Connect with us

Society

OANDO: OIL MOGUL, WALE TINUBU SCORES HIGH YET AGAIN!

Published

on

The axiom that; ‘experience is the best teacher’; describes Oil mogul and shrewd businessman, Adewale Jubril Tinubu, with the sobriquet JAT. The GCEO of Oando Plc, had always proved his vast experience in business with uncommon brilliance and wizardry. So, when he promised OANDO shareholders at the beginning of 2018 that; he would move the leading Oil and Gas company to an enviable height, many did not doubt his competence. He had always delivered far above expectation. Today, he has not only fulfilled his promise, but he had also lifted Oando far above its competitors.

The continued increase in oil prices and sales volumes, Nigeria’s exemption from the production cut by the Organization of Petroleum Exporting Countries (OPEC), capital discipline and reduced disruptions on production activities in the Niger Delta are contributing factors to the improved cash flows and impressive results posted by Oil and Gas companies operating in Nigeria in the third quarter of 2018.

Underlining how far both majors and indigenous companies have come since oil prices plummeted in 2014, Oando PLC recently posted its nine months ended September 2018 results, with a profit of N10.4 billion, a 46% increase, compared with N7.1 billion in the same period of 2017 and a 70% reduction in debt. In 2014, the company took out debt to the tune of $900 million towards the $1.6 billion landmark acquisition of ConocoPhillips Nigeria assets; today the company has achieved a commendable 70% reduction in this debt to approximately $270 million. These numbers further reinforce the success of Oando’s ongoing initiatives to create value for stakeholders, and drive sustainable growth as well as its potential to access new funding for new projects.

The company had since recovered from the effects of the oil price crash, with this being its second year of consecutive profits and its 3rd profit in 2018. Seplat’s profit-after-tax (PAT) stood at $91 million compared with $5 million in 2017; Total’s adjusted net income increased by 48% to $4 billion compared to same period in 2017 and was 11% higher than in Q1 2014 when oil prices were over US$100/bbl; while Eni made a net profit of 1.53 million euors in the third quarter of 2018.

Oando’s 46% jump in year-on-year quarterly net profits beat market expectations. Despite being in the middle of an indirect shareholder dispute which has led to a yet-to-be concluded SEC forensic audit, the company recorded a 32% increase in its turnover to N505.1 billion from N383.5 billion in comparative period of 2017, driven by higher commodity prices; while its gross profit grew by 9% to N77.6 billion from N71.2 billion in 2017.

Speaking on the company’s financials, Adewale Tinubu said; “Today’s positive result is further evidence of the progress made by Oando in 2018 driven by our continued focus on execution and operational efficiency, supported by buoyant commodity prices.”

Thanks to good operational efficiency, these results confirm Oando’s ability to take full advantage of the improved macro environment to deliver on key corporate imperatives of increased revenues and profit to create value for her shareholders. As the year draws closer to an end, the management of Oando must be applauded for their dedication to keeping the company on course by delivering yet another consecutive quarter of strong financial performance.

In the exploration and production sector, Oando’s upstream subsidiary, Oando Energy Resources made a stellar performance as it benefited from the ramp-up of higher margin production resulting in a 45% increase in realized crude selling price compared with the same period in 2017. According to the company’s press statement, performance was further buoyed by sale price increases of 6% for Natural Gas Liquids and 31% for natural gas deliveries. In the downstream, Oando traded over 10 million barrels of crude oil and ensured petroleum products efficiency through the importation of 445,483MT of refined products.

Commenting further, Oando’s Group Chief Executive said that; “The outlook for the remainder of the year is positive and we remain committed to delivering on our value-based strategy towards improving our liquidity by reducing our gearing, improving our profitability by increasing production, and achieving growth via strategic alliances.”

Oando’s continued positive results and corporate initiatives reinforce the company’s focus on redefining the role of independent players as vital in supporting the socio-economic growth of the nation. In 2018, the company has been particularly active in showcasing to its stakeholders the output from its day to day operations as well as the positive impact it is having in the communities it operates in.

