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Tag: Oando

  • Oando’s profit after tax hits N28.8b

    Oando Plc yesterday posted N28.8 billion profit after tax (PAT) at the end of its financial year ended December 31, 2018. This reflects a 46 per cent increase over the N19.8 billion recorded the previous and also a positive result for the third consecutive year.

    The financial result is a testament to the company’s concerted efforts and commitment to reversing the tide following the oil price crash in 2014.  The oil firm has successfully executed strategic initiatives that have enabled continued growth across all financial performance indices three years in a row despite a challenging local terrain.  Its positive performance has ensured it maintains its position as Nigeria’s leading indigenous oil company.

    During the period under review, turnover increased by 37 per cnet to N679.5 billion compared to N497.4 billion in 2017, driven primarily by higher oil prices resulting in higher oil revenue and higher gas prices, which led to higher gas revenues. In addition, gross profit grew by nine per cent to N96.3 billion from N88.1 billion in 2017.

    Its balance sheet remained strong with a 46 per cent increase in PAT to N28.8 billion from N19.8 billion in the comparative period of 2017 driven by higher revenue and income tax credits. Its total Group borrowings decreased by 11 per cent  to N210.9 billion from N237.4 billion in 2017, while long term borrowings decreased by 23 per cent to N76.8 billion compared to N99.6 billion in the same period of 2017.

    Since its acquisition of ConocoPhillips Nigeria in 2014, Oando has embarked on a proactive drive to significantly reduce its debt and liabilities.  From a N473.3 billion corporate facility in 2014 to N210.9 billion in FYE 2018, a 55 per cent decrease and in its upstream business, the company has reduced its debt by 70 per cent from $801.6 million in 2014 to $260 million as at FYE 2018.

    Speaking on the significant reduction in borrowings, its Group Chief Executive, Wale Tinubu, said: “Our asset base is delivering strong free cash flows as evidenced by a 70 per cent reduction in our upstream borrowings since the closure of our landmark acquisition of ConocoPhillips’s Nigerian assets in 2014.

    “Our 2018 results demonstrate the solid foundation we have built across volatile commodity price cycles, and our ability to deliver profitability despite a challenging local operating environment. Over the last few years, we have developed a reliable platform for future growth through the execution of a corporate strategy designed to streamline our operations, reduce our debt and optimise our asset portfolio.”

    The company’s FYE 2018 results are further evidence that the company’s management team is focused on maintaining a strong balance sheet, profitability, value creation and a business that is indeed here for good.  The company’s third year of strong financial performance is evidence that the company is back to business as usual, thus rebuilding stakeholder confidence in the brand as a viable business to invest in.

    Speaking on the results, Alhaji Kabiru Tambari, an Oando shareholder from Sokoto Zone Shareholders Association, commended the management of Oando for leading the company to yet another profit, he said: “We can see light at the end of the tunnel. My faith in the management of the company grows from strength to strength with each financial result. I’m hopeful that soon, in the very near future we the shareholders can finally reap the fruits of our labour.

    “We remain confident in our ability to deliver significant value to shareholders in the years ahead as well as resuming our dividend payments.”

  • New fuelling bowsers boosts Aviation sector

    Inadequate supply of fuel to operators in the Nigeria aviation sector will soon be a thing of the past if investment by OVH Energy is anything to go by.

    OVH energy is a licensee of Oando retail brand with business in petroleum product and services.

    The energy marketing company said that to tame the inadequacy, it has acquired new fleet of bowsers with the aim of ensuring efficient fuel service supply to aircraft at airports or airfields in the sector.

    The bowsers can also serve the Nigerian military, and jetty operations handled by private and government agencies.

    Making this known in a media statement, the firm said, the bowsers acquired were manufactured by Flightline U.k and were equipped with latest technological and safety standards; certified by the Joint Inspection Group (JIG), the world’s leading organisation for the development of aviation fuel supply standards.

    It said, the bowsers have a combined capacity of 88,000 litres, capable of dispensing up to 3,500 litres of aviation jet fuel per minute.

