Our 40th AGM Not Suspended or Postponed by SEC—Oando Plc

Image

By Dipo Olowookere

Oando Plc has confirmed to Business Post that its 40th Annual General Meeting (AGM) slated for Monday, September 11, 2017 in Uyo, Akwa Ibom State, has not been suspended or postponed as being reported by some news platforms.

Reports had emerged yesterday that the Securities and Exchange Commission (SEC) informed the leading oil firm in Nigeria to put its AGM on hold.

The reason for this, according to the reports, followed developments in and around a petition/investigation of Oando transactions/trades.

This specifically surrounds the 2015 transactions leading up to and after the special listing of Oando Plc shares, which SEC is investigating.

But in an emailed response to Business Post’s enquiry on the matter on Saturday, Head of Corporate Communications at Oando Plc, Alero Balogun, emphasised that the AGM “has not been postponed or put on hold.”

She further stressed that, “The AGM will still hold as planned on Monday, 11th September, 2017 at the Akwa Ibom State Hall, Akwa Ibom.”

Oando Plc, which released its half-year earnings last month, recorded a rise in its turnover by 26 percent, N267.1 billion compared to N212.3 billion achieved in the corresponding period of 2016.

In addition, its gross profit increased by 76 percent to N33.4 billion from N19 billion in H1 2016, while its profit after tax appreciated by 117 percent to N4.6 billion from N26.9 billion loss in the first half of last year.

Share
Related Stories
Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

More Stories
Image
06-March-2017

Senate Uncovers N10tr Fraud in NNPC

By Modupe Gbadeyanka An alleged fraud of about N10 trillion in the oil and gas sector has been unearthed by the Joint Senate Committee on Petroleum (Downstream, Upstream) and Gas. According to the committee, the alleged fraud was perpetrated by officials of the Nigerian National Petroleum Corporation (NNPC) in connivance with some independent marketers and other key players in the petroleum industry between 2006 and 2016. To get to the root of this mess, the committee said it would carry out a holistic investigation of the fraud with a view to bringing perpetrators to book, having secured the strong support

Image
06-October-2020

Buhari to Present 2021 Appropriation Bill to NASS Thursday

By Adedapo Adesanya President Muhammadu Buhari will on Thursday, October 8, 2020, present the 2021 Appropriation Bill to the joint session of the National Assembly (NASS) in Abuja. The Senate President, Mr Ahmad Lawan, read the letter from Mr Buhari at the plenary session on Tuesday in Abuja, conveying his intention to present the budget to the parliament in two days’ time. “May I crave the kind indulgence of the distinguish Senate to grant me the slot of 11 hours on Thursday, October 8, 2020 to formally present the 2021 Appropriation Bill to the joint session of the National Assembly.

Image
15-June-2017

SunTrust Bank Denies Owing Legislative Aides

By Modupe Gbadeyanka The management of SunTrust Bank has refuted claims that it owes some members of staff of the National Assembly. Earlier this week, some legislative aides staged a protest at the National Assembly complex in Abuja, claiming the lender has refused to pay them their salaries, leading to the death of one Mr Hassan Abiodun, an aide to the Deputy Speaker, Mr Yusuf Suleiman. But addressing newsmen yesterday over the matter, the bank, through its Executive Director in charge of Finance and Risk Management, Mr Usman Abdulqadir, said there was no truth in the claims. Speaking with journalists

Image
04-October-2017

MAUSTECH: Amosun Allays Fears of MAPOLY Students

By Modupe Gbadeyanka Governor Ibikunle Amosun of Ogun State has assured current students of the Moshood Abiola Polytechnic (MAPOLY), Abeokuta, that the creation of the Moshood Abiola University of Science and Technology (MAUSTECH), as well as the Ogun State Polytechnic, Ipokia, will not in any way disrupt the existing academic calendar of their institution. Mr Amosun gave the assurance on Tuesday, while addressing students of MAPOLY, who staged a peaceful protest to his office, to express their grievances over the refusal of their lecturers to conduct their examination, three weeks after it was scheduled to hold. Describing the action of

Image
01-November-2020

NNPC, First E&P Commence Production in OMLs 83, 85

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) and First Exploration and Petroleum Development Company (First E&P) Joint Venture has announced the commencement of oil production from the Anyala West field in Oil Mining Leases (OMLs) 83 and 85. Located in the shallow waters offshore Bayelsa State, First E&P will operate the two blocks on behalf of the national oil company and company’s Joint Venture. According to the firms in a statement, the Anyala – Madu field development project objective is to develop 142 million barrels of oil and 98 billion standard cubic feet of gas from the fields

Image
17-February-2022

Abbey Mortgage Bank Lists Shares from Rights Issue on Stock Exchange

By Dipo Olowookere The shares allotted to shareholders and investors who bought the rights issue of Abbey Mortgage Bank Plc have been listed on the Nigerian Exchange (NGX) Limited. The stocks, a total of 3,692,307,692 units, were listed on the exchange on Wednesday, February 16, 2022, and have now increased the total issued and fully paid up shares of the firm to 10,153,846,154 ordinary shares of 50 kobo each from 6,461,538,462 ordinary shares of 50 kobo each. Recall that recently, Abbey Mortgage Bank sold the rights issue to shareholders at 2 kobo per share on the basis of four new

Image
27-March-2018

ALATbyWema Receives ‘Best Digital Bank in Africa’ Award

By Dipo Olowookere Africa’s first fully digital bank, ALATbyWema, has been named ‘Best Digital Bank in Africa’ at the 2018 Asian Banker Awards. Wema Bank launched ALAT in May 2017 to provide digital banking services for students, entrepreneurs and professionals in Nigeria. ALAT, a branchless bank with apps available on Google Play, the Apple App Store and www.online.alat.ng, offers unique features including account opening in minutes, group savings, instant loans, a virtual dollar card and up to 10 percent annual interest on savings. Over 200,000 ALAT accounts have been opened since May 2017, accounting for more than N1 billion in

Image
18-July-2021

Terrorist Attacks Reporting: SERAP Urges Buhari to Block NBC Directive

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has sent an open letter to President Muhammadu Buhari, urging him to use his leadership position to withdraw the National Broadcasting Commission (NBC) policy banning journalists and broadcast stations from reporting details of terrorist attacks and victims across the country. In a notice dated July 7, 2021, NBC issued a directive asking journalists, television and radio stations in Nigeria to stop “glamourizing and giving too many details on the nefarious activities of terrorists and kidnappers” during their daily newspaper reviews. The directive, titled Newspaper Reviews And Current Affairs Programmes: A

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods