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Tag: Wale Tinubu

  • Oando seeks to join Tinubu’s suit against SEC

    Oando Plc on Monday urged the Federal High Court in Lagos to join it in a suit filed by its Group Chief Executive Officer Wale Tinubu and his deputy Mr. Omamofe Boyo against the Securities and Exchange Commission (SEC).

    Tinubu and Boyo are challenging SEC’s decision to remove them from office, impose a fine on Tinubu and bar them from being directors of public companies for five years.

    Oando’s lawyer Yele Delano (SAN) told Justice Ayokunle Faji that his client intended to be joined in the suit.

    He sought an adjournment to enable him file the necessary processes.

    Besides, he also said he would be praying the court to consolidate similar cases on the SEC decision.

    Tinubu and Boyo’s lawyer Tayo Oyetibo (SAN) also urged the court to join Oando in the suit.

    He said his clients would be affected should the court refuse to grant Oando’s application in the event it goes an appeal.

    Oyetibo urged the court to take a favourable look at the application for joinder, so that progress can be made in the suit.

    But, SEC’s lawyer Chief Anthony Idigbe (SAN) said the case was set for hearing, and that he was ready to go on.

    The court had on June 3 restrained the SEC from acting on its decision against the plaintiffs.

    Ruling on an ex-parte application filed by Tinubu and Boyo, Justice Mojisola Olatoregun ordered parties to maintain status quo.

    SEC had on May 31 announced the conclusion of an investigation of Oando and ordered Tinubu and other affected board members to resign.

    Read Also: Oando, SEC urged to settle out-of-court

    On June 2, it announced it had set up an interim management team headed by Mr. Mutiu Sunmonu to oversee the company’s affairs and to conduct an Extraordinary General Meeting on or before July 1 to appoint new directors to the board, who would subsequently select a management team

    Tinubu and Boyo filed the suit numbered FHC/L/CS/910/19 to challenge the SEC decision.

    They sought “an order of interim injunction restraining the second respondent (Sunmonu) from acting as the head of the interim management of Oando Plc pending the hearing and determination of the motion for interlocutory injunction.”

    After hearing the applicants counsel, Justice Olatoregun ruled: “That an interim order of injunction is granted within the prayers sought; parties are to maintain the status quo ante pending the determination of the motion on notice.”

    Based on another application, the court granted leave to Tinubu and Boyo to file a motion for a judicial review of SEC’s decision.

    Justice Ayokunle Faji granted “an order of certiorari bringing up to the Federal High Court for the purpose of being quashed, the decision of the first respondent (SEC) contained in its letter dated 31st May 2019”.

    Delano prayed the both suits be consolidated and Justice Faji adjourned until July 4 for arguments.

    He fixed July 22 for hearing of the substantive suit.

  • SEC bars Wale Tinubu from being public company director 5 years

    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.

    In a statement signed by its Head of Corporate Communications,  Mrs Efe Ebola, SEC said it also barred Oando’s Deputy Group Chief Executive Officer (DGCEO) from being a director of a public company for five years.

    The DGCEO is Mr Omamofe Boyo.

    The News Agency of Nigeria (NAN) reports that SEC in March 2018 announced the commencement of audit of Oando’s  account.

    The commission said that it appointed Deloite Nigeria to proceed with the forensic audit.

    In the statement, the commission also directed resignation of the affected board members,  and called on the company to convene an extra-ordinary general meeting on or before July 1, to appoint new directors.

    The commission said that these and others were part of measures to address identified violations in the company.

    “Following the receipt of two petitions by the commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges).

    Read also: ‘Tinubu’s suspension will bring sanity on NSE’

    “Certain infractions of securities and other relevant laws were observed.

    ”The commission further engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc.

    “The general public is hereby notified of the conclusion of the investigations of Oando Plc,” it said.

    According to SEC, findings from the audit revealed infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures and corporate governance lapses stemming from poor board oversight, among others things.

    It  added that the forensic audit showed irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.

    The SEC also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected board members to the company.

    As required under Section 304 of the Investments and Securities Act, 2007, the commission said it would refer all issues with possible criminality to the appropriate prosecuting authorities.

    The commission said that other aspects of the findings would be referred to the Nigerian Stock Exchange, Federal Inland Revenue Service and the Corporate Affairs Commission.

    “The commission is confident that with the implementation of the above directives and introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced.

