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

Reactions as Korra Obidi travels to Hawaii for vacation after fans donated $50,000 for legal fee

Published

on

By

Nigerians across social media have begun to slam popular Nigerian-American singer and dancer, Korra Obidi, as she flew immediately to Hawaii in the United States after completing her GoFundMe $50,000 target.

Obidi created GoFundMe on Friday to seek a good lawyer, adding that she wants to overturn the right of her ex-husband, Justin Dean, over their kids.

According to her, she would need money to get a good lawyer, which is why she created the GoFundMe account to meet the target of $100,000.

The account generated over $50,000 raised from over 950 donors worldwide.

“As a mother, it’s time to fight for myself and my kids,” Obidi said. She also shared her GoFundMe account details, seeking the assistance of fans and friends.

However, on Sunday, the dancer, after raising the money, said during a live session on Facebook that she had plans for a vacation in Hawaii.

Her decision has been greeted by outrage from her fans, with many alleging that the main intent of the GoFundMe was never to file a suit against the husband but to lavish on her extravagant lifestyle.

Wanda Johnson, a Facebook user, said, “She got y’all’s money, now she’s at the airport. Some of you are so weak to believe her foolishness. She is always begging, scamming, and manipulating.”

“You are gradually becoming a professional beggar on social media,” one Chigoziri Ohochukwu on Facebook opined.

“Mad that she can’t post pictures because without posting pictures she can’t make money. She needs to post pictures of her kids to make money. But she would rather go to Hawaii than see.Her children sickening and people gave her $.Or whatever was on that go find me.People needs to report the go fund me everybody needs to report to get their money back,” a user who identifies as Jennifer Lynn Russell claimed.

Nene Peters stated, “WTF you was just on here crying about you need a lawyer now, you traveling. I’m done with you wow.”

“Two days ago she was crying for donation now she is traveling,” said Hermi Matilya

Meanwhile, Bridget O’Connell said, “Yeah I’m not gonna lie Traveling to Hawaii is crazy after receiving all that money for Lawyer girl! You shoulda did that in silence.”

Also, Mary Monique Napont said, “It’s none of your business lady. She is an influencer, performer, student, and most importantly a great mother. Leave her be. You are a part of the problem. She’s not hurting you in any way. If you don’t like her, don’t follow her. It’s that simple.”

Recall that the divorce and custody battle between Obidi and Dean has been on the public scene lately. Recent developments have granted Justin the right to restrict their two children from featuring on Obidi’s online content.

She posted a plea online, accusing Dean of abuse and “gaslighting” during their marriage, claiming he is now subjecting their daughters to similar treatment.

 

Continue Reading

Society

Police declare Lagos socialite wanted for murder, cyber-stalking

Published

on

By

The Nigeria Police Force, on Sunday, declared a Lagos socialite and blogger, Dorcas Adeyinka, wanted for alleged cyber-stalking, abduction and murder, among others.

The police urged members of the public to “arrest and hand over the suspect to the nearest police station or the office of the IGP Monitoring Unit, Force Headquarters, Abuja.”

The police further described Adeyinka as a married female Yoruba blogger from Ekiti State and Ibadan, Oyo State capital.

She is said to be approximately 1.64m tall with an oval face, tribal marks, pointed nose, wide mouth, full and white dentition, and light-skinned with black eyes.

The police added that she lives in the United Kingdom, and frequently visits Ikeja, Ogudu and Fagba in Lagos State, as well as Otta and Sango in Ogun State.

Meanwhile, PUNCH Online had earlier reported that a Chief Magistrate Court in Wuse Zone 6, Abuja, summoned two social media users for defaming Adeyinka by allegedly sharing her nude photo online.

In the court summons dated Thursday, May 9, 2024, which was obtained by our correspondent, Chief Magistrate Emmanuel Iyanna ordered the two defendants – Tolulope Adeoye aka Abike Jagaban, and Tolulope Odegbami aka Olowosibi – to appear in persons before the court on June 4, 2024, to answer the charges levelled against them by the complainant.

The summons followed a criminal complaint filed by the complainant’s lawyers led by Pelumi Olajengbesi of an Abuja-based law firm, Law Corridor.

The socialite accused the defendants of sharing her nude photo on social media and ridiculing her.

The application partly read, “On March 5, 2022, Abike Jagaban shared the complainant’s nude pictures on YouTube, directing her followers to different online platforms where the complainant’s pictures were/are shared and ridiculed the complainant in the process.

“The video was captioned, ‘Abike Jagaban on Dorcas Adeyinka, aka TMS Blog.’ These actions have exposed the complainant to contempt, hatred and detestation as some people can be seen making disparaging remarks against the person of the complainant in the comment section of the above-referenced post. Abike Jagaban has also bullied the complainant in another video titled, ‘How Abike Jagaban bullied Dorcas Adeyinka,” among others.”

The complainant told the court that the alleged actions of the defendants constituted criminal defamation and contravened Section 391 of the Penal Code.

Meanwhile, in suit number CR/93/2024 with motion number MN/140/2024, Magistrate Iyanna ordered the complainant to serve the defendants with the criminal summons and all other subsequent processes of the court via their social media handles or pages @Tolulope Omolara Ghaba (Facebook) and @Princess Tolulope Ajike Olowosibi (Facebook).