    According to the Chief Executive Officer, OVH Energy Marketing Ltd, Huub Stokman who shared light on how imperative it is to ensure availability of operational standard, safety and technology fitted bowsers for the aviation sector said,

    “This acquisition is one of the many investment initiatives we have for the downstream industry and we will continue to deepen our investments to consolidate OVH Energy’s leadership position in the aviation sub-sector and the downstream oil & gas industry as a whole.

    “We are committed to exceptional service delivery to foreign and local airline operators in the Nigerian aviation industry so that Nigeria becomes the destination of choice for international airlines to refuel their aircrafts.”

    The Chief Marketing Officer, Mr. Babafemi Olabiyi who also spoke on the new bowsers explained that the acquisition positions the company to further improve its aviation customers’ experience amongst whom are leading international, local and specialized airline operators.

    He reiterated OVH Energy’s commitment to operational excellence whilst delivering exceptional customer service.

    OVH Energy is the marketer of choice providing trusted petroleum products and services in Nigeria with expertise in jetty and terminating services as well as the marketing and distribution of refined petroleum products for retail, commercial and industrial purposes. Its aviation business spans over 25 years and is present in the major airport hubs within Nigeria.

  • Oando officials donate to Niger Delta flood victims

    Employees of Oando Plc  began  the year by putting smiles on the faces of thousands of people affected by the 2018 floods in Rivers and Bayelsa states, The Nation has learnt.

    Last year, the National Emergency Management Agency (NEMA) confirmed that flooding across 16 states and 87 Local Government Areas (LGAs) in Central and Southern Nigeria  caused 199 deaths and 1,036 injuries. In addition 176,299 people were internally displaced; 3,544 houses destroyed; 150,285 hectares of agricultural land destroyed and a further 826,403 of the population were to varying degrees negatively impacted.

    Dealing with the impact of urban flooding is always challenging, and this instance was no exception. Affected communities were left to pick up the pieces after the devastation of having their crops destroyed; leaving the population vulnerable to food shortages and negatively impacting the livelihoods of already struggling farmers. The floods also affected other livelihoods, such as fishermen and women, who were hardest hit. The flood was so severe that some communities were cut off from each other and schools closed.

    In an interview with newsmen in Yenagoa, Bayelsa State, Coordinator, Emergency Operation Centre E, Rivers/Bayelsa Territory of NEMA, Mr. Yakubu Suleiman, disclosed that several homes, farmland, schools and churches were submerged in the affected communities across eight Local Government Areas (LGAs) of the state.

    In their bid to identify with the victims,  Oando employees have donated food and non-perishable items such as bags of rice; cartons of noodles; disinfectant; mosquito treated nets; clothing to over 2,000 displaced families in some communities as well as those in government-approved camps for internally displaced people (IDPs) in their host communities of Rivers and Bayelsa States.

    The initiative was hinged on their realisation that the government cannot achieve an inclusive and sustainable society alone. “Citizens and organisations must work alongside governments to support the building of the society we all desire,” they said.

    The initiative, they noted, is rooted in the company’s Corporate Social Responsibility (CSR) strategy, which builds upon the collective strengths of its people and partners as good corporate citizens to power, prosperity and long term growth within its host communities.

    Speaking on the initiative, an employee, Olayemi Olomo, said: “I believe strongly in helping people in need. Initiatives of this nature have been my passion for over five years, and that’s part of the culture here at Oando.”

    Inikpi Okutachi, another employee, said: “I appreciate how Oando encourages and stands behind its communities, it’s inspiring. I couldn’t help but follow in the steps of the company by making a donation when the need arose.”

    General Manager Commercial, Oando Energy Resources,  Akinbambo Ibidapo-Obe said: “It’s not very often that you find yourself in a company with people who share the same values as you do. I’ve participated in all employee philanthropy that the company has embarked on and I pledge to continue to do so. Natural disasters do not discriminate; any one of us…our family, our friends could be in the same situation one day and I hope people will rally to support me or them, the same way the Oando team is doing today.”

    In a letter to Oando, Chairman, Bayelsa State Emergency Management Agency, Major Zedekiah T. Isu, appreciated the efforts of Oando employees. “The state government through the State Emergency Management Agency (SEMA) says thank you.”

