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Tag: Oando

  • Oando, Aramco CEOs discuss oil future at OPEC confab

    The Group Chief Executive of Nigeria’s indigenous integrated oil firm, Oando PLC,  Wale Tinubu, will join the CEO of Saudi Aramco, Amin Nasser and other international oil majors to deliberate on the future of oil.

    A statement by Oando PLC, said Tinubu will join other CEOs in reinforcing the growth and strength of oil independents at the ongoing Organisation of Petroleum Exporting Countries (OPEC) international seminar, in Vienna, Austria.

    To discuss the theme of the summit — “Petroleum – Cooperation for a Sustainable Future” — with Tinubu are Andrew Gould, former CEO, Schlumberger; Jay Pryor, Vice-President Business Development, Chevron; John Hess, CEO, Hess Corporation and Daniel Yergin, Vice-chairman, HIS Markitt.

    The panel, which will particularly focus on “Global Oil Future Challenges”, will be moderated by CNN’s John Defterios.

    Oando said Tinubu “aims to build on the success of previous editions over the last two decades, it will underpin OPEC’s longstanding commitment to strive for a secure and stable international oil market by promoting cooperation and dialogue with stakeholders around the world”.

    Oando joined the list of International Oil Companies (IOCs) with its ambitious acquisition of ConocoPhillips Nigeria assets in 2014 which saw the company move from producing 4,500boepd to an average of 50,000boepd.

    Since then the indigenous company has been representing indigenous players both locally and internationally; showcasing the role of independents in growing the sector locally and positively impacting perceptions internationally.

    The company, which is a gold sponsor at the OPEC seminar, has represented Nigerian independents at the World Economic Forum (WEF) in Davos; International  Petroleum (IP) Week, CERA in Houston; and the Africa CEO Forum in Cote d’ívoire.

     

    Speaking earlier at the summit, Faraj Al Mazroui, the UAE Minister of Energy and Industry, Suhail Mohammad, said: “The Seminar offers an opportunity for experts from around the globe to engage on important topics that support the sustainability of our industry”.

    More than 800 key players and decision makers will be on hand at this year’s Seminar; including Khalid A. Al-Falih, president of the OPEC conference and minister of energy, industry and mineral resources, Saudi Arabia; Ibe Kachikwu, Nigeria’s minister of state for petroleum resources; Sanusi Barkindo, OPEC secretary general, Bob Dudley, BP’s group chief executive; Patrick Pouyanne, Total CEO.

  • Stakeholders advise Oando against undue reconciliation

    Some shareholders of Oando Plc have advised the board and management of the indigenous oil and gas group against purported moves to reconcile Oando and Ansbury Investments Inc. Ansbury Investments’ petition was one of the two petitions that triggered the ongoing investigation of Oando by the Securities and Exchange Commission (SEC). Ansbury Investments is owned by popular Nigerian-Italian billionaire, Mr. Gabriele Volpi.

    Shareholders under various associations including Distinct Shareholders Association, Pacesetters Shareholders Association and Sage Shareholders amongst others said Oando should be wary of going against the course of law by entering into negotiation with Ansbury Investment.

    Shareholders said their objection to the reconciliatory moves was on the basis of an alleged investigation by Italian authorities of some related parties to the purported reconciliation, warning that such entanglement may negatively affect the good corporate image of Oando.

    Shareholders who spoke on condition of anonymity because of the sensitivity of the issue said reconciliation at this point may not be in the best interest of Oando and its shareholders.

    A senior official at the Convention on Business Integrity (CBi), who pleaded not to be named, said reconciling Ansbury and Oando may raise fundamental ethical questions on Oando.

    “This alone may affect not just the reputation of Oando but its share value,” the official stated.

    A member of the Pacesetter Shareholders Association, who pleaded anonymity, also expressed reservation at the reconciliation move, saying it was capable of eroding the company’s stock and reputation.

    “One of those two brands will kill the other, and it will not profit shareholders like me,” the shareholder said.

    Oando had earlier reached a truce with one of the two petitioners-Alhaji Dahiru Mangal with affirmation of Mangal’s substantial shareholding and an offer that allowed him to appoint a director unto the board of Oando. The truce was brokered by the Emir of Kano, Emir Muhammadu Sanusi II under a peace accord concluded on January 7, 2018.

     

  • Oando posts N4.2b Q1 PAT

    Oando Plc has announced N4.2 billion profit-after-tax (PAT) in its first quarter 2018 results.The performance came despite the ongoing Securities and Exchange Commission (SEC) led forensic audit into the affairs of the company.

