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Tag: Oando Plc

  • NGX: Trading in shares of Oando Plc suspended

    NGX: Trading in shares of Oando Plc suspended

    The Nigerian Exchange Regulation Limited (NGX RegCo), the regulatory arm of the NGX, on Thursday, suspended tradings in the shares of Oando Plc.

    This is contained in a notice signed by the Head, Issuer Regulation Department, Mr Godstime Iwenekhai, and sent to trading licence holders.

    Iwenekhai stated that Oando failed to submit its audited financial statements for the year ended, Dec. 31, 2023.

    He cited provisions of Rule 3.1 for filing of accounts and treatment of Default Filling Rules.

    The provisions state: ‘If an issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange will (a) send to the issuer a Second Filing Deficiency Notification within two business days after the end of the Cure Period.

    ‘(b) suspend trading in the issuer’s securities, and (c) notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension.’

    Recall that in a corporate notice filed with the NGX earlier, Oando blamed the delay on the acquisition of Nigerian Agip Oil Company, which was completed on Aug. 22.

    Also, the Johannesburg Stock Exchange suspended trading in Oando shares in March due to its inability to meet the extended deadline to publish its 2022 audited year-end results.

    Oando, listed both on the NGX and JSE, also failed to meet the deadline to publish its interim results for 2023 as at the time of JSE suspension, which was, however, lifted in June.

    In its unaudited results for 2023, Oando rebounded from a N78.71 billion loss in 2022, to record N74.7 billion profit in 2023.

    The group saw its turnover increased by 71 per cent to N3.4 trillion at the financial year ended, Dec.31, 2023, compared to N1.9 trillion recorded in 2022.

  • NNPC acquires Oando stations to become Africa’s largest retailer

    NNPC acquires Oando stations to become Africa’s largest retailer

    The Nigerian National Petroleum Company (NNPC) Limited has announced the acquisition of OVH Energy Marketing, owner and operator of the Oando branded retail service stations to become Africa’s largest petroleum products’ retailer.

    This was revealed by the Chairman Chairman of NNPC Limited, Margery Okadigbo, while speaking on the development in Abuja on Saturday.

    Okaigbo said, “In order to strengthen our downstream business portfolio to enhance profitability and guarantee national energy security, NNPC has under an Accelerated Network Expansion Initiative completed the acquisition of OVH downstream assets.

    “This includes the reception jetty (ASPM) with 240,000MT monthly capacity, eight LPG (Liquefied Petroleum Gas) plants, three lubes blending plants, three aviation depots and 12 warehouses.

    “The acquisition will bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo, on our journey to attaining 1,500 stations. We will be the largest petroleum product retail network in Africa.”

    On his part, the Group Chief Executive Officer, NNPC, Mele Kyari, said Oando filling stations would be merged with NNPC Retail Limited.

    He stressed that through the acquisition, NNPC Retail Limited would build on the existing success of OVH and operate model service outlets leveraging OVH’s extensive asset base and commercial capabilities.

    “Our acquisition of OVH.brings more NNPC branded fuel stations under the NNPC Retail Limited umbrella, providing wider access for our customers, an enriched supply chain and product availability across our different locations,” Kyari stated.

    Speaking, the Chief Executive Officer, OVH Marketing, Huub Stokman, said the acquisition by NNPC came at a critical time in the Nigerian energy sector given the overhaul of the petroleum laws with the recent enactment of the Petroleum Industry Act 2021.

    Reacting to the development, an energy market analyst, Halidu Shuaibu said it is a healthy news given the nature of the market and the experience of the NNPC, noting that this would inject good resources into the market.

  • SEC to resume forensic audit of Oando Plc

    Dr Abdul Zubair, Acting Director-General, Securities and Exchange Commission (SEC) says it will resume forensic audit to probe Oando Plc based on petitions received by the commission from shareholders of the company.

    He disclosed this during a news conference on Tuesday in Abuja.

    Zubair noted that a forensic audit was initiated in 2017, and preliminary investigation was carried out.

    He said that based on some of the findings from preliminary investigation, the commission took steps to preserve the shareholders value and protect the investing public.

    This, he said, led to the technical suspension of the shares of Oando Plc and the commencement of a forensic audit.

    He, however, said that the audit was suspended because of two lawsuits that were initiated to stop the process.

    “The two law suits were filed by Oando Plc and some shareholders of the company to restrain SEC and the Nigerian Stock Exchange (NSE) from effecting a technical suspension on the shares of Oando.

    “The lawsuits were also intended to stop SEC from appointing a team of forensic auditors to conduct a forensic audit of the company,’’ he said.

    Zubair, however, said that Oando Plc. had withdrawn the pending lawsuit against the commission by an application heard and granted by the Court of Appeal on March 5, 2017.

    He also said that the application for withdrawal by the shareholders was heard and granted by the Federal High Court on Feb. 21.

    According to him, following the dismissal and the striking out of the two suits, SEC would be proceeding with the forensic audit.

    “Following the dismissal and striking out of the suits, SEC has duly informed the firm of Deloitte to proceed with the forensic audit.

    “The commission is committed to its primary mandate of protecting investors and will take all necessary steps to fulfill that mandate and uphold the integrity of the capital market,’’ Zubair added.

    He assured all stakeholders that following the removal of the legal impediments, the audit of Oando Plc, would proceed in a transparent and thorough manner.

    Zubair, however, did not give a time frame for the completion of the audit, but assured that it would be done in the shortest possible time.

    Zubair also assured that the commission would not interfere with the audit so that the outcome would be satisfactory.