    In 2018, Oando employees, as part of its ‘Month of Love’ initiative donated school supplies such as educational books to encourage learning and reading, school bags, school furniture, raincoats in preparation for the rainy season, and other items to aid educational development to three public primary schools in Gbagada Schools Complex.

    In commemoration of World Blood Donor Day of same year, Oando staff donated blood to save lives in partnership with LifeBank an e-health company connecting blood banks with hospitals. The objective of the blood drive was to bridge the blood shortage gap in Nigeria and dispel myths around blood donation.

  • Oando, JV partners celebrate Niger Delta farmers

    Oando and its JV Partners at the weekend held the 22nd edition of its annual Green River Project (GRP) / Farmers Day celebration in Igbo-Ogene, Bayelsa State.

    In addition to creating the much needed awareness on the importance of agriculture in spearheading the socio-economic growth and economic diversification in the country, particularly in the Niger Delta, the initiative aims to make agriculture an attractive and accessible sector to the  youth and women through the use of modern farming techniques, formation of cooperative societies and access to micro-credit schemes and provision of the necessary support and tools.

    The Farmers Day initiative, which has recorded many successes, at the start, took a lot of convincing to get the farmers’ acceptance of the project. Communities had hitherto blamed oil exploration activities for their poor harvest, which in truth was as a result of poor farming techniques and seedlings.

    Today, the initiative’s success story is further validation that oil and agriculture can co-exist harmoniously and boost the country’s growth, if given the requisite attention both by the government and the private sector.

    To date Oando and its JV Partners have distributed over 2,711,536 fish fingerlings, 37,669 cassava bundles, 200,563 plantain suckers, 400,051 maize seeds and 87,003 seed yam to the GRP farmers.

    In 2017, they trained over 5000 women and youth in various vocational skills and 275 youth in agro skills acquisition, following its mantra to leave a lasting positive impact on its host communities.

    Speaking on the need to awaken to the potential of the agricultural sector, President Muhammadu Buhari, through a video recording played at the event, said: “Agriculture is the only way we can feed ourselves in a sustainable manner. Active participation in agriculture is our patriotic duty. It will create millions of jobs in the future. We cannot keep feeding ourselves with imported food when God has blessed us with natural resources, we cannot continue to create jobs abroad at the expense of young, energetic, willing and able youth.”

    He encouraged farmers, who experienced a bad harvest as a result of the floods, to be hopeful.

    He said: “… don’t be dispirited, strive through the challenges. There is a compensation package for all affected farmers and fishermen. I want to assure all affected farmers, we will help them. We the Government are with you.”

    Speaking at the event, the Chief Operating Officer, OandoEnergy Resources, Dr. Ainojie ‘Alex’ Irune said: “We have built this initiative to outlive our generation. My hope is that future generations will experience the growth of this endeavour and the value it brings. The nation has a lot to learn from this initiative; in how you can take something small and transform it through unity and collaboration into something this successful and on such a grand-scale. The onus lies on us as private sector partners and you to take advantage of this unique opportunity and propel your state to become an agro-export state.”

    Vice Chairman/Managing Director, NAOC Mr. Lorenzo Fiorillo highlighted the future plans of the Joint Venture for the Green River Project, which includes proposed agro skills acquisition training for 350 youths in 2019; a planned empowerment and enhancement of businesses for 945 youth; extension of GRP activities to include four more communities in Bayelsa State and provision of relief materials to flood victims through Bayelsa, Delta, Rivers and Imo states.

    He explained that the theme of this year’s event was carefully selected because of the JV’s numerous projects geared towards empowering the youths in particular and the people of the Niger Delta in general.

    Calling on more youth participation in future Farmers Day celebrations, Mrs. Edina Osifo, a representative from NAPIMS said: “NAPIMS will continue support this venture to make it sustainable. Youths make the best of this initiative. It would be a pleasure to see a youth crowned the best overall farmer in 2019. I also call on women to get more involved.”

