oando
over the years, oando plc has made a significant impact in the oil and gas industry especially in the downstream sector and has grown from one entity to seven that are now leaders in their different markets namely oando marketing, oando supply and trading, oando gas and power, oando energy services, oando exploration and production and oando terminalling .
mr. boyo is the deputy group chief executive officer of the oando group. prior to this, mr. boyo doubled as the executive director, oando marketing limited and ceo of oando supply and trading limited .
oer concludes arrangement with oando plc for oando plc to acquire oer minority shares for a consideration of us $ 1. 20 per share in cash
in 2016, oando plc completes strategic us $ 115. 8 million gas and power agreement with helios. oando plc completes sale of akute ipp .
in july 2012, oando completed a reverse takeover (“rto”) involving the former exile resources inc. to become oando energy resources inc. (“oer”). the rto was preceded by the restructuring of oando’s shareholding in certain entities in the upstream exploration and production division of oando and transferring same to exile resources inc .
glassdoor gives you an inside look at what it' s like to work at oando, including salaries, reviews, office photos, and more. this is the oando company profile. all content is posted anonymously by employees working at oando .
oando cooking gas is a very good product, i will use dis medium to tell all of u out there that oando is good... .. t
- oando energy resources inc. (“ oer ” or the “ company ” )
.. oh did i mention safety among others is taken seriously here at oando .
oando plc announces q1 2016 results, posts n4. 1bn profit - after - tax
i applied in - person. the process took 1 day. i interviewed at oando .
oando plc is africa’s leading indigenous energy company operating in the upstream, midstream and downstream .
oando plc is a nigeria - based company that has strategic investments in energy companies across west africa. oando plc operates through subsidiaries, including oando marketing limited, engaged in the marketing of petroleum products, manufacturing and blending of lubricants; gaslink nigeria limited, east horizon gas company, oando gas and power limited, akute power limited and central horizon gas company limited, engagaed in the distribution of natural gas for industrial customers; oando supply and trading and oando trading, both engaged in the supply and distribution of petroleum products; oando energy services, a provider of energy services, as well as oando exploration and production limited, active in the fields of exploration and production. in september 2012, it acquired exile resources incorporated .
calgary, alberta, april 29, 2016 - oando energy resources inc. (“oer” or the “company”) (tsx: oer) announces that the outside date under oer’s previously announced proposed plan of arrangement (the “arrangement”) with oando plc and oando e & p holdings limited
either bonus where others has declared their own. pls if oando is having problem could someone assist to inform me? it given me headache everyday when i check the market update. it is only oando that is dropping. i wrote this so oando should encourage us (investors
on monday, oando plc (oando: lag) closed at 6. 40, 16. 36% above the 52 week low of 5. 50 set on sep 19, 2017 .
in september 2016, oando announced the execution of a definitive agreement with a vehicle owned by funds advised by helios investment partners llp (“helios”), a premier africa - focused private investment firm, to acquire 49% of the voting rights in oando’s midstream business subsidiary, oando gas and power limited .
as a result of this and further to the announcement on june 30, 2015, a new company will be formed to hold interests in oando marketing limited, oando supply & trading limited, apapa spm limited, and oando trippmart limited. oando plc will retain 49% shareholding in the newly formed corporate vehicle, with the consortium owning 49% , and the residual 2% owned by a local entity .
oando plc is organized functionally into a number of operating divisions. these divisions are grouped into three categories :
shareholders requested a quick resolution to the issues with the petitioners to enable oando’ management focus on building the brand .
oando said it had received a
no objection
approval from the sec for this increase in issued shares .
speculation in nigerian media was that the complaint related either to misrepresentations in oando’s financial statements or to the price oando paid for the assets. it bought the conoco - phillips assets when a barrel of brent crude oil cost more than $ 100 .
oando is organised in three operating divisions: upstream, midstream and downstream. the upstream division is known as oando energy resources (oer). oer is the largest local provider of rig services and the top nigerian exploration and production company. the midstream division is called oando gas & power (og & p ;). og & p; is responsible for building the biggest gas pipeline grid in sub - saharan africa, and for developing independent power stations including akute power, gaslink nigeria, alausa power and gas network services. the downstream division of oando consists of oando marketing plc (omp), oando supply & trading (ost) and oando terminaling and logitstics (otl). omp is the leading oil retail company in nigeria, ost is the biggest private and independent oil trading company in africa and otl is responsible for developing the infrastructure required by the downstream division .