    “Therefore, in line with the Federal Government’s resolve to build strong institutions, boards of public companies are enjoined to properly perform their duties as required under extant securities laws,” it said.

    It said that SEC, as the apex regulator of the Nigerian capital market, would maintain zero tolerance to market infractions.

    It also reiterated commitment to ensuring fairness, integrity, efficiency and transparency of the securities market, thereby strengthening investor protection. (NAN)

  • 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.”

  • UN, Nigeria’s private sector launch Humanitarian Fund

    Nigeria’s business leaders will make history in Lagos on Thursday  15th November 2018 when they partner with the United Nations to launch the Nigeria Humanitarian Fund Private Sector Initiative (the NHF-PSI).

    This was disclosed in a statement by the organizers.

    According to the statement, the bold platform is a global first that will serve as a blueprint for private sector engagement in humanitarian action around the world through a UN country-based pooled fund.

    The launch will be attended by leaders of Nigeria’s private sector, senior UN representatives, ambassadors of donor countries, and civil society heads.

    Read Also: How to diversify Nigeria’s economy, by NAPE

    Zenith Bank founder Mr Jim Ovia and Oando Chief Executive Officer  Mr Wale Tinubu are among several of Nigeria’s top business leaders who will pledge to support the fund .

    Many other major companies that have a stake in the future of all Nigerians have indicated their support for the fund, and others are encouraged to join this collaborative, accountable and measurable platform for humanitarian action.

  • WALE TINUBU plans birthday shindig

    ON June 26, Wale Tinubu, lawyer and head honcho of Oando Plc will be celebrating his 51st birthday.  The businessman, we gathered, will treat his close friends and family to a private dinner at a highbrow location in Lagos.

    According to a source who divulged the coming celebration, though the businessman is a very quiet person who loves his privacy, he does not joke with his birthday.

    This year’s celebration is a very special one; because, despite the storm he faced since his 50th birthday last year, in family and business, he is still staying strong and firm.

    He will be doing some quiet donations to the less-privileged and will also be celebrating with the motherless babies, the physically-challenged and widows. He will also be giving out scholarships to brilliant students across the country.

  • Moment of excitement for Wale Tinubu

    Moment of excitement for Wale Tinubu

    It is no longer news that Alhaji Dahiru Mangal has resolved the conflict with Oando PLC thanks to deal a peace deal mediated by the Emir of Kano Muhammadu Sanusi II.

    If Wale Tinubu was to recall his disturbing moment as the Group Chief Executive of Oando PLC it would be the imbroglio that rocked the high flying up and downstream oil and gas firm with several petitions and alleged negative media campaign which led to embargo on all stock activities by the Nigerian Securities Exchange.

    However, owing to his sterling leadership qualities, other shareholders stood by him and he kept flying the flag of the company high.

    Now that the storm is over, Wale can now heave a sigh of relief.

  • Oando AGM: Shareholders retain Tinubu, Board

    Oando AGM: Shareholders retain Tinubu, Board

    Oando Plc successfully held its 40th Annual General Meeting (AGM) yesterday, at the Ibom Hall in Uyo, Akwa Ibom State, with the shareholders of the company voting unanimously, expressing confidence in the management team, led by its Group Chief Executive Officer, Wale Tinubu, and retaining the company’s Board of Directors.

    The Chairman of the Board, Oba Michael A. Gbadebo, said the company was going through a period of restructuring resulting from the prevailing global crisis in the oil and gas sector.

    Oba Gbadebo added that despite the challenges, the company was on course towards becoming Africa’s most respected oil and gas company.

    He said: “As we pursue our vision to be the most respected African oil and gas company, we are experiencing a period of restructuring for sustained growth.  We will continue on our aggressive reduction of debt to create a platform for long term profitability while driving growth via our dollar denominated upstream and downstream trading businesses. Cost reduction will remain key to us and we will ensure disciplined execution of our corporate initiatives towards achieving long term profitability and guaranteed returns for all shareholders.”

    In their comments, the shareholders, who unanimously adopted the company’s 2016 audited report, raised concerns regarding the operations of the company in the upstream, midstream and downstream sectors of the petroleum industry, as well as its finances and debt profile.

    Tinubu responded to all the concerns raised to a resounding applause and chants of ‘’Progress, progress’’ by hundreds of shareholders who attended the AGM.

    He thanked the shareholders for their continued support in the challenging times and assured them that the management team will focus on sustaining the company’s profitability and ensuring returns to shareholders.

    “As your management team, we assure you that our main focus will continue to be geared towards sustaining your company’s profitability and ensuring adequate return for you our esteemed shareholders. Our story has always been one of resilience, innovation and growth, and I assure you that we are fully committed towards positioning your company towards sustained growth moving forward,” Tinubu said.

    an extensive policy on it.  A policy that has been developed using international global standards as a benchmark, he added.

    “If anybody linked with the management of the company is doing any kind of business for or with the company, we are obliged to disclose and we have constantly disclosed. Our related-party policy is on our website. It is detailed and extensive, it is benchmarked against global best practice and it is overseen by the governance committee of the Board, which is an independent committee,” he said.

    Oando shareholders also voted to re-appoint Ernst & Young as the auditors of the company, while Dr. Joseph Asaolu, Mr. Olusegun Oguntoye and Mr. Edah Erinevere were elected to the audit committee of the company’s board.

    Despite speculations of major disruptions at the AGM, nothing of the sort occurred.  The AGM went smoothly without disruption, more importantly it was successfully concluded.

    There was a 15 minute protest outside the venue however this was carried out by non-shareholders as all shareholders could have entered the venue to raise their legitimate concerns to management and the Board.  Speculation is that the protestors were dubious characters who had been asked to disrupt the AGM.  The protesting crowd dispersed after key shareholder representatives advised that if they had legitimate concerns that they should officially write to the management of the Company expressing their concerns.

  • Wale Tinubu hits golden age

    Wale Tinubu hits golden age

    In this part of the world, hitting a milestone age is usually a cause for rolling out the drums, hiring a band of elite entertainers and inviting the high and mighty to a gathering for merry-making. On June 26, Lagos big boy, Wale Tinubu of the Oando fame, will attain the golden age of 50. As it would be expected, friends and associates are awaiting the announcement of a grand celebration befitting a man of Wale’s status.

    However, the well-connected nephew of frontline APC chieftain Asiwaju Bola Ahmed Tinubu, may not be keen on turning his birthday into one of mindless celebration, believing instead that it is an opportunity to reflect on life’s journey and the task ahead.

    As a versatile and well-travelled man with a lot of experience, some people would expect him to use the occasion to launch a memoir on the path he has travelled so far, but those who are close to the popular socialite say he is more inclined to mark the day with prayers and charitable deeds.

  • Oando supports Navy with fuel tank

    The Group Managing Director, Oando Nigeria Plc, Wale Tinubu yesterday in Lagos said the oil major has boosted operations of the Nigerian Navy by providing it with a one-million-litre fuel storage capacity tank.

    Speaking during the commissioning of the facility in Lagos, Tinubu said the would guarantees an uninterrupted supply of fuel and seamless operations of naval ships.

    Represented at the event by the Chief Executive officer, Oando Marketing Company, Yomi Awobokun, he said the project is in line with the Navy’s Transformation Agenda of providing effective monitoring services of the nation’s waterways.

    He said efforts are on-going to build the facility in all naval stations across the country as part of efforts to make the institution more formidable in Africa.

    Tinubu said: ‘’ Oando is replicating the facility in all the Naval stations.  We have articulated our plans, and we are working with the Navy’s top brass to replicate the structure in Navy-owned facilities. The Navy conceived the idea of having a fuel gas storage facility in its formation, and we have keyed into it. We are happy that the Navy approached us on the issue.  Oando is keen to help Navy deploy its fleets through the facility whenever the need arises.

    ‘’Oando is working with the Navy on how to provide and implement new initiatives and make its roles unparallel in the continent soon. We have since positioned ourselves as a partner with the Navy in order to help strengthening the force.’’

    Tinubu said the company has tanks of fuel buried in Navy facilities at Victoria Island and Apapa in Lagos to help the Navy access the product for operations.

    The Chief of Naval of Staff, Vice Admiral UO Jibrin, said the Navy and Oando have evolved partnership arrangement in the last 18 months for growth.

    Represented by the Chief of Logistics, Naval Headquarters, Rear Admiral Ikot Ibao, he said the facility would change the process of delivering fuel to the Navy.

    ‘’Most of the supplies were through the trucks. Now that we have this kind of facility, it means cutting down the cost of stock-piling the product,’’ Jibrin added.