  • Oando’s N8.5b profit excites shareholders

    Oando PLC’s shareholders passed a vote of confidence in its management at its 41st Annual General Meeting (AGM) in Lagos at the weekend.

    The shareholders were happy that the company recorded N8.5 billion half-year profit-after-tax.

    They applauded the management team for restoring market confidence by maintaining a track record of growth over the last 18 months.

    Speaking at the AGM, Adebayo Adetunji Adeleke, an Oando shareholder, commended management for transforming Oando from a downstream company to a dollar earning upstream focused business.

    He said: “The profit declared in H1 2018 has given us hope, I am optimistic that with hard work the company will continue in this stead.  I want to commend Oando on the impact of our Corporate Social Responsibility activities, we are touching lives, hundreds of thousands of lives and these same people are praying for the company therefore we will not go down.”

    The company’s profits swelled as oil prices increased. An analysis of Oando’s financials shows that the company’s turnover grew by 11% to N297.3 billion from N267 billion (H1 2017); gross profit increased by 53% to N51 billion compared to N33.4 billion (H1 2017); and profit-after-tax increased by 86% to N8.5 billion compared to N4.6 billion (H1 2017). In its upstream business, Oando recorded a net profit of N27.1 billion ($75.2 million) compared with N16.3 billion ($53.2 million) in the comparative period of H1 2017.

    According to the company’s statement, the increase in net income between the quarters was primarily due to higher revenues as a result of a general increase in the price of  oil and gas commodities.  Oando picked up on the industry recovery witnessed in 2017. Brent prices averaged $69.87 per barrel, resulting in a 38% increase in realized crude selling price compared to the same period in 2017. Oando’s performance was further buoyed by sale price increases of 19% for NGL and 13% for natural gas deliveries.

    Tunde Badmus, another shareholders, said: “Oando has survived all odds and is still strong. I am confident the journey of the company will lead to victory for all. I commend the management for being prompt to respond to issues concerning the business operations. We pledge to continue to support you.”

    All resolutions passed at the AGM were approved, including the re-appointment of Ernst and Young as auditors, the Directors were authorised to fix the auditors remuneration; appointment of Alhaji Bukar Goni Aji and Mr. Muntari Zubairu to the Board of Directors; election of audit committee members, and approval of the remuneration of non-Executive Directors.

    Sola Abodurin, a shareholder,  spoke on the efforts being made by management in reducing the company’s debt. He said: “I thank the Board of Directors for the efforts they’ve made to face challenges. About two years ago, if you looked at our debt profile, you’d wonder how the company would survive. But today, we’ve not only survived, we have drastically reduced our debt by over 50%. I appreciate the Board for the restructuring initiatives put in place when oil prices fell to keep the company going. If there are other initiatives you can embark on to keep the company growing from success to success, I urge you to take them on. Thank you for giving hope to the hopeless with the adoption of schools across Nigeria and the various CSR projects you’ve embarked on.”

    Oando PLC Group Chief Executive Wale Tinubu assured the shareholders of management’s commitment towards creating value for and protecting the interest of all shareholders: “We are pleased that your Company has shown resilience during the difficult times and is now on track for sustained growth. We will continue to evolve in the energy space to ensure that even when today’s energy products become less attractive, we have already made the investment for tomorrow. The interest of you, our esteemed shareholders, is paramount to us and we remain focused on growing profitability to ensure adequate returns accrue to you.

     

     

     

  • Oando, JVpartners boost road infrastructure

    Oando Plc in conjunction with its Joint Venture (JV) partners, the Nigerian National Petroleum Corporation (NNPC) and Nigerian Agip Oil Company (NAOC), has commissioned road projects with drainage systems in its host communities in Imo, Rivers and Bayelsa states.

    In Imo, Oando and its JV partners commissioned three road projects, specifically the Flora Nwakuche road, the Echina road and the Bishop Nwedo road, with drains in the Oguta community.  Roads were also commissioned in the Ebgemo Angalabiri community, Ekeremore and in Etiema, Nembe in Bayelsa, whilst in Rivers, a 1.5km road was commissioned in the Aggah community, Onelga.