    Oando has cashed into the favourable micro and macro business environment characterised by an increase in national oil production, exchange rate stability, as well as an increase in global oil prices which averaged $66 per barrel in the first quarter of the year, $3 more than the projected average of $63 for 2018 and 2019.

    An analysis of Oando’s financials shows that the company’s turnover grew by nine per cent to N150.5 billion from N138.4 billion in the first quarter of last year; gross profit increased by 108 per cent, N27.9 billion compared to N13.4 billion; and profit-after-tax increased by 145 per cent, N4.2 billion compared to N1.7 billion in the first quarter of last year.

    In its upstream business, Oando recorded a net profit of N8.6 billion ($23.8 million) compared with N5.8 billion ($16.2 million) in the comparative period of first quarter of last year.

    Speaking on the results, Group Chief Executive, Oando, Wale Tinubu said: “Our first quarter performance was characterised by a stable operating environment, continued incline in crude oil prices, and the highest level of compliance by member countries’ of the OPEC Accord. Considering the background of current industry trends, the Company is committed to maximizing throughput rates to ensure a positive financial performance in the ensuing quarters of 2018.”

    A review of other activities pertaining to Oando in 2018 is further evidence that the year has indeed started favourably for the company. In January, Oando reached a peace accord with Dahiru Mangal by officially confirming him as a substantial shareholder of the company and successfully addressing and clarifying all the issues raised by Mangal in his petition to the Securities and Exchange Commission (‘SEC’).

    In the company’s official statement on the peace accord the Group Chief Executive, Wale Tinubu said: “…Shareholders must be confident in the operations of the company they are invested in; this can only occur through active participation.’’

    According to Chief Compliance Office and Company Secretary, Oando Plc, Ayotola Jagun in an interview with CNBC following the lifting of the technical suspension she said; “On day one, the day the suspension was lifted, 178 million Oando shares were on bid with only 5.5 million available for sale. The company’s share price hit the NSE daily price ceiling of 10 per cent by 10.45 am; further evidence that there is a lot of interest in Oando shares and that the general mood around the market and our shares is positive.” The company’s share price has witnessed commendable increase since it began trading on the stock exchange, rising from N5.99 as at April 11 to N9.15 as at close of trade on Monday, April 30.

     

  • Net profit hits N19.7b as Oando defies odds

    Oando Plc grew its net profit by 405 per cent to N19.7 billion in 2017, sustaining a positive trend of good performance over the past five quarters.

    Key extracts of the audited report and accounts for the year ended December 31, 2017 released at the Nigerian Stock Exchange (NSE) at the weekend showed that gross profit rose by 81 per cent from N48.6 billion in 2016 to N88.1 billion in 2017. Profit before tax stood at N20.76 billion in 2017 as against a pre-tax loss of N62.96 billion in 2016. Profit after tax jumped by 405 per cent from N3.9 billion in 2016 to N19.8 billion in 2017. But group turnover declined by 13 per cent from N569.2 billion in 2016 to N497.6 billion in 2016. Net debt reduced to N217.1 billion in 2017 as against N230.6 billion in 2016.

    Group Chief executive Officer, Oando Plc, Mr. Wale Tinubu, said 2017 was an important and positive milestone for the company, despite the challenges in the operating environment and regulatory issues that led to the institution of forensic audit of the company by the Securities and Exchange Commission (SEC).

    “The business recorded a year-end profit of N19.8 billion; a culmination of four consecutive quarters of positive results, validating our promise to shareholders of returning to and maintaining profitability. This comes in the wake of oil prices on an upward trajectory, an improved operating environment, the exit of a 13-month long recession and, most importantly, the continued strengthening of our business model through the effective implementation of our strategic initiatives of growth through our dollar earning upstream portfolio; deleverage through asset divestments and the expansion of our oil export trading business,” Tinubu said.

    He said that while the company has continued to provide full support to the SEC, hoping for a smooth and speedy conclusion of its investigation, it remains optimistic on its performance in 2018.

    “We have commenced 2018, buoyed by our unrelenting commitment to our strategy and remain confident in its success,” Tinubu said.

