the Deferred Action for Childhood Arrivals (DACA) programme if the U.S. Supreme Court were to uphold his decision to repeal the initiative.
Former Minister of Sports, Bolaji Abdullahi, has said that the restoration of the governing system of the National Sport Commission (NSC) remains the best way of managing sports in Nigeria.
The Minister of Communications and Digital Economy, Dr. Isa Pantami, thursday stated that he had sent over 100 people to the Economic and Financial Crimes Commission (EFCC) for interrogation for not obeying the local content law of Nigeria while he was the Director General/CEO of the National Information Technology Development Agency (NITDA).
Young entrepreneurs from Government Science School, Agaie, Niger state have emerged winners of the inaugural Student Entrepreneurship Activity Hub (SEA-Hub) national competition.
Olympic Eagles head coach Imama Amapakabo is hopeful the arrival of Okechukwu Azubuike and Taiwo Awoniyi will help turn around the fortunes of the team following the 1-0 defeat to Cote d’Ivoire in their first game at the 2019 Africa U-23 Cup of Nations in Egypt.
Imo State governor Emeka Ihedioha has declared that his administration will give priority to vocational and technical education in order to tackle unemployment in the State.
Former Manchester United manager, Jose Mourinho, has said Liverpool are as good as Premier League champions, except they suffer injury issues in the course of the season.