Economy
SEC Should’ve Foreseen Oando Crisis Before Now—Shareholders
**Insist Wale Tinubu Must Go
By Modupe Gbadeyanka
Shareholders of the embattled Oando Plc have maintained that the Group Chief Executive Officer of the firm, Mr Adewale Tinubu, must resign in the interest of all.
The aggrieved shareholders, under the umbrella of Trusted Shareholders Association of Nigeria (TSA), said Mr Tinubu has overstayed in the position.
Oando has been plunged into crisis lately, which resulted in it being suspended on the trading floors of the Nigerian Stock Exchange (NSE) and the Johannesburg Stock Exchange (JSE).
The oil company had run to a Federal High Court in Lagos to stop a forensic audit of its affairs by auditors announced by the Securities and Exchange Commission (SEC), though it lost this bid because the judge, Justice Mohammed Aikawa, said the court lacked the jurisdiction to hear the matter and advised Oando to take its case to the Investment and Securities Tribunal (IST), set to entertain capital market disputes.
Speaking recently on the issue, National Chairman of TSA, Mr Mukhtar Mukhtar, said Mr Tinubu no longer serve the required purpose because he has overstayed.
“When people overstay in places, they compromise their corporate integrity and what happened (at Oando) was that they stripped some of the major assets of the company, both downstream and upstream and sold them to cronies and to themselves,” he said.
“Since the assets had been stripped, how would money come in? That is why you see that over the years, they stopped paying dividend, no capital appreciation, no bonuses to shareholders and yet management and board remunerations keep increasing,” he added quoting auditors of the company, Ernst and Young.
“If you remember from five-six years till date, Oando has not been a company; rather it has been a company in crisis, having lots of issues.
“The auditors appointed to audit Oando, having scrutinised its account, operations, expenses, finances and liabilities in relation to the asset of the company, came up with a very scary report, which tells everyone in clear terms that there are serious issues surrounding the company,” the Chairman said.
According to Mr Mukhtar, the main issue is “that the regulator should have acted long ago because as a sensible regulator, they foresee signs of trouble in companies because these companies have to render their financials and the regulator ought to have acted as a policeman; they must have their informants, must be doing their checks and balances.”
He added: “It is not a new fact that the regulators are being challenged, even the small steps they took, the compromised step of the suspension of the shares and the forensic audit, they are being challenged.
“I will commend the Johannesburg Stock Exchange (JSE) for taking this proactive measure to suspend Oando and this is because they have read the situation that despite all the compromises, there is a problem with the company and because they are regulating the market, they are doing their job as they make investigations and have people who report to them”.
By Adedapo Adesanya
The Naira further appreciated against the United States Dollar by N5.68 or 0.41 per cent to N1,369.63/$1 on Wednesday, July 22, from the preceding session’s N1,375.31/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX).
Similarly, the Nigerian currency improved its value against the Pound Sterling in the official market during the session by N8.01 to trade at N1,833.12/£1 compared with the previous day’s N1,841.13/£1, and against the Euro, it gained N4.75 to sell at N1,563.03/€1, in contrast to Tuesday’s closing price of N1,567.78/€1.
In the same vein, the Naira strengthened its rate against the US Dollar in the black market yesterday by N5 to quote at N1,400/$1 compared with the N1,405/$1 it was traded a day earlier, and at the GTBank FX desk, it chalked up N5 against the greenback to settle at N1,383/$1 versus N1,388/$1.
FX liquidity was boosted by inflows from foreign portfolio investors, exporters and non-bank corporates. The significant liquidity and strong investor sentiment aided the naira recovery from the recent slump.
As a result, total turnover settled at $416.420 million on Wednesday, up by 29 per cent from $322.664 million recorded the previous day.
The number of deals counted at the NAFEM window also increased to 198 from 110 on Tuesday, signalling higher demand for foreign payments matched adequate FX inflows.
With more than $52 billion in gross external reserves, analysts said the FX market is expected to remain stable in the near term.
As for the digital currency market, Bitcoin (BTC) slipped by 0.4 per cent to $65,658.75 as rising oil prices and higher Treasury yields pressured risk assets and weighed on major cryptocurrencies, which later saw some recovery.
Market sentiment was further dampened by an apparent escalation in US military strikes linked to Iran, while traders also looked at regulatory uncertainty as key US Senate Democrats criticised the latest draft of the Digital Asset Market Clarity Act, which is designed to define and separate regulatory oversight for cryptocurrency, stablecoins, and digital commodities.
Dogecoin (DOGE) crashed by 0.1 per cent to $0.0724, and TRON (TRX) dropped 0.01 per cent to trade at $0.3287, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
However, Cardano (ADA) rose by 1.6 per cent to $0.1741, Ethereum (ETH) gained 0.2 per cent to close at $1,921.85, Binance Coin (BNB) also grew by 0.2 per cent to $569.38, Ripple (XRP) increased by 0.1 per cent to $1.13, and Solana (SOL) soared by 0.02 per cent to $77.50.
By Adedapo Adesanya
Oil prices jumped 3 per cent on Wednesday as mounting supply concerns following escalating hostilities between the United States and Iran, while threats to shipping by the Iran-backed Houthi militia in Yemen further boosted prices.
Brent crude futures went up by $3.06 or 3.36 per cent to $94.07 a barrel, while the US West Texas Intermediate crude climbed $2.49 or 2.95 per cent to $86.83 a barrel.
The US military said it carried out an 11th consecutive night of attacks on Iran. The US attacks came a short while after the Kuwaiti army said its air defences were intercepting Iranian drones.
President Donald Trump said on Wednesday the US would “bomb and destroy one bridge or power plant” any time Iran targets a ship in the Strait of Hormuz.
Iran’s Revolutionary Guards’ spokesperson warned shipping companies that the Strait of Hormuz southern route is mined.
As well as the renewed conflict over control of that key waterway, the Iran-aligned Houthis have opened a new front in the war by threatening to target vessels carrying Saudi oil in the Bab el-Mandeb Strait and announced a naval blockade of Saudi Arabia.
Bab el-Mandeb at the southern entrance to the Red Sea has become an increasingly important route for Saudi Arabian crude exports as traffic through the Strait of Hormuz has fallen sharply again since a ceasefire between the US and Iran collapsed earlier this month.
Five tankers in the Red Sea avoided the Bab el-Mandeb Strait on Wednesday after the Houthis’ threat to block Saudi oil exports.
The European Union’s naval force Aspides said on Wednesday that ships with links to Israel, the US or Saudi Arabia are at a higher risk of being attacked by Yemen’s Iran-aligned Houthi militia and are advised to avoid voyages through the Red Sea and Gulf of Aden.
Crude oil inventories in the US saw an increase of 2.0 million barrels during the week ending July 17, according to new data from the US Energy Information Administration (EIA) released on Wednesday.
It follows figures by the American Petroleum Institute (API) that were released a day earlier, which reported that crude oil inventories had risen by 2.603 million barrels in the period.
The increase brings commercial stockpiles to 411.7 million barrels, according to government data, which are now 6 per cent below the five-year average for this time of year.
Meanwhile, European Union (EU) ambassadors failed on Wednesday to agree on a 21st package of sanctions against Russia over its invasion of Ukraine in 2022.
By Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