    Interim report and accounts of Oando for the first quarter ended March 31, 2018 also released at the weekend showed that turnover rose from N138.27 billion in the first quarter 2017 to N160.55 billion in first quarter 2018. Gross profit doubled from N13.4 billion in first quarter 2017 to N27.94 billion in first quarter 2018. Operating profit also doubled from N7.62 billion to N14.88 billion. The company recorded a pre-tax profit of N6.51 billion in first quarter 2018 compared with pre-tax loss of N647.03 million. After taxes, net profit stood at N4.19 billion in first quarter 2018 compared with N1.71 billion in 2017.

    Despite the challenges it experienced in 2017, Oando recorded some operational highlights. In the upstream sector, it hit an average production of 40,188 boe/day in 2017 compared with 43,503 boe/day in 2016. This was primarily due to significant reduction in gas production and delivery caused by the rupturing of Gas Transmission System (GTS-4) gas line and pipeline and terminal constraints at its OMLs 60 to 63.

    The upstream business recorded a net profit of N26.33 billion in 2017 as against N91.83 million in 2016. This increase in profitability was primarily due to improved revenue between the periods, and increase in gains on financial instruments which were offset by lower tax recoveries.

    In the midstream, Oando’s affiliate, Axxela, recorded an 11 per cent increase in natural gas deliveries in 2017. This achievement was in spite of restricted gas supply in first half 2017 due to the sabotage of upstream gas supply facilities by militants.  The construction of Phase IV of the pipeline network in the Greater Lagos Industrial Area and the Central Horizon Expansion Pipeline in Port Harcourt were completed. These projects expanded the firm’s distribution infrastructure and enabled it reach a wider demand area for delivery of gas, consequently increasing its customer base to 175 customers. The Tincan HDD project was successfully concluded; a project which involved restoring leakages at a pipeline that has two river crossings so as to reconnect existing customers to the network.

    In the downstream, Oando’s trading subsidiary sustained growth in its crude oil business, resulting in a nine per cent increase in traded volumes. The company continues to solidify its relationships via access to over $700 million of immediately available structured trade finance facilities.

    SEC recently lifted the technical suspension placed on the company’s shares after 175 days. By the weekend when the company released its 2017 results, its share price had reached N9.15, a 65 per cent increase in 21 days.

    The Nigerian National Petroleum Corporation (NNPC) also recently announced that a consortium consisting of Oando Plc and OilServe Limited had been awarded the Engineering, Procurement, Construction (EPC) mandate for the construction of a gas pipeline stretching from Ajaokuta to Abuja as part of the Ajaokuta-Kaduna-Kano Pipeline. The pipeline is a section of the Trans-Nigerian Gas Pipeline under the gas infrastructure blueprint designed to enable the industrialisation of the Eastern and Northern parts of Nigeria and also enable connectivity between the East, West and North, which is currently non-existent.

     

  • No controversy over lifting Oando’s technical suspension – SEC

    The Securities and Exchange Commission (SEC) on Thursday said there was no controversy over the lifting of the suspension on trading on the shares of Oando Plc.

    The acting Director-General, SEC, Dr Abdul Zubair, explained to newsmen in Abuja why it directed the Nigerian Stock Exchange (NSE) to lift the technical suspension placed on the shares of Oando Plc.

    He said before the decision was reached, the management of Oando  as well as the umbrella body of all shareholders’ union in the company visited SEC and made written submissions for the suspension to be lifted.

    He said the decision to lift the suspension was also sequel to the withdrawal of all litigations by the company and shareholders challenging the suspension.

    He further stated that the suspension of shares from trading on the floor of the NSE was usually for a short period, but that of Oando extended beyond the normal period owing to litigations instituted by the shareholders and Oando.

    “As a result of the court cases, the commission as a law abiding agency of government was constrained to continue with the forensic audit or lift the suspension.

    “However with the withdrawal of the suit in February, the forensic audit being carried out by Deloitte has resumed while the technical suspension has been lifted,” he said.

    Zubair reiterated that an independent forensic audit was still being carried out by Deliotte, an auditing firm and that if Oando was found to have broken any rules,  it would be sanctioned accordingly.

    The SEC boss revealed that the commission would soon receive the preliminary findings on Oando Plc from Deloitte.

    He, however, said since it was an independent audit, there was no time limit to the duration of the audit, thus its conclusion would depend on the situation the audit firm meets.

    Zubair said contrary to speculations,  there was no disagreement between SEC and the NSE in the process of lifting the suspension.

    He said the commission was aware that its letter directing the “immediate” lifting of suspension was subject to the 48 hours rules of the capital market.