headquartered in lagos, nigeria, oando is a leading independent african exploration and production company. the company’s service portfolio includes exploration, production and marketing of petroleum products and distribution of gas. oando is the first company in nigeria to achieve being listed on both the south african and nigerian stock exchanges. through its upstream division oando energy resources (oer), the company has an additional listing on the toronto stock exchange. oando owns more than 600 petrol stations throughout nigeria and employs around 1, 000 employees
ly not impressed with the rate at which oando is dropping or falling in at the stock exchange market. should i be regretting
also, another representative of ansbury, mr. mike epelle, referred the task force to the ansbury’s letter of august 17, 2017 and explained that the controllers of whitmore (another major institutional investor in oando plc), who are the same persons in control of oando plc, have frustrated every effort to constitute the board of oodp nigeria, the majority shareholder of oando plc .
oando plc, the integrated energy solutions provider with operations across west africa, today announced unaudited results for the nine months ended 30 september 2008. oando has a primary listing on the nigerian stock exchange and a secondary listing on the jse limited (jse) .
channels tv, a nigerian broadcaster, reported on friday that some of the foreign investors in oando had filed a petition with the sec relating to oando’s shareholding structure after it paid $ 1. 65bn to buy the nigerian oil assets of conocophillips in july 2014 .
“•ansbury (indirect foreign investors in oando plc) should write a letter to oando plc in response to the notice of meeting (agm) stating that there is no valid representation for oodp nigeria (core investors in oando plc); •ansbury should file an action in court for an order postponing the agm or in the alternative, for an order of injunction restraining oando plc from entertaining any representation from oodp nigeria during the agm; and •ansbury should prepare a detailed written submission stating grounds upon which sec should postpone the agm. ”
in 2005, oando energy services was incorporated as an integrated oilfield services company to achieve the group’s objectives in the upstream services industry .
the listing of the conversion shares increased oando’s outstanding paid up shares from 12. 034 billion ordinary shares to 12. 431 billion ordinary shares. oando’s market capitalisation however increased slightly from pre - conversion value of n99. 082 billion to n99. 451 billion after oando’s share price dropped by 15 kobo or 1. 84 per cent from opening value of n8. 15 to close yesterday at n8 per share .
oando lekki refinery limited though yet to receive a refining licence, the oando group plans to construct a greenfield refinery in the lekki free trade zone with an optimal capacity size of 360, 000 barrels per day (81per cent of the current total nameplate capacity of the countries four refineries .
in 2014, oando energy resources (
oer
) listed on the tsx an affiliate company of oando plc entered into agreements with conocophillips (
cop
) to acquire its entire business interests in nigeria for a total cash consideration of ~ $ 1. 5 billion. [ 6 ]
in 2014, oando divested the 128 km eastern horizon gas company (ehgc) franchise in a $ 250 million transaction with seven energy. [ 5 ]
at the end of 2014, oando had 9. 1 - billion issued shares, about 2 - billion more than at the start of the year .
group chief executive officer, oando plc, mr. wale tinubu, said that oando’s strategy of growth across its business operations; deleverage through the divestment of non - performing assets; and profitability, by focusing on dollar denominated export earnings, has continue to steady the group against global and national economic headwinds .
in july 2016, oando entered into a tri - partite agreement with the vitol group, the world’s largest independent trader of energy commodities and helios investment partner, a premier africa - focused private investment firm to form ovh (formerly oando downstream) the nation' s leading supplier and distributor of refined petroleum products .
the group chief executive officer of oando plc, mr. wale tinubu has unveiled various strategies expected to boost the company’s future performance and deliver returns to investors. oando had a rough patch, recording losses in 2014 and 2015. however, it bounced back into profitability for the year ended december 31, 2016 .
nigerian integrated energy solutions provider, oando plc, is under investigation by the nigerian securities and exchange commission (sec) over alleged malpractices in its financial statements .
oando had doubled its turnover in the first quarter of this year as the indigenous energy group continued to reap from its strategic focus on assets optimization and deleverage .
oando’s board of directors serve as the prudent fiduciary for shareholders and is responsible for proper management of the company. the board is made up of twelve (12) individuals from diverse academic and professional backgrounds of which four (4) are independent non - executive directors. the current directors of oando plc are as follows :
at the end of 2014 oando’s main shareholder, ocean and oil development partners, held 55. 1% . ocean and oil is 60% - owned by delanson services, trustee for the family of businessman gabriele volpi, and 40% by liberation management, trustee for the family of oando’s ceo, jubril adewale tinubu .
in 2014, it concluded the acquisition of conocophillips’ nigerian business through its upstream subsidiary, oando energy resources, making it the country’s largest indigenous oil and gas producer .
to contact oando plc, please visit. company data is provided by s & p; global market intelligence. please use this form to report any data issues .
oando aims to continue growing reserves through harnessing existing resources while delivering sustainable value to stakeholders. through significant investments in local and offshore assets, oando’s vision is to remain a cutting edge gas and oil company with world - class operations. the company has a firm stance on nurturing talented young people with an exposure and training initiative geared for accelerated learning. oando is committed to social and economic development of local communities in which the company operates. strong focus is placed of job creation and increasing local capacity .
the operations and activities of the oando group are in accordance with ethically acceptable and corporate governance best practices, as well as laws and regulations in the jurisdictions where we operate .
in june 2015, oando entered into an agreement with hv investments ii b. v. , (
hvi
), a joint venture owned by a fund advised by helios investment partners (
helios
) and the vitol group (
vitol
), for a cash investment of us $ 461 million in oando’s downstream business. [ 7 ]
in 2008, oando developed a “ business partner non solicitation policy ” which all our business partners are required to execute. the key element of this measure is to ensure that our business partners also subscribe to the same high standards of integrity. the non - solicitation policy is a declaration that a business partner will not offer bribes to employees of oando plc .
mr. silvano bellinato, representing ansbury had told the task force that ansbury is not a direct shareholder of oando plc and stated that the company was requested to attend the meeting following the last letter of ansbury, dated august 17, 2017 sent to the sec, seeking the assistance of the commission for the postponing of the oando agm as per the evidences provided .
epelle informed the task force that intervention of sec is necessary as the primary regulator to protect the interests of all shareholders and investing public in general. part of the reasons for the foreign investors’ agitation against the proposed agm, vanguard learnt, was that ansbury is alleging that wale tinubu, the chief executive officer (ceo) of oando plc, is trying to prevent the main shareholder of oando, indirectly ansbury, from taking any decision in oando plc, because ansbury is planning to remove him (tinubu) from the position of ceo of the company .
speaking at the agm held in uyo, akwa ibom state, mr adeleke oladimeji, a shareholder of oando plc expressed concern on how media reports are gradually eroding shareholders’ investment in the company .
oando is nigeria' s largest indigenous oil and gas company with a production output of 43, 000 boepd, enterprise value of n520 billion and market capitalisation value of n115. 1 billion .
on december 20, 2012, oando announced that its subsidiary oando energy resources entered into agreements with conocophillips to acquire its entire business interests in nigeria for a total cash consideration of us $ 1. 79bn plus customary adjustments. the deal is stated to be finalized around march 2013. this is part of the company’s strategic move to enter into the high profit margin upstream oil industry in nigeria .
shares in oando, the nigeria - based oil and gas company, fell more than 9% in lagos after a tv report that it was being investigated by the nigerian securities and exchange commission .
the ethics and compliance program strives to promote ethical conduct in all business dealings, train employees on ethical standards. the program is part of the effort to mitigate risks and address our core values. the oando code of conduct and ethics principally guide the business activities of the group and is applicable to all directors, managers, employees and all third parties who work for and on behalf of oando .
oando energy resources has a portfolio of oil and gas assets in nigeria and sao tome & principe. we hold interests in 14 licences for exploration, development, and production of oil and gas concessions .
the ceos of each operating entity have agreed their respective long term strategies following a major review in 2013. our upstream operations, oando energy resources (oer) who operate our exploration and production (e & p ;) business, and oando energy services (oes) who operate the largest swamp drilling rig fleet in the niger delta, have focused their strategies on their people, their partnerships and new technology .
mr. tinubu is the group chief executive officer of oando plc, a position he assumed after a successful stint as the executive director, finance and administration of the company from july 2000 to june 2001 .
the share price of oando plc surged to a two - year high last week, rising by 20. 2 per cent as investors reacted to positive developments in the company and the successful completion earlier strategic initiatives .
