Economy
We’re Not Happy With State of Affairs in Oando—Shareholders
By Modupe Gbadeyanka
South-South Coordinator of the Oando Shareholders Solidarity Group (OSSG), Mr Clement Ebitimi, has expressed worry over the state of affairs in Oando Plc.
Mr Ebitimi, in a statement this week, pointed out it was on this backdrop he led some shareholders to the protest that took place on Monday, September 11, 2017 during the company’s 40th Annual General Meeting (AGM) at the Ibom Hall in Uyo, Akwa Ibom State.
In the statement, Mr Ebitimi faulted claims by the former National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunday Nwosu, that they were paid to disrupt the meeting.
According to him, “We were in the hall when we started our agitation but because we did not want to disrupt the meeting, we heeded appeals to move to the entrance so the whole world can see our agitation. The same Nwosu was one of those who came to beg us.
“We all know Nwosu is a paid agent sent to discredit our genuine expression of discontent with the state of affairs of Oando Plc.
“If we had wanted to disrupt the meeting, no one could have stopped us. Not even Nwosu and his other paid agents who are supposed to fight for the rights of shareholders but who have become sponsored agents of the management of the company.”
Mr Ebitimi noted that Monday’s protest at the AGM was a way of expressing their displeasure with situations in the leading Nigerian oil firm, describing their action as legitimate.
“We read series of newspaper reports and petitions, which showed that all was not well with the company. The issue is that the values of the shares of our members have been eroded by more than 80 per cent in recent times.
“The company has consistently reported losses over the past three years and has failed to pay dividends, yet the executives are increasing remuneration, acquiring choice properties and buying private jets.
“It doesn’t matter how much shares we have in the company. Even if it is 1,000 shares, we are bonafide shareholders and we refuse to be suppressed.
“Our members are bonafide shareholders of Oando. After the protest and assurances that our grievances would be addressed, we went back into the hall to continue the meeting,” Mr Ebitimi said in the statement.
However, at the AGM this week, hundreds of shareholders of Oando Plc, who attended the 40th AGM of the company, expressed confidence in the leadership style the Group Chief Executive Officer, Mr Wale Tinubu, and his team, voting unanimously to retain him and the Board of Directors.
Chairman of the board, Oba Michael Gbadebo, however, said at the event that the firm was going through a period of restructuring resulting from the prevailing global crisis in the oil and gas sector.
He added that despite the challenges, the company was on course towards becoming Africa’s most respected oil and gas company.
“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.”
Before the meeting, there had been an attempt to cancel it, but the Securities and Exchange Commission (SEC) finally said the event could go on as planned.
This followed an interim report submitted by the Special Task Team set up by the capital market regulator, giving the firm the approval to carry on with the AGM.
SEC had received petitions from two shareholders of Oando; Dahiru Manga and Ansbury Inc, requesting that the event be suspended due to alleged gross financial misconduct.
But in a letter dated Thursday, August 31, 2017, which SEC wrote to Oando, it said, “Following the submission of an interim report by the Special Task Team, the Commission is of the opinion that it is unable to identify any material findings that would warrant the postponement of the Company’s 40th Annual General Meeting (AGM) scheduled to hold on September 11, 2017. Consequently, Oando PLC can proceed with its 40th AGM as currently scheduled.”
According to speculations, both petitioners were making efforts to remove Mr Wale Tinubu as the Group Chief Executive Officer of Oando Plc.
One of the petitioners, Mr Dahiru Manga, is believed to currently hold shares worth $250 million or 17 percent stake in the company, but allegedly wanted Mr Tinubu out by all means.
By Adedapo Adesanya
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
