Tuesday, September 25, 2018

Tag "Oando"

    OPEC Summit: Wale Tinubu joins Aramco CEO to discuss the future of oil

OPEC Summit: Wale Tinubu joins Aramco CEO to discuss the future of oil

Adewale Tinubu, the group chief executive of Nigeria's indigenous oil company, Oando PLC, joins Amin Nasser, CEO Saudi Aramco, and other international oil companies to deliberate on the future of oil.According to a statement by Oando PLC, Tinubu will join other CEOs in reinforcing the growth and strength of oil independents at the ongoing OPEC international seminar, in Vienna, Austria.Discussing the theme [...]

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    Oando shareholders urge management to resolve conflict with Ansbury

Oando shareholders urge management to resolve conflict with Ansbury

A group of Oando shareholders has called on the company's management to resolve its dispute with Ansbury Investments Incorporated, a foreign investor.In a statement released on Monday, the shareholders, who referred to themselves as Concerned Oando Shareholders, said the prolonged war and bickering is not in the best interest of the shareholders or the company.In September 2017, Ansbury petitioned the [...]

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    Oando shareholders demand Adeosun’s sack

Oando shareholders demand Adeosun’s sack

Shareholders of Oando Plc have demanded the sack of Kemi Adeosun, minister of finance, for allegedly interfering with the stock market.In a statement which Trusted Shareholders Association of Nigeria (TSAN) issued in conjunction with the Proactive Shareholders Association (PSA), the stakeholders accused the minister of shielding Oando from being probed by the Securities and Exchange Commission (SEC).They insisted Adeosun was [...]

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    NSE lifts suspension on Oando’s shares again, blames SEC for confusion

NSE lifts suspension on Oando’s shares again, blames SEC for confusion

The Nigerian Stock Exchange (NSE) has lifted the technical suspension on Oando's shares for the second time in 48 hours.In a statement released on Wednesday, NSE said the instructions from the Securities and Exchange Commission was the root of the confusion.According to the statement, NSE received notification from the commission to lift the suspension on Oando shares only to receive [...]

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    Confusion as NSE suspends Oando shares — after three hours of trading

Confusion as NSE suspends Oando shares — after three hours of trading

Investors and shareholders were left confused on Wednesday after Oando's shares were placed on technical suspension again after an announcement that it had been lifted.The shares had been placed on technical suspension during a disagreement between shareholders and the company's management.A letter seen by TheCable showed that the Nigerian Stock Exchange had notified Ayotola Jagun, the company's secretary, of the [...]

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    Finally, Deloitte gets go ahead on Oando audit

Finally, Deloitte gets go ahead on Oando audit

The Securities and Exchange Commission (SEC) has asked Deloitte to go ahead with the forensic audit of Oando Plc.Abdul Zubair, acting director general of the commission, made this known at a news conference on Tuesday.He said the lawsuits filed by Oando Plc and some of its shareholders to restrain the suit had been vacated.The case began with complaints from Dahiru [...]

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    Sanusi to the rescue as Oando resolves SEC case

Sanusi to the rescue as Oando resolves SEC case

Muhammadu Sanusi II, emir of Kano, has waded into the dispute between the Securities Exchange Commission (SEC) and Oando Plc.Dahiru Mangal, a key shareholder in Oando, had submitted a petition to SEC, which led to the suspension of Oando shares on the Nigerian Stock Exchange and Johannesburg Stock Exchange.SEC had accused the oil company of declaring false profits, vowing to carry out a forensic [...]

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    Oando loses appeal against SEC

Oando loses appeal against SEC

The appeal court has refused to rule that the Securities Exchange Commission (SEC) lift the partial suspension placed on the shares of ) Oando Plc.On Friday, the court threw out the suit filed by the oil company.When contacted, Alero Balogun, Oando's spokesperson, could not immediately comment on the issue but referred TheCable to a statement on the company's website."On Friday, [...]

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    Adeosun: Gwarzo tried to stop his suspension through blackmail threat

Adeosun: Gwarzo tried to stop his suspension through blackmail threat

Kemi Adeosun, minister of finance, says Mounir Gwarzo, suspended director general of the Securities Exchange Commission (SEC), tried to use blackmail to stop the disciplinary action taken against him.The minister suspended Gwarzo on November 29 and set up an administrative panel to probe allegations of corruption levelled against him.In a statement issued on her behalf by Oluyinka Akintunde, her spokesman, [...]

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    SEC begins forensic audit on Oando

SEC begins forensic audit on Oando

The Securities Exchange Commission (SEC) has begun its forensic audit on Oando, two months after the commission notified the company of a possible audit on October 17.In a letter sent to Wale Tinubu, Oando's group chief executive officer, and seen by TheCable, SEC advised the company to expect auditors any day from Wednesday, December 6.The fiasco started when some shareholders [...]

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    Oando heads to court, kicks against forensic audit

Oando heads to court, kicks against forensic audit

Oando Plc says it has asked a court to restrain the Nigerian Stock Exchange (NSE) and Security Exchange Commission (SEC) from further suspending its shares.NSE and Johannesburg Stock Exchange had suspended trading of Oando shares, citing an advice from SEC.On Monday, the NSE partially lifted the suspension on the shares, meaning that the shares can be traded but there will be no [...]

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    False financial statements, insider dealing — SEC reveals Oando’s ‘sins’

False financial statements, insider dealing — SEC reveals Oando’s ‘sins’

The Securities Exchange Commission (SEC) says it suspects that the management of Oando Plc declared false financial statements and unrealised profits.The commission made this known in a letter signed by Imoh Anast, head, SEC's legal department, and sent to Wale Tinubu, group chief executive officer of the company, on October 17.According to the letter, Dahiru Mangal, who petitioned the company [...]

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    NSE partially lifts suspension on Oando’s shares

NSE partially lifts suspension on Oando’s shares

The Nigerian Stock Exchange (NSE) says it has partially lifted the suspension placed on shares belonging to Oando Plc.In a notice signed by Tinuade Awe, general counsel, head of regulation, NSE said shareholders can now trade their shares but the trading activity will not lead to a change in price."Dealing members are referred to our market bulletins of Wednesday, October [...]

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    More trouble as Johannesburg Stock Exchange suspends Oando

More trouble as Johannesburg Stock Exchange suspends Oando

The Johannesburg Stock Exchange (JSE) has suspended trading in shares belonging to Oando Plc. According to a statement issued by JSE’s Sens service on Thursday, Oando's listing was suspended following the review of subsequent correspondence received on October 18 from the Nigerian Stock Exchange and SEC.On Wednesday, the Nigerian Stock Exchange said it followed the directive of the Securities Exchange Commission(NSE) [...]

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    After clearance from SEC, Oando to proceed with AGM

After clearance from SEC, Oando to proceed with AGM

Oando Plc is set to hold its annual general meeting (AGM) on September 11 in Uyo, the Akwa Ibom state capital, after it got a nod from the Securities and Exchange Commission (SEC).Ansbury and Dahiru Mangal, major shareholders of Oando, had submitted a petition to SEC demanding the postponement of the AGM, while objecting the choice of Uyo as the venue, citing [...]

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    Senate halts concession of P’Harcourt refinery to Agip, Oando

Senate halts concession of P’Harcourt refinery to Agip, Oando

The senate on Monday suspended the planned concession of the Port Harcourt refinery to Agip and Oando by the ministry of petroleum resources.The senators also resolved to constitute an ad hoc committee to probe the concession.The upper legislative chamber took the decisions after considering a motion sponsored by Sabo Mohammed, senator representing Jigawa south.While moving the motion, Mohammed said: "The federal [...]

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Exchange Rates

September 24, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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