In the third quarter of this year the company in partnership with its Joint Venture partners commissioned a 20,000 gallon water scheme for the over 5,000 residents of Agbere Community, Bayelsa State, in the process reducing the number of Nigerians without access to clean portable water. In the same vein in the Aggah community in Rivers State the company commissioned asphalt road and drainage projects, alongside their JV partners, NNPC & NAOC. Other community projects commissioned include roads and drainage in Irri Community, Isoko South Local Government Area of Delta State and in the Oguta Community, Imo State.

More recently in line with the company’s commitment to Nigerian Content Development, they ran in collaboration with their JV partners, NAOC and NNPC a series of content development workshops in Yenagoa, Bayelsa State. These workshops, carried out in partnership with the Nigerian Content Development Monitoring Board (NCDMB), focused on compliance best practices, procurement regulations and business financing strategies to help improve the quality of output from local contractors as well as the promotion and development of in-country capacities for the industrialization of Nigeria.

Speaking on the future outlook for the company, Wale Tinubu explained that the company would build on this performance in the coming quarter as well as step up organic and inorganic development activities across its existing portfolio.

Society

Boosting Health Access: Lasaco Assurance Supports NYSC Corps Members’ Health Mission”

Published

on

By

 

Insurance underwriter, Lasaco Assurance Plc, has donated health recovery items to support the Health Initiative Programme of the National Youth Service Corps members serving in the Ifako Ijaiye Local Government area of Lagos State.

A statement from the firm said that the donation was to boost health development in the country.

 

Some Corps members, under the aegis of Local Government Initiative, for their first quarter Health Initiative, embarked on a project to provide health services to rural dwellers, whose access to quality health services was limited due to poverty, ignorance and superstition.

 

Lasaco Assurance supported the corps members to reach the target audience and help them overcome their difficulties in accessing quality health.

10 corps members head to India for youth exchange programme

Group trains youths to solve environmental challenges

NYSC confirms release of abducted corpers

The company’s Head of Corporate Communications, Seye Smart, who represented the Head of Strategy, Research and Communications, Dayo Adetokun, at the presentation of the gift items to the corps members, emphasised the importance of exposing the citizens to quality health and safety as that would improve their capacity, make them function well and prolong their life expectancy.

 

A healthy citizen, she explained, would contribute meaningfully to the growth of society and be useful for the development of humanity.

Leader of the LGI team, Bose Ojimi, said the programme was the group’s modest contribution to the country’s quest for improved health and safety for Nigerians and hoped that other corporate organisations would follow in the footsteps of Lasaco Assurance to offer necessary assistance to the people.

Continue Reading

Society

Yahaya Bello absent as court adjourns, EFCC mulls military’s help to fish him out 

Published

on

By

 

Justice Emeka Nwite of the Federal High Court Abuja has adjourned the suit instituted by the Economic and Financial Crimes Commission (EFCC), against the immediate past Governor of Kogi State, Yahaya Bello, to April 23rd.

 

The adjournment is for substituted service and possible arraignment of Bello for alleged N84bn money laundering. At the resumed sitting, Counsel for the EFCC, Kemi Phinro, told the court that the immediate past governor of Kogi State was absent from court for his arraignment because he was being protected by someone with immunity.

 

Phinro said the former governor was whisked out of his Abuja residence by the same person with immunity. Phinro said the anti-graft agency might seek the help of the military to fish him out to come face his arraignment. Responding to this submission, Yahaya Bello through his counsel, Abdulwahab Muhammad, told the court that there is an order of the court restraining the EFCC from arresting or arraigning him.

 

Muhammad said a Kogi State High Court had on February 9, 2024 restrained the EFCC from arresting or arraigning the former governor. He added that the EFCC has appealed the ruling and the Court of Appeal was yet to decide on the matter. He pointed out that the action of the EFCC was unconstitutional and the court lacked jurisdiction to entertain any charge from

the EFCC.