    These road projects will improve access to and from the community, in the process spurring economic activities and growth and will improve the quality and standard of living of members of the community.

    Speaking on the occasion, Community Relations Manager, Oando Energy Resources, Chief Sam Onyenwe said: “We recognise the importance of good road networks to the community and the economy at large. We are hopeful that the commissioning and handing over of these roads today will lead to an improvement in the transportation and delivery of goods and services. We are also hopeful that this will open up these particular communities to their neighboring communities and promote economic development.”

    Oando and its partners have involved people of the community in the labor-based road construction and rehabilitation, providing much needed employment.  In addition these infrastructural projects will have a multiplier effect within these communities, the most significant is the effect on transportation.

     

    contributes to Nigeria’s long-term inflation problem. The effect is lower consumption of goods and services, especially in rural areas. According to the World Bank, African regional trade can increase by $250 billion in five years by upgrading the primary road network connecting major cities and countries in sub-Saharan Africa.

    In the same vein, communities will experience a rise in their standard of living as a result of the ease at which goods and services will be transported between communities. These communities are rich in agriculture and the roads will allow for easier transportation between the communities and the markets where the goods are being sold leading to an increase in opportunities and earnings for community members. There will also be a reduction in the cost of transportation between communities, as vehicles commuting through these communities will experience significant reductions in the cost of vehicle maintenance. Typically, poor roads lead to higher maintenance costs; which is then passed on to end users via increased public transportation costs.

    The hope is that these roads will also make it easier for children to access educational facilities which are few and far flung in these communities.

    These road projects are one of many other infrastructural development projects Oando and her JV partners have embarked on in 2018, all with the aim of improving the local economy and promoting self-sustenance in its host communities. The company and its JV partners commissioned an agro-storage facility in the fishery community of Twon Brass, Bayelsa state at the start of the year. Since then, they have commissioned one project after another including, an NYSC Corpers Lodge in the Tuoma community in Burutu, Delta state.  The lodge is to reposition the community to NYSC Corpers as a viable locale for imparting knowledge.  The aim is for the lodge to lead to an influx of NYSC corpers who will serve in schools and the Local Government Secretariat transferring knowledge to community members.

    In April, they celebrated the graduation of 275 Niger-Delta Community members through the Green River Project (GRP) Skills Acquisition Programme.  A programme responsible for training over 35,000 farmers, within 120 communities in various vocational skills including seed distribution programs, farming, tailoring etc. More recently they commissioned a 20,000 gallon water scheme, which is set to provide water to over 5,000 members of the Agbere community. The water scheme is also set to ensure members of the community are free from water-borne diseases.

    Speaking on the importance of Public Private Partnership for infrastructural development the National President of the Nigerian Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), Bassey Edem, said: “The general impression of every Nigerian is that the Government should do everything, but that is no longer sustainable. The Government has several limitations in terms of funding and capabilities and is now relying on the organised private sector to be the engine of growth within the country. The private sector has a part to play in the development of any country. If members of the private sector with the capacity and funding partnered effectively with the Government responsible for policy, they could work together to create a new and improved Nigeria.”

  • Oando, JV partners inaugurate water scheme in Bayelsa community

    A WATER scheme with capacity for 20, 000 gallons has been inaugurated in Agbere, a community in Bayelsa State. The facility will serve over 5,000 residents.

    The gesture was courtesy of Oando Plc. and its Joint Venture (JV) partners the Nigerian National Petroleum Corporation (NNPC) and Nigeria Agip Oil Company (NAOC).

    According to the Oando representative at the inauguration, “the initiative is grounded in the fact that water is a fundamental human need. Each person requires at least 20 to 50 litres of clean, safe water, daily, for drinking, cooking and simply keeping themselves clean.  Sadly, today in Nigeria, there is an alarming dearth of access to clean water. And at Oando, we want to bridge this gap, especially in our host communities.”

    The water scheme will drastically reduce water-borne diseases in the community such as typhoid fever, cholera, diarrhoea, dysentery, hepatitis A to name a few.