in that direction, oando has taken the bull by the horn by establishing two registered two refineries as subsidiaries – oando port - harcourt refinery limited and oando lekki refinery limited. oando port harcourt refinery limited was incorporated as part of efforts by the oando group to partake in the 2005 privatisation bid rounds of the federal government owned port harcourt refinery. in line with its privatisation agenda, initiated in 2002, the obasanjo - led administration had called for bids from prospective investors to buy a 51 per cent stake in the port - harcourt and kaduna refineries. while the kaduna refinery had a nameplate capacity of 110, 000 barrels per day, the two refineries which make up the port harcourt refinery had capacities totaling 210, 000 barrels per day. the group’s bid for the port - harcourt refinery was entered in conjunction with oil giant, shell petroleum development company (spdc). however, its bid efforts were unsuccessful, as the refinery was sold to bluestar oil services consortium limited for an estimated $ 561 million, though the sale agreement was later cancelled and monies returned to the bid winner .
oando said it considered the complaint to be
unsubstantiated, misleading and defamatory
. however, it did not respond to questions from business day on why it had not released a stock exchange announcement about the sec investigation .
abuja, march 6 nigerian oil company oando has dropped its lawsuit against the domestic securities and exchange commission (sec), paving the way for a forensic audit of the firm, the regulator said in a statement on tuesday .
commenting on the transaction, oando plc’s group chief executive, wale tinubu, said: “despite global economic headwinds, we have taken the proactive approach to establish a strategic partnership which will leverage oando’s sector dominance, considerable local knowledge and expertise; together with hvi’s international, and technical capabilities. this partnership will reinvigorate nigeria’s downstream sector and create one of africa’s largest downstream operations. we are extremely confident in the success and potential returns this alliance will deliver. ”
oando, a $ 250 million (market cap) energy conglomerate with assets in the downstream, midstream and upstream sectors, is one of nigeria’s largest independent oil companies and is listed on both the nigeria and south africa stock exchanges .
oando now sells and distributes one in every five litres of petroleum in nigeria via over 500 retail outlets, and has operations across west africa – ghana, togo, and the republic of benin. in a bid to improve the overall efficiency of the industry and to lower product cost for the consumer, oando is poised to construct the largest products terminal in sub - saharan africa in the lekki free zone and an offshore sub - marine pipeline delivery system in apapa .
later in the same year, the company acquired agip petroli’s 60 per cent stake of agip nigeria plc, through an international bid. the company was subsequently rebranded oando plc in december 2003, a name which it holds till date .
oando’s business is organized into six divisions operating in the downstream, mid - stream and upstream industries. the divisions are marketing, supply & trading, terminal & logistics, gas & power, energy services, and exploration & production .
oando provided maximum opportunities for career growth and development. it is a management by objective work environment, where employees are recognised and rewarded for excellent perfomance. the culture of excellence is predominant, with employees wanting to out perform themselves. -
people listen to ceo of oando jubril tinubu' s speech during the second day of the world economic forum meeting on africa, at the cape town international convention centre on may 9, 2013, in cape town. afp photo / rodger bosch
mr. boyo has a bachelor' s degree in law from kings college, university of london, england (1989). he is also a member of the nigerian bar association. he serves on the board of several companies which include gaslink nigeria ltd, oando togo, oando ghana, west african refinery company, (warco) sierra leone, stallion properties, ocean and oil services, indunmines ltd, quantum voice systems ltd, i2i nigeria ltd. and lagos preparatory school ltd .
already, the nnpc has pledged its support for the establishment of the proposed greenfield refinery in lekki, lagos and also praised the efforts of other industry players like oando plc, for its commitment to establishing refineries in nigeria to boost local refining capacity .
in arriving at a fair value for the ordinary shares of oando plc post rights issue, we used the forecast of the company as contained in the rights circular. we considered the following factors in arriving at the forecasts we used for the valuation :
oando plc. is a nigeria - based integrated energy solutions provider. the company operates through four segments: exploration and production (e & p), supply and trading, gas and power, and corporate and others. the e & p segment is
other moves by ansbury, vanguard learnt, also include removal of all the components of the board of directors, reject any proposal concerning the remuneration of the ceo and the directors of oando plc, and eventually reject the approval of the annual report 2016 .
directors’ induction program: newly appointed members of the board are educated on the provisions of the group’s code of business conduct & ethics and other related policies as part of the induction program. the programme also includes on - site visits to some of oando’s facilities. this well - rounded / intensive induction process helps the directors understand the diverse nature of the businesses, the ethical values to which oando subscribes and the culture of the organization; thereby enabling them to discharge their duties to all stakeholders effectively and efficiently .