    Speaking on reports that the trading on the shares of Oando resumed on Wednesday only to be halted later, leading to confusion among capital market watchers, Zubair said SEC was awaiting reports from the NSE.

    He reiterated that the commission had nothing to do with the halt on Wednesday as it had already given the NSE the directive to lift the 176-day technical suspension since April 9.

    Meanwhile, the shares of Oando Plc, which officially resumed trading on Thursday rose by 10 per cent to close at N6.60 per share. (NAN)

  • Oando: Confusion trails NSE’s lifting, reversal of technical suspension

    The Nigerian Stock Exchange ( NSE ) on Wednesday lifted the technical suspension placed on Oando shares with the Securities and Exchange Commission ( SEC ), ordering a reversal three hours later.

    Confusion trailed the action of the exchange and SEC with market operators and shareholders calling on the Federal Government to intervene in the matter.

    The exchange, in a letter entitled: “Notification of Lifting of Technical Suspension on the Shares of Oando,” said SEC on April 9, directed it to lift the suspension.

    “We refer to our bulletins of 18, 20 and 23 October, 2017 regarding the directive of the SEC to the Nigerian Stock Exchange to place the shares of Oando Plc on Technical Suspension.

    “Please be informed that on April 9, 2018, the commission directed the Exchange to lift the technical suspension placed on the shares of Oando.

    “On receipt of the commission’s directive, the Exchange put the process in place to lift the technical suspension, including testing on its trading system.

    “Further to the commission’s directive of April 9, please be advised that effective today, April 11, 2018, the Exchange lifted the technical suspension placed on the shares of Oando.

    “Consequently, there is no longer any impediment to price movement in Oando shares.

    “The above is for your information and records update please,” said the Exchange.

    However, three hours after lifting the technical suspension on Oando’s shares, the suspension was reversed by the NSE.

    All efforts by our correspondent to get the reasons for the reversal proved abortive as the Corporate Communications Officers of both the NSE and SEC declined to pick their calls or respond to inquiries.

    Commenting on the issue, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd. described both regulators’ actions as unprofessional.

    Omordion said SEC and NSE needed to correct the impression on time in order not to dampen investors’ confidence.

    “If this impression is not corrected, the confidence of the investing public in the regulators will start dwindling which will not be good for the market.

    The regulators are expected to have done their due diligence before giving any directive,” he said.

    Concerned Shareholders of Oando Plc had on April 10 urged the Federal Government to prevail on NSE and 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 that the suspension of Oando’s shares was sending wrong signals to the global community about the seriousness of the Federal Government to attract investments to bolster the economy.

    NSE, on Oct.18, 2017, announced that it had placed the shares of Oando, a public quoted energy company trading on the floor of the NSE, on ‘full suspension for 48 hours.’

    The exchange, thereafter on Oct. 23, 2017, further announced that it had placed the shares of the company on ‘Technical Suspension.’

    The NSE informed the company that the suspension of its shares by the NSE was done in compliance with a directive issued to it by SEC.

    Mr Patrick Ajudua, Head, Concerned Shareholders of Oando, said that the continued suspension of the company’s shares could also send wrong signals about the prevailing operating environment in the country.

    Ajudua said the Federal Government should protect a prosperous company like Oando from going down if it wanted to demonstrate to the investing world its seriousness to attract investors to the country.

    “The continued suspension of Oando is a wrong signal to the global market about the prevailing harsh operating environment in Nigeria.

    “This is at variance with the Federal Government’s initiatives to diversify the economy through increased Foreign Direct Investment,” he said.

    NAN

  • Kachikwu urges Oando to proffer ‘creative solutions’ in oil industry

    •Minister inaugurates oil firm’s $150m Wings Office Complex   

    Minister of State for Petroleum Resources Dr. Emmanuel Ibe Kachikwu has urged oil firm Oando PLC to keep proffering creative solutions to challenges in the petroleum industry.

    He spoke yesterday while inaugurating the firm’s new office space, the Wings Office Complex.

    The complex, which is located on 17A Ozumba Mbadiwe, Victoria Island, cost about $150 million.

    Kachickwu, who hailed the company’s feat, said: “Oando has shown uniqueness as a Nigerian oil company showing support to the Government and the Nigerian populace. The building has been developed using water, sand, cement, bricks, steel, concrete, wood and glass, all are elements attributable to transparency and strength.

    “The future is very demanding; I urge you to continue to inspire and be creative in the solutions that you proffer in your sector and for the nation.”

