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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 Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, is to lead other team of discussants to x-ray topical issues in oil and gas industry at the 2019 edition of the National Association of Energy Correspondents (NAEC) annual conference.
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.
Following what can now be termed the longest forensic audit in the history of the Nigerian Securities & Exchange Commission (SEC) they published far reaching pronouncements and sanctions against Oando PLC’s principals said to be the outcome of the investigation into the company’s business.
The Oando and SEC saga just got more interesting. In their personal capacities, Oando PLC’s boss, Wale Tinubu and his Deputy, Omamofe Boyo, have obtained an injunction under presiding Judge C M A Olatoregun of Federal High Court (FHC), Lagos, restraining the SEC from implementing the sanctions contained in its 18 month long forensic audit report.
The Lagos Division of the Federal High Court has restrained the Securities and Exchange Commission (SEC) from removing Wale Tinibu and Omamofe Boyo as Oando Plc’s Group Chief Executive Officer (GCEO) and Deputy Group Chief Executive Officer (DGCEO), respectively.
Oando Plc on Monday said that it had yet to receive any letter from the Securities and Exchange Commission (SEC) on the appointment of its interim management team.
The Federal High Court in Lagos has granted the Group Chief Executive, Oando, Wale Tinubu and his deputy, Omamofe Boyo, an injunction restraining the SEC from executing the sanctions in the letter to Oando dated the 31st of May, 2019.
Fireworks on the controversy over corporate governance issues in Oando Plc may begin today as the management of the company is set to contest the veracity of the sack of its directors by the Securities and Exchange Commission, SEC, last weekend.
Oando Plc has demanded from the Securities and Exchange Commission the report of the forensic audit carried out by Deloitte & Touche for it to have a better understanding of the findings that culminated in the decisions taken by the commission.
Nigeria’s Securities and Exchange Commission’s claims that the group chief executive officer of Oando Plc, Wale Tinubu, his deputy Omamofe Boyo and the oil firm were involved in dubious activities cannot be substantiated, an official of the oil company Oando said late on Friday.
After over a year of forensic audit, the Securities and Exchange Commission (SEC) has concluded investigation of Oando Plc and barred the Group Chief Executive Officer, Mr Wale Tinubu, from being a director of a public company for five years.
The Securities and Exchange Commission has concluded its investigation of Oando Plc and ordered the Group Chief Executive Officer of the company, Mr Wale Tinubu, and other affected board members to resign.
Oando Plc said on Friday that it would challenge the Securities and Exchange Commission (SEC) ruling on the outcome of its forensic audit.
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