first registrars nigeria limited, one of the leading registrars and transfer agents in nigeria, render registrar services to oando plc. they are responsible the issuance of share certificates, dividend warrants, maintenance of the share register and other related services to our shareholders .
according to the notes to the group’s 2014 annual report, oando converted $ 929m of debt, part of which was incurred to fund the purchase of the conocophillips assets, into 650. 8 - million common shares and 325. 4 - million warrants .
on the 9th of december of every year, oando joins the rest of the world to commemorate the “international anti - corruption day” in a bid to further entrench the ideals of good corporate governance and international best practice as an essential part of the company’s culture .
( lagos, nigeria) – oando plc (“oando” or the “group”), nigeria’s leading indigenous energy group, listed on both the nigerian and johannesburg stock exchange, has announced a $ 210 million recapitalization of its downstream operations by hv investments ii b. v. , (“hvi”), a joint venture owned by helios investment partners (“helios”), a premier africa - focused private investment firm and the vitol group (“vitol”), the world’s largest independent trader of energy commodities (together, the “consortium”) .
oando is currently in the capital market to raise the sum of n54. 58bn via a rights issue. the rights issue is on the basis of 2 new ordinary shares for every 1 ordinary share held as at the close of business on october 19, 2012. the rights issue is a critical step for oando towards the execution of its strategic expansion plans; optimising its balance sheet and improving its leverage position. the net issue proceeds, estimated at n52. 9bn after deducting the total cost of the issue, will be applied as follows :
oando plc is one of africa’s largest integrated energy solutions provider with a proud heritage. it has a primary listing on the nigeria stock exchange and a secondary listing on the johannesburg stock exchange. with shared values of teamwork, respect, integrity, passion and professionalism (tripp )
at oando, we are guided by various corporate governance codes such as the securities and exchange commission’s code of corporate governance for public companies 2013 (nigeria), the king iii code of corporate governance (south africa) and by integration, other acceptable corporate governance best practices .
oando has in the meantime released a press statement calling the petitions unsubstantiated, misleading and defamatory, and has said the company is fully co - operating with the sec in the discharge of its duties by providing all appropriate clarifications and rebuttals on the matters raised in the said correspondence .
“furthermore the petitions have been filed by ansbury inc (“ansbury”): this petitioner is not a shareholder of the company, but a shareholder in a company domiciled in a jurisdiction outside nigeria which in turn holds shares in a nigerian investment company that is a shareholder in oando. ”
applying a relative valuation method to derive the value of ordinary shares of oando, we arrived at a fair value of n19. 12 per share. the current market value of oando share is n14. 40 while the rights issue price is n12. 00. this means that the rights were offered to shareholders at a discount to the market price while the market price is also trading at a discount to our fair value. on the basis of this, we recommend that existing shareholders take up their rights or trade it on the floors of the nse and jse .
the internal audit unit is an independent, objective assurance and consulting department designed to add value and improve oando’s operations. the department helps oando businesses accomplish their objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control and governance processes. the department evaluates the adequacy, appropriateness, effectiveness and integrity of internal controls over financial reporting and business operations and proffer recommendations where weaknesses are noted. the internal audit performs a wide range of audit services including financial audits, compliance audits, operational audits, information technology audits, and investigations .
review of results oando ceo, adewale tinubu said, “we are pleased to announce today yet another strong performance, with gross profit of $ 138. 63million, up 63% over the same period in 2007. this performance, anchored by superior and operating efficiency was largely driven by our supply and trading, marketing and increasingly, gas and power businesses. this reflects the diversity and strength of oando business model along the energy value chain. we are inspired by these results and confident that this positive trend will continue, leading to a robust year end performance. ”
oando’s participation in the fight against corruption extends beyond the confines of our business operations. the company is actively involved in the global fight against corruption and the promotion of good corporate sustainability principles through its membership in a number of local and global anti - corruption organisations. these organizations include :
oando plc has just released its full year trading result to the floor of the nigerian stock exchange. the company, which has 905, 084, 628 units of shares outstanding, declared a turnover of n 336. 859 billion and a profit after tax of n 10. 096 billion .
oando plc yesterday concluded a debt - to - equity conversion with the listing of about 396. 8 million ordinary shares that resulted from the transaction at the nigerian stock exchange (nse). the transaction was valued at n3. 17 billion at the closing value of the integrated energy group .
in 2013, oando plc succeeded in raising over n55. 2 billion from the capital markets as its rights issue recorded 101 per cent subscription. the company issued 4. 548 billion shares to existing shareholders at n12 per share between december 2012 and february 2013 with the intention of raising n54. 6 billion. oando gas and power commissioned 10. 4 mw alausa independent power plant to provide electricity to the lagos state secretariat complex. following the decommissioning of oes professionalism in 2013, oes currently has a fleet of 4 rigs; oes teamwork, oes respect, oes integrity and oes passion. [ 4 ]
oando gas and power is the largest private sector gas distributor and developer of captive power solutions in nigeria and handle our midstream operations. ogp aims to fund sustainable business growth in a manner that maintains value, minimizes costs and risks, creates successful stakeholder relationships and provides exciting growth and development opportunities for employees .
according to a report by nigerian newspaper, punch, the investigation was triggered by series of petitions filed by some foreign investors in relation to some changes in the shareholding structure of the company following a 2014 deal in which oando paid $ 1. 65 billion for the acquisition of oil producing assets owned by conocophillips .
shareholders of oando plc can specify the manner through which they want to receive the annual reports and other statutory reports of the company. shareholders who wish to receive correspondences from the company in an electronic format may complete the electronic delivery mandate form and return same to the company secretary or first registrars nigeria limited for processing .
in 2012, oando exploration and production limited (
oepl
) signed a farm - in agreement with network exploration & production nigeria limited (
nepn
) for the acquisition of 40% participating interest in the qua iboe field (oml 13) subject to the consent of the minister of petroleum. [ 3 ]
the new company will be renamed ovh energy (“ovh”) to reflect its ownership structure and the commitment of its new shareholders. ovh will be led by a local management team, tasked with building the business, safely and efficiently. under the new business structure, the initial board will consist of mr. wale tinubu, group chief executive of oando plc. , as the chairman, mr. christian chammas, ceo of vivo energy, operating 1600 service stations across 16 african countries and other vitol and helios representatives. the current ceo, mr. yomi awobokun, will continue in his role. the service stations will retain the oando brand .
in 2002, ocean and oil led unipetrol' s bid for a 60% stake of agip nigeria plc, a rival petroleum marketing firm, owned by agip petroli bv, an italian - based oil company. the merged company was named oando plc in 2003, making the company the largest downstream petroleum marketing company in nigeria .
oando plc is one of africa’s largest integrated energy solutions providers with a proud heritage. it has a primary listing on the nigerian stock exchange and a secondary listing on the johannesburg stock exchange. it all started in 1956 when esso commenced business operations in nigeria as a petroluem marketing company. 1976 saw the government of nigeria buying esso and renaming it unipetrol. by 1991 unipetrol went public with 60% of the shares going to investors. 1994 saw ocean and oil holdings being founded to supply and trade petroluem products in nigeria and worldwide. in 2002, ocean and oil holdings acquired 60% shares of agip nigeria plc and by 2003 unipetrol nigeria plc merged with agip nigeria plc to give birth to oando .
in a response to the petitions and allegations of the foreign investors the management of oando plc had stated: “the company’s position remains that these petitions have no merit as the issues raised have received board, shareholder and where required, sec approval. other matters highlighted by the petitioners could have been directed to the company and would have received the necessary clarification. ”
he also noted that oando acquired a n108 billion medium - term - loan with 11 nigerian banks; this medium term five - year consolidated facility, with a three - year moratorium on principal, enabled the overall restructure of the group’s obligations, which has reduced its borrowings significantly by 29 per cent to n225. 9 billion in the first quarter of 2017 from n355. 4 billion .
oando plc. is a nigeria - based integrated energy solutions provider. the company operates through four segments: exploration and production (e & p ;), supply and trading, gas and power, and corporate and others. the e & p; segment is involved in the exploration for and production of oil and gas through the acquisition of rights in oil... (more )
oando was originally founded in 1956 as esso africa by exxon, an american corporation. in the late 1970s the government of nigeria bought majority shares in the company and it was rebranded as unipetrol nigeria. in the early 1990s the company was publically listed and later that year 60% shares were sold to citizens of nigeria. by 2001 unipetrol had acquired 51% shares in gaslink nigeria, a company responsible for over 150km of gas pipelines. between 2000 and 2001 ocean and oil, a private investment firm co - founded by benedict peters in 1990, acquired 42% of unipetrol. the following year ocean and oil led the acquisition of a 60% stake in agip nigeria, a rival company. in 2003 the company was renamed to oando plc and became known as the largest nigerian downstream petroleum company .
