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

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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.

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Build a fabulous, all-year round wardrobe without breaking the bank – By Kunle Bakare (KB)

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Let’s begin with Brioni today. And learn from the hugely successful Italian brand established in 1945 by two friends. The fashion house coveted by style cognoscenti has one of the most apt slogans we know: ‘to be one of a kind’.

 

‘To be one of a kind,’ unique and uncommon are the attributes of all human beings (when we deploy the traits that differentiate us, like our fingerprints prove).

 

And for style, those who constantly upgrade and elevate their duds and accessories acknowledge the importance of creating an exceptional, distinctive (but not flamboyant and loud) dress sense.

 

They fill their wardrobes with extraordinary winners that give them immeasurable pleasure. Their garments and all the pieces that elevate them heavenwards are objects of desire that amplify the best version of themselves.

 

So, to build a wardrobe that fits your personae, presents your best version, credits your account with regular dividends and high returns on investment is a meticulous and painstaking process. Forever appearing well-put-together—at work and at play, at home or out and about—demands a lot of smart thinking and action. Like the elongated shadow behind the luxury label Sofisticat, Mr Lanre Ogunlesi—whose role as a forerunner who cleared, toiled and paved the path legions are proud to prance on—constantly proclaims, ‘dressing well requires a lot of preparations.’

 

And here are some of the ways you can build a remarkable wardrobe without spending a fortune:

 

1. First, acknowledge and note the activities that are important to you.

a. How and where do you spend your week?

b. What’s the dress code at work?

c. How do your most successful partners, associates and colleagues dress?

d. How do you spend your evenings and weekends?

e. Which other activities dominate your calendar?

 

2. Priotise these activities.

Which engagements are crucial, that are important and improve your earnings (in the long run), dispense the greatest pleasure, boost your well-being and promote your mental health?

 

3. Analyse the one that takes up the most time.

Which engagement takes up the highest percentage of your time?

 

4. Now list the apparels that should populate the most engaging activities that improve your earnings and multiply your pleasure.

 

To build a special wardrobe demands enormous time, energy and resources. And the passion and will that surpass distraction and disappointment.

 

What you do—your profession and how you dress to earn your living—is paramount when you are building a wondrous wardrobe. The uniform of your occupation, the dress code permitted for your livelihood takes the prime spot. Since this engagement dominates your week (from five to six days), your wardrobe should be mostly filled with work clothes that should last for two weeks, at least—far more if your means permits—without repetition. If you master how to mix and match and coordinate, it’s possible to stretch the same items for many more days.

 

Also consider engagements that litter your evenings and weekends. The events you attend and places you worship, socialize and unwind. For these activities, start with a dozen ensembles, which you build gradually, and then expand later.

For these solemn moments, lively soirées and exciting shindigs you will require top notch attires that best represent who you are. More so, your worship ensembles—whatever faith you profess or conviction you cherish—should be the best you can afford in formal mode tilting to high elegance in consonance with what your leaders recommend.

 

For very special occasions, it might be best to make (get) new attires.

 

Before you begin assembling these togs, you should also:

 

*Decide where you want to perch on the style ladder: of course, towards the top of the Richter scale of elegance!

 

*Decide the style that warms your bosom, agrees with your persona and fits your pocket: from minimalist to the exuberantly joyful (without the gaudy factor)!

 

*Carefully pick tailors, designers and outlets that serve your style best. Take time to research and locate them in your town or farther afield.

 

Once you are clear about where you are going, do an audit of your current wardrobe and retain only items that fit your plans and aspirations. Discard everything else!

 

Choose clothes and accessories that work together (as interchangeable separates), complimentary colours and styles—and acquire heartwarming and exciting pieces for the wardrobe that will serve you for years.

 

Your wardrobe—to serve your objectives and take you far—should represent the slow fashion ethos. Classic, durable, ethically produced and sustainable fabrics in modes devoid of trends and what’s in vogue. And Brunello Cucinelli—the 70 year-old flag bearer of quiet luxury whose restoration efforts in Solomeo (Italy) is a ‘tribute to human dignity’—readily comes to mind.

 

Note: it takes time to build anything worthwhile (even if money was no object). Test what works unhurriedly, step by step and settle for what fits your future self. Upgrade as your knowledge increases and your pocket swells.

 

What’s more, you should take good care of your apparels. They will serve you better and longer. For example, don’t iron wool and delicate fabrics directly. Buy the most functional steam iron you can afford. You should also own a garment steamer. Don’t wear shoes two days in a row. Rotate! Stock shoe care products and use them.

 

Get a good, dependable and experienced dry cleaner and laundryman. Your clothes will thank you and serve you for years.

 

And don’t forget: dry clean your garments occasionally. The chemicals used in dry cleaning damage clothes. Instead, rotate, air, iron, steam, buff and polish your clothes and shoes— and keep them in breathable bags in cool spots.

 

You may also consider stylists or wardrobe consultants (they will save you time, energy and money eventually).

 

-Kunle Bakare for Omoluwabi by KB (19.04.2024)

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

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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.

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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.

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

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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.

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