    It will also reduce the amount of time spent looking for water, especially in rural areas, as noted by UNICEF that 19 million Nigerians walk long distances in search of “unsafe water from lakes, streams and rivers”.

    One could say that Oando and its JV partners heeded the words of UNICEF Communications Specialist, Eva Hinds, who said: “Improving water and sanitation services as well as basic hygiene practices in Nigeria, calls for strong commitment from all partners-the Government, civil society, the private sector and communities.”

    He said: “For Nigeria to achieve the global goal of providing access to safe water for every citizen by 2030, it needs to make water, together with sanitation and hygiene, a national priority. This goal is closely linked with three key results for the country-good health, environmental sustainability and economic prosperity.”

    The water scheme, in line with goal six of the United Nations Sustainable Development Goals, ‘Ensure Access to Water and Sanitation for all”, will also reduce infant mortality rates in the Agbere community as diarrhoea a water borne disease remains the leading cause of death amongst children under ?ve years of age in Nigeria.

  • Oando, Shell, Agip sign $3.7b gas supply contract with NNPC

    Oando Plc, Nigeria Agip Oil Company (NAOC), Shell Petroleum Development Company (SPDC), other indigenous and international oil companies in partnership with the Nigerian National Petroleum Corporation (NNPC) have signed agreement to implement gas projects worth $3.7 billion.

    The gas projects tagged ‘Seven Critical Gas Development Projects (7CGDP)’ is set to bridge the gas supply shortfall in the country.

    The 7CGDP is an integral part of the gas development strategy designed by the NNPC to leverage the full potential of gas to meet the target of generating at least 15 gigawatts (Gw) of electricity by 2020. The agreement includes the development of the 4.3 trillion cubic feet (TCF) Assa North/Ohaji South field, the development of the 6.4 TCF Unitized Gas fields (Samabri-Biseni, Akri-Oguta, Ubie-Oshi and Afuo-Ogbainbri) and the development of 7 TCF Nigerian Petroleum Development Corporation’s (NPDC) OMLs 26, 30 and 42.

    Speaking at the event, the Chief Operating Officer, Oando Energy Resources, Dr. Ainojie Irune, said: “The company’s focus was to ensure that indigenous companies play an integral role in creating the new Nigeria; a Nigeria where as a result of our combined efforts we are driving industrialisation, driving the commercial use of gas, and ultimately creating and enhancing value for the nation.

  • NSE adds Oando, Beta Glass to most influential stocks’ group

    The Nigerian Stock Exchange (NSE) at the weekend picked Oando Plc and Beta Glass Company Plc as two of the 30 most capitalised stocks.

    In its half-year review of sectoral indices, the NSE added Oando Plc and Beta Glass to the NSE 30 Index, the influential index that tracks the 30 most capitalised companies at the stock market. Oando and Beta Glass displaced Julius Berger Nigeria and Diamond Bank from the group. Oando also displaced MRS Oil and Gas in the NSE Oil and Gas Index, the sectoral index that serves as barometer for the oil and gas sector.

    There were also major changes in the NSE Insurance Index, which saw the emergence of Consolidated Hallmark Insurance Plc, Sovereign Trust Insurance Plc and Veritas  Kapital Assurance Plc as part of the influential stocks for the insurance sector. The trio of Cornerstone Insurance Plc, Staco Insurance Plc and Standard Alliance Insurance Plc were removed from the insurance index.

    Also, Africa Prudential and Continental Reinsurance were added to the NSE Pension Index, which tracks stocks specially screened in line with pension investment. Julius Berger Plc and Beta Glass Plc were removed from the pension index.

    The NSE Lotus Islamic Index, which tracks select stocks adjudged to meet the stringent Islamic standards of ethical stocks, saw the exit of heavily leveraged Lafarge Africa and addition of Nigerian Aviation Handling Company (Nahco).

    Three other sectoral indices-the NSE Banking Index, which tracks banking subsector; the NSE Consumer Goods Index, which serves as benchmark index for the consumer goods stocks and the NSE Industrial Index, which underscores the building materials and other industrial goods stocks were unchanged.

    The price indices, which were developed using the market capitalisation methodology, are reviewed and rebalanced on a bi-annual basis – on the first business day in January and in July. The composition of the indices after the review thus becomes effective today, July 2, 2018.

    The NSE 30 Index and NSE Industrial Goods Index are modified market capitalisation index with the numbers of included stocks fixed at 30, 50 and 10 respectively. The numbers of included stocks in the NSE Consumer Goods Index, NSE Banking Index, NSE Insurance Index and NSE Oil and Gas Index are 15, 10, 15 and seven respectively.

    The stocks are picked based on their market capitalisation from the most liquid sectors. The liquidity is based on the number of times the stock is traded during the preceding half year. To be included, the stock must be traded for at least 70 per cent of the number of times the market opened for business.

    The NSE began publishing the NSE 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NSE developed four sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The sectoral indices comprise the top 15 most capitalised and liquid companies in the insurance and consumer goods sectors, top 10 most capitalised and liquid companies in the banking and industrial goods sector and the top seven most capitalised and liquid companies in the oil & gas sector.

    In July 2012, the NSE launched the NSE Lotus Islamic index (NSE LII), which consists of companies whose business practices are in conformity with the principles of Shari’ah with the aim of increasing the breadth of the market and creating an important benchmark for investments as the alternative non-interest investment space widened. All the companies that appear on the Islamic index have been thoroughly screened by Lotus Capital Halal Investment, in accordance with a methodology approved by an internationally recognised Shari’ah Advisory Board comprising of renowned Islamic scholars.

     

  • Oando to lead discussion at Abuja oil & gas conference

    Oando is set to lead conversations at West Africa’s largest oil and gas gathering, the Nigeria Oil and Gas Conference (NOG), in Abuja from today to Thursday.

    The conference, themed: “Driving the Nigeria oil & gas industry toward sustainable development & growth”, is coming on the heels of Oando’s successful outing at the recently concluded Organisation of the Petroleum Exporting Countries’ (OPEC) seminar.

    Oando Group Chief Executive (GCE) Adewale Tinubu will be speaking on the topic: “Investing in the future of Nigeria for sustained economic development and growth”.

    He will, alongside industry colleagues, Bello Rabiu of Nigerian National Petroleum Corporation (NNPC); Group Managing Director (GMD), Aiteo Chike Onyejekwe, and Managing Director/ Chief Executive Officer (MD/CEO), Nigeria LNG Tony Attah, deliberate on the topic and proffer solutions to ensure oil and gas continues to be a relevant and viable resource for moving the nation forward.

    Specifically they will look at sectors such as gas, which is still not being fully exploited.

    Nigeria has significant gas reserves, estimated at 192 trillion cubic feet, the largest gas reserves in the continent and ninth in the world.

    Despite this abundant reserve base, its utilisation in the domestic sector is grossly inadequate and the country is yet to fully benefit from its natural gas endowment.

    The panel will also speak on how upstream activities can be increased and the role indigenous players will have to play in collaboration with the government in realising this.

    The event will be attended by dignitaries, including Vice President Yemi Osibanjo, who will officially open the conference  and the Secretary General, OPEC, Mohammad Sanusi Barkindo, who will give a keynote address at the event.

    Also in attendance will be Minister of State for Petroleum Resources Dr. Emmanuel Kachikwu.

    Oando is a platinum sponsor of the event and has been a keen supporter of NOG for over a decade.

    Other category sponsors include indigenous sector players such as Aiteo and Eroton and IOCs such as Total and Chevron.

    In addition to Oando’s GCE’s panel session, Ainojie Irune, the Chief Operating Officer, of its upstream business, Oando Energy Resources, will join a panel discussion on the topic: “The independent producers role in the future of upstream production”.

    The Nigeria Oil & Gas Conference & Exhibition, now in its 17 year, is expected to have in attendance over 700 industry players, some of who will be sharing their perspectives on driving the Nigerian Oil & Gas Industry towards sustainable development and growth. The event which is duly supported by the Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation (NNPC), was set up to bring together oil and gas industry stakeholders in Nigeria to enable them showcase their oil and gas projects and impact via an exhibition and panel discussions.