    Four years after its ground breaking ceremony, Oando surmounted all odds to complete the world class office complex, which gives credence to the company’s resilient and daring spirit.

    Considering the skepticism associated with investing in Nigeria, more so the oil & gas sector in recent times, Oando scored the trust and support of two South African companies, RMB Westport and Redefine Properties, who put equity in the project.

    This is the first time both companies are investing in commercial property in West Africa, a development experts termed as showing the level of faith they have in the vision of the Wings project and Oando’s management team.

    Group Chief Executive, Oando PLC Wale Tinubu, said: “At Oando, passion is not only one of our core values, it drives our ambitions. The idea for the Wings Office Complex was conceived in 2009 and the build kick-started in 2013.  At the time, it seemed a lofty dream; both in terms of size and the type of structure we envisaged.  We commenced the construction of Wings at a time when the price of oil was around $100; despite the 2014 crash in oil prices to $23 per barrel, the 60 per cent devaluation of the naira and the 13-month long economic recession, we pushed on. Today, the two towers stand tall as testament to indigenous companies like Oando, which continue to lead and set the standard for excellence. The project signifies the end to a series of capital projects that we have pioneered, invested in and built.”

    Tinubu acknowledged all those who made the project possible.

    The CEO, Stanbic IBTC Capital representing the CEO for Stanbic IBTC, Funso Akere said: “Stanbic IBTC Bank PLC together with Standard Bank of South Africa is proud to have supported the completion of this landmark real estate project in Nigeria, which would catalyse the development of similar ground-breaking real estate projects and serve as a benchmark for investment grade office buildings in Nigeria.

    In addition to RMB Westport and Redefine, Oando received financing from local and international banks, specifically RMB Bank and Standard Bank in South Africa and Stanbic IBTC in Nigeria, to create this world-class office building that encompasses panoramic views of Lagos from every floor. The structure also boasts of 24-hour power, central cooling with noise minimising building acoustics and external cladding designed to limit direct solar gain.

    The Wings Office Complex is home to leading brands such as Ericsson, RMB Bank and Oando employees.

    “It was built with the intention of accommodating all our Lagos based staff, to act as our new Head Office, enabling us finally relinquish leased space in Lago,” the firm said.

    Other dignitaries in attendance at the ceremony were Tony Elumelu, Herbert Wigwe, Bola Adesola; CEO Standard Chartered Bank, Oba of Lagos Rilwan Akiolu, representatives of the Emir of Kano and Alhaji Dahiru Mangal.

     

     

     

     

     

     

     

  • Oando leads Nigeria’s delegation at Africa CEO Forum

    •Firm to share perspective at meeting

    EMINENT personalities, including Heads of States, public decision-makers, bankers, capital investors as well as African and international corporate leaders, will today gathered at the Africa CEO Forum in Abidjan, Cote d’Ivoire.

    They  will discuss and take learnings from success stories of the African private sector as well as dialogue and propose strategic solutions regarding the development of African enterprise and markets.

    Nigerian representatives including Group Chief Executive, Oando PLC Wale Tinubu,  alongside other executives from the company; former President Olusegun Obasanjo; Chairman and Chief Executive Officer, BUA Group Alhaji Abudulsalam Rabiu; President, Africa Development Bank Akinwunmi Adesina; Chief Executive Officer, Citi Nigeria Akin Dawodu, will be sharing their experiences and the Nigerian perspective at the two-day event.

    Africa CEO Forum is the foremost annual meeting of the private sector in Africa.

    The event has recorded over 3,000 participating businesses from over 63 countries since its first edition in 2012 and continues to grow in popularity as an important setting for public-private sector dialogue. The forum presents CEO’s and investors with the opportunity to meet high-level government officials of African counties to gain deeper insights into economic development strategies on subjects ranging from the business environment to the most important public and private investment projects being implemented in their countries.

    It also serves as a platform for attendees to expand their network of high-level business contacts, promote their companies, take and share country and sector specific business learnings, identify new financial partners and be a driving force in the development of Africa’s private sector.

    Some of the panel themes in the 2018 edition of the Africa CEO Forum include: The New Nigerian Economy; Reinventing African Business; Gas: A $2000 billon opportunity, which will be discussed by industry experts such as Wale Tinubu.

