Tag "Oando PLC"

    PROMOTED: International bodies appeal to the securities and exchange commission to end its feud with Oando Plc

PROMOTED: International bodies appeal to the securities and exchange commission to end its feud with Oando Plc

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 [...]

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    SEC suspends Oando’s AGM ‘till further notice’

SEC suspends Oando’s AGM ‘till further notice’

The Securities and Exchange Commission has suspended the  2019 annual general meeting (AGM) of Oando Plc. In a statement issued on Monday, the commission cited the ex-parte order of the federal high court, Ikoyi, Lagos, as the basis for the suspension. SEC had on June 2, constituted an interim management team to be headed by Mutiu Sunmonu, Julius Berger Nigeria chairman, for [...]

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    Oando executives got fair hearing, says SEC

Oando executives got fair hearing, says SEC

The Securities and Exchange Commission (SEC) says Oando Plc was given a fair hearing during the period it was under investigation. In statement on Sunday, Efe Ebelo, head, corporate communications at SEC, said there were various opportunities by the oil and gas firm to defend itself. Some shareholders of Oando, had accused the company of declaring false profits and insider trading. Following the [...]

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Oando shareholders beg SEC, NSE to lift technical suspension of shares

Shareholders of Oando Plc on Tuesday urged federal government to prevail on the Nigerian Stock Exchange (NSE) and the Securities & Exchange Commission (SEC) to lift the technical suspension placed on the shares of the company without any further delay. The shareholders  at a news briefing in Lagos said the continued suspension of Oando shares was sending wrong signals to the [...]

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    Our midstream jetty will save Nigeria N43bn annually, says OVH Energy

Our midstream jetty will save Nigeria N43bn annually, says OVH Energy

ASPM Limited, a subsidiary of OVH Energy Limited OVH energy, has launched Lagos midstream jetty (LMJ). Located in Apapa, Lagos, the LMJ was built by Oando PLC to increase the delivery capacity and offloading efficiency of petroleum products into marketers’ storage facilities. The company said the jetty would save Nigeria N43 billion annually. "The LMJ is expected to alleviate the perpetual infrastructural menace [...]

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Aiteo Group denies interest in Oando’s downstream assets

Aiteo Group has countered the claim that it was a bidder in the acquisition of Oando Plc's downstream assets. “The Aiteo Group did not bid nor has it indicated any interest to bid for the Oando Plc downstream assets ... (it) has no intent to purchase the said Oando downstream assets,” the company said on Thursday. This is contrary to Oando Plc [...]

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Oando profit rose by 103%

Indigenous energy firm, Oando Plc has declared a N12.53 billion ($76.47 million) pre-tax profit for the first half of the year 2014, signifying a 103 percent increase from N6.15 billion ($37.53 million) it recorded in the same period last year. The company’s revenue however dropped from N280.32 billion ($I.71 billion) to N194.55 billion ($1.18 billion) in the year in view. Oando said [...]

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    Forte Oil, Aiteo Group target Oando’s downstream assets

Forte Oil, Aiteo Group target Oando’s downstream assets

Forte Oil Plc and Aiteo Group on Monday emerged the major contenders for Oando Plc downstream assets nationwide. Investors’ interest heightened after Oando Plc announced plans to concentrate mainly on upstream petroleum activities and divest from downstream, petroleum products marketing. Mr  Alex’ Irune, head, corporate communications of Oando, in a statement confirmed investors’ appetite concerning their divestment from downstream petroleum operations. According to the [...]

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    Ikimi carpets Tinubu over ConocoPhilips deal

Ikimi carpets Tinubu over ConocoPhilips deal

Departing APC chieftain, Chief Tom Ikimi, has taken a swipe at former Lagos governor, Asiwaju Bola Ahmed Tinubu, over the recently approved $1.5 billion oil deal between Oando Plc and ConocoPhillips in the upstream sector. The deal, aggrieved APC members told TheCable, was struck in June at a secret meeting between Tinubu and minister of petroleum resources, Mrs. Diezani Alison-Madueke, at the Abuja [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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