The magistrate adjourned the matter till June 4, 2024, and ordered that the two defendants be present in court on the said date.

 

Continue Reading

Society

Even if arrest warrant was illegally obtained, Bello should’ve appeared in court – Judge

Published

on

By

 

By Taiye Agbaje

 

Abuja, May 10, 2024 (NAN) A Federal High Court, Abuja on Friday granted the application by the Economic and Financial Crimes Commission (EFCC) for the former Governor of Kogi, Alhaji Yahaya Bello, to appear in court for his trial.

 

Justice Emeka Nwite, in a ruling, held that the former governor ought to appeared before the court before making any application.

 

He insisted that even if the arrest warrant was illegally obtained, the defendant (Bello) should have still shown up in court.

 

It would be tracked that the judge had, on April 23, fixed today for the ruling on the former governor’s application to set aside the arrest warrant against him.

 

The EFCC’s lawyer, Rotimi Oyedepo, SAN, had, on April 17, moved the ex-parte application for the arrest warrant.

 

But Bello’s counsel, Adeola Adedipe, SAN, on April 23, prayed the court to set aside the arrest warrant against their client

.

He canvassed that the arrest warrant had become unnecessary since their lead counsel, Abdulwahab Mohammed, SAN, had accepted the service of the charge on behalf of the ex-governor.

 

He argued that the arrest warrant order, having been made before the charge ought to be set aside suo motu (on its own accord, without any request by the parties involved).

 

The senior lawyer argued that contrary to the submission of the lawyer who appeared for EFCC, Kemi Pinheiro, SAN, that the ex-governor must be in court first before any application could be entertained being a criminal case.

 

He said that the anti-graft agency also made an application on April 18 after the warrant arrest was issued to EFCC on April 17 and that the court granted it.

 

The lawyer submitted that the arrest warrant was issued in favour of the EFCC by the court in violation of fair hearing to their client.

 

He noted that the complainant made an application for substituted service on 18th day of April after the arrest warrant had been issued on 17th day of April and today, my noble lord granted it.

 

“The court must satisfy itself that the defendant (Bello) will not be prejudiced in fairness if the warrant of arrest continues to hang on his neck, having been made before service of the charge contrary to Section 394 of ACJA,” Adeola argued.

 

He argued that justice should be a three-way traffic; that is, justice to the prosecution, the defendant and the public.

 

He said for Bello to appear in court, he must have the notion that he would get justice.

 

Adedipe also argued that the EFCC was an unconstitutional body because its establishment was not ratified by the 36 states of the federation.

 

He said that for the EFCC to become a constitutional body, the 36 states of the federation must ratify the law establishing it as against the current position, that the EFCC Establishment Act was unilaterally ratified by the Federal Government.

 

He, therefore, asked the judge to vacate the arrest warrant against the former governor.

 

But Pinheiro vehemently opposed the application.

 

The senior lawyer argued that for the arrest warrant to be vacated, the former governor must be arraigned and take his plea in compliance with Section 396 (2) of the Administration of Criminal Justice Act (ACJA), 2015.

 

Delivering the ruling on Friday, the judge agreed with the argument of the EFCC.

 

He said that the order of court subsisted until it is set aside, even if there is irregularity.

 

The judge said Yahaya Bello’s staying away amounted to disregard to the sanctity of the court.

 

“Therefore, the application by the counsel for the defendant cannot be moved unless the defendant is present in court.

 

“Bello should come to court in his own not through EFCC for arraignment on the next adjourn date,” the judge declared.

 

Meanwhile, shortly after the ruling, Mohammed, who appeared for the former governor, informed the court of a motion on notice filed on May 9.

 

He said the motion prayed the court to stay further hearing of the alleged money laundering suit filed against Bello until the Court of Appeal decides a pending case relating to same matter.

 

The senior lawyer said the anti-graft agency had, by a motion ex-parte, got an order of the Appeal Court stopping the contempt proceedings filed by the ex-governor against the agency at the High Court sitting in Lokoja.

 

He said the appellate court had already fixed May 20 to hear the case.

 

He said it would be important the Federal High Court, Abuja awaits the outcome before going further with the trial.

 

But the EFCC’s lawyer, Oyedepo, disagreed with Mohammed’s submission.

 

In a short ruling, Justice Nwite refused Mohammed’s application.

 

The judge said that the matter had generated controversy all over the world and was unnecessary.

 

Reacting, Mohammed responded that the former governor was not afraid to come to court but was only afraid of his life.

 

Justice Nwite, however, said that Bello should not be misguided but should be advised to come and answer to the alleged charge.

 

“It is just a charge. It has not been proven. Counsel, it is your duty to bring him and you prepare yourselves.

 

“We thank lordship. We will take your admonition to him because that is just his fear,” Mohammed said.

 

He assured that efforts would be made to contact the former govenor to appear in court in the next adjourned date.

 

Justice Nwite consequently adjourned the matter until June 13 for arraignment.(NAN)(www.nannews.ng)

Continue Reading

Trending