Continue Reading

Society

Billionaire Businessman, Tunde Ayeni’s Talk of the town Daughters Wedding

Published

on

By

Barr. John Olatunde Ayeni C.O.N is indeed a man of high repute with a highly cerebral nature blessed with suave, elegance and finesse. As a young man, he has carved a niche for himself as a seasoned investor and a finance person with a background in the legal profession after bagging a law degree at Ahmadu Bello University, Zaria before he was called to bar. Everything he touches turns into gold. He is a man who knows the true spirit of friendship and brotherhood which has elevated him to the position he holds today. The erstwhile Chairman of Skye Bank has created his name in gold as one of the best brains to have come out of Nigeria as he sits atop several high business conglomerates.

 

One thing has remained constant for him he is a man who loves his family and will never trade anything for his family. More reason he spared no cost to ensure his daughter Abolaji Ayeni gets one of the biggest wedding Soiree with her hubby Oluwatobiloba Adeoye that will never be forgotten in a hurry. It was a rollercoaster of events that remained colourful and also further cents Ayeni’s position as a crowd puller as all his friends turned up for him to celebrate him and his family in one of their proud moments as a father.

 

Last year 2nd of December, the Groom’s family was hosted by Ayeni at an introduction ceremony at his Lagos residence and from that moment he has told his friends that; the wedding shindig would be one to remember as he is putting lots of resources into making the day a memorable one and also appreciate his daughter for making him and his wife proud parents.

 

On Thursday the 11th of April, Ayeni and his family hosted a traditional engagement wedding in Lagos Ikoyi where it was a parade of cultural aesthetics from the best Aso-Ebi to the best of Agbada and music as Yinka Aiyefele serenade the audience with his musical rendition there was an array of cuisines that guests savoured their taste buds with and lots of high-cost drinks.

On Saturday the 13th of April, Ayeni also pulled his heavyweight as the Church wedding where the couples were tied together by Pastopr Tunde Bakare’s Latter Rain Church in Oregun before the train moved to the reception at the Balmoral Hall of the Federal Palace Hotel, Victoria Island where guests were treated like a king, the whole V.I corridor was locked down as automobiles of different kinds took over the roads.

 

It was an absolute display of wealth, opulence and splendour as the who is who in Nigeria’s business, political and socialite space were in attendance. The roll call was quite an elitist one as it was like a gathering of stars with deep pockets. The father of the bride adorned in his full Agbada was seen smiling cheerfully welcoming his guests and also making sure those who attended were given the best of treats. The food was local and continental and the wines served were vintage wines. It was like a carnival as Evangelist Dunni Olarewaju (Opelope Annionting)coroner was on the bandstand while King Wasiu Ayinde Marshall the Fuji maestro also serenaded the audience.

 

Those who attended confessed that Ayeni is not only a master planer in the boardroom he is also a master planner of soirees and a good host with a high sense of hospitality. Those spotted were; the Governor of Ogun State, Prince Dapo Abiodun, Kogi State Secretary to the State Government; Mrs Ayoade Folashade, Former Governor of Ogun State Senator Ibikunle Amosun, Chairman Federal Inland Revenue Service; Dr Zacch Adedeji Former Governor of Delta State, Chief James Ibori, Former Governor of Ekiti State, Mr Niyi Adebayo, Hajia Bola Shagaya, Olugbon of Ilegbon Oba Francis Alao, Olofin of Isheri Oba Sulayman Bamgbade, Elegushi of Ikate Land Oba Saheed Elegushi, Akinshiku Dosumu Oba Otudeko, Iyaloja of Lagos Folashade Tinubu-Ojo, Mogaji Wole Arisekola, Former Fidelity Bank MD Mr Nnamdi Okonkwo, Daily Times Publisher Mr Fidelis Anosike and wife Rita Dominic-Anosike, Nkiru Anumudu, Segun Awolowo, Terry Waya, Comfort Obamuyiwa, Aisha Achimogu, Abu Abel, Abisagboola ‘Bankuli’ Oluseun and a host of others.

By: Oladapo Shofowora.

Continue Reading

Trending