    Tinubu, a fervent speaker at similar events like the World Economic Forum, Davos, World Economic Forum, Africa and the FT Summit, will share his experiences on the best ways to exploit gas deposits in Africa as well as the opportunities and challenges that exists within the Nigerian Gas space. Wale is best placed to speak on gas because Oando, which is also oil & gas industry sponsors at the forum, pioneered the private sector distribution of natural gas to industrial and commercial consumers across Nigeria through its midstream gas and power business. The midstream business formerly known as Oando Gas and Power, now Axxela, has over 128 kilometres of pipeline supplying gas to over 165 industrial customers in Lagos, the commercial hub of West Africa.

    Leaders of economies including George Weah, President, Liberia; Emmerson Mnangagwa, President, Zimbabwe; Nana Akufo-Addo, President of Ghana will be speaking at the ‘Doing Business’ in their specific countries sessions designed to give deeper insights into doing business in the various countries they govern.

     

     

  • SEC clears Deloitte to audit Oando

    SEC clears Deloitte to audit Oando

    Following the dismissal and the striking out of the suits impeding the audit of Oando, the Securities and Exchange Commission (SEC) has informed the firm of Deloitte to proceed with the forensic audit.

    Addressing journalists on the development in Abuja on Tuesday, the Acting Director General of the SEC, DR Abdul Zubair, said “the Commission is committed to its primary mandate of protecting investors and will take all necessary steps to fulfil that mandate and uphold the integrity of the capital market.”

    He reassured the general public that “following the removal of the legal impediments, the audit of Oando Plc., will proceed in a transparent and thorough manner.”

    The forensic audit stated “will be completed within the shortest possible time and we have told the auditors to fast track the audit but do it in a professional way and deliver a neat job.

    Deloitte, he said has been given “their terms of reference and we expect that the outcome will be such that all will be satisfied.”

    The Securities and Exchange Commission (SEC) had in 2017 conducted a preliminary investigation of Oando Plc, based on petitions received from shareholders of Oando Plc., and a whistleblower.

    Based on some of the findings from the preliminary investigation, the Commission took steps to preserve shareholder value and protect the investing public.  Consequently the SEC placed the shares of Oando Plc on technical suspension and ordered a forensic audit of the affairs of Oando Plc.

    Read Also: Deloitte integrates practices

    Subsequently, two lawsuits were respectively filed by Oando Plc., and some shareholders of Oando Plc, mainly to restrain the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) from effecting a technical suspension on the shares of Oando Plc and the SEC from appointing a team of forensic auditors to conduct a forensic audit of the company.

    Oando Plc. has withdrawn the pending lawsuit against the Commission by an application heard and granted by the Court of Appeal on March 05, 2017.  Also the application for withdrawal by the shareholders was heard and granted by the Federal High Court on February 21, 2018.

     

  • Oando explains delay in earnings report

    Oando explains delay in earnings report

    Oando Plc yesterday indicated that it would not be able to meet the deadline for the submission of its full-year audited report for the year ended December 31, 2017 due to a review of the report by the Financial Reporting Council of Nigeria (FRCN).

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Most quoted companies including all banks, major manufacturers, oil and gas companies, breweries and cement companies use the 12-month Gregorian calendar year as their business year.  Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The deadline for the submission for the 2017 business year is thus March 31, 2018.

    In a regulatory filing signed by Company Secretary and Chief Compliance Officer, Oando Plc, Ayotola Jagun, Oando stated that the Financial Reporting Council of Nigeria (FRCN) has indicated interest in undertaking a more detailed review of the company’s audited financial statements as part of their statutory review due to the issues raised by the recent investigation of the company by the Securities and Exchange Commission (SEC).

    “We envisage that the FRCN’s review might take longer than originally anticipated. Therefore, the company may not be able to file the accounts until the second week in May, the exact date of filing will be dependent on the turnaround time at the FRCN,” Oando stated.

    SEC has directed a forensic audit of Oando. The forensic audit was precipitated by alleged findings of the SEC, following an investigation into the company which commenced in July 2017. SEC had in October 2017 released the findings of the investigation and called for a technical suspension on the trading of Oando’s shares as well as a forensic audit into the affairs of the company.

    Oando had initially disagreed to what it termed ‘steep penalties’, however, in December 2017, the company issued a statement on its website, saying it would fully cooperate with the SEC on the forensic audit.

    For three consecutive quarters the company has released its results on time and posted strong revenues and profits, despite a challenging environment.  Following in the footsteps of the company’s cooperation with the SEC, Oando recently reached a peace accord with one of the shareholders who petitioned the SEC, AlhajiDahiruMangal with the Emir of Kano, SanusiLamido as the arbitrator.