our downstream operations consist of our terminals and logistics business and the retailing of our refined petroleum products. oando marketing plc (omp) manages this aspect of our business with a distribution network of over 470 retail service stations. the omp strategy is to become a retail company that delivers a good return on investment in the smartest possible way, using sustainable means and technology and relying on the best people .
in supporting the company’s fight against corruption and unethical practices, the company established a framework through which errant business partners may be suspended or blacklisted for failure to comply with oando policies and procedures and the code of business conduct and ethics. the policy covers the adherence by business partners to contractual terms, safety, standards of ethics, financial propriety and human rights in the provision of goods and / or services .
explaining some of past initiatives, tinubu noted that the company deleveraged its balance sheet through the divestment of its upstream services company oando energy services and embarked on the expansion of its retail and gas footprint through a strategic partnership with helios investment partners and vitol group to recapitalise its downstream business for $ 210million and the $ 115. 8 equity buy - in of its gas and power business by helios investment partners .
the securities and exchange commission, sec, has moved in to douse tension ahead of the 40th annual general meeting (agm) of oando plc scheduled for next week monday in uyo, akwa ibom state. ansbury, the indirect foreign investors in the major oil company, had sent another petition to the commission, seeking to suspend the agm over what they see as failure of corporate governance in the major oil company .
smart objectives have been developed by senior management to push forward these strategies. we have already begun to make progress and we have identified areas of investment that will allow us to adapt, improve and ultimately achieve our ambition to become the trusted investment, employer and partner of choice. we remain committed to our social responsibilities with our continued support of the oando foundation with funding and donations in kind from our corporate businesses .
oando is committed to doing business with only reputable, honest and qualified businesses. the company and its employees exercise due care and take reasonable steps and precautions, geared towards evaluating the anti - corruption and bribery risks of engaging with prospective business partners. in an increasingly complex global business environment, it is crucial for us as a company to know exactly who our business partners are and the reputational risks when dealing with them .
oando became the 21st member to sign unto the convention on november 16, 2009. following the recent business integrity failure and regulatory lapses in nigeria, the cbi began to focus on the promotion of a collaborative approach of promoting public - private sector partnership by hosting roundtable discussions with select groups of leaders of key government regulatory bodies and members of the business community to identify and implement sustainable models for corporate control against corrupt practices in nigeria .
in the downstream and trading business, tinubu said that oando is currently diversifying markets and deepening relationships with refineries in order to increase west - africa presence. “in 2018, the company will expand operations across africa, specifically to southern african development community (sadc) and east africa community (eac) while 2019 to 2020 will see the company focus of assets acquisitions to drive forward expansion into other major african markets, ” he stresses. .
vanguard learnt that sec has already set up an 11 - man task force to look into the matter and report back for it to take action before the agm date. in the interim report of the first meeting of the task force which vanguard sighted, titled, ‘serious concern to corporate governance existence, gross abuse of corporate governance and financial mismanagement in oando plc’, the task force outlined three possible ways forward for the corporate dispute as follows :
after completing his academic education, benedict peters launched his career. he held various senior roles in banking, commodity trading and the nigerian oil and gas industry. in the early 1990s he became the co - founder of ocean and oil limited, known today as oando, a petroleum exploration and trading company. in 1994 peters joined mrs as managing director. mrs is a major downstream petroleum firm and the owner of all chevron / texaco petrol stations throughout west africa .
disclosing some of other initiatives to the capital market community, tinubu said in the midstream business (power and gas) of the company, the current initiative is to grow aggregate gas pipeline utilisation portfolio to an average of 70mmscfd, commence operation of gas trading platform, design and commence implementation of appropriate financing plan for oando gas & power (ogp). he added in 2018, the company would grow aggregate gas pipeline utilisation portfolio to an average of 100mmscf / day .
nue for the conference attendees to learn more about oando’s businesses and operations. we also got the opportunity to speak on two panel sessions where we led conversations around “investing in the future of nigeria for sustained economic development & growth” and “the independent producers’ role in the future of upstream production”. it was also our pleasure to host the networking lunch event on the second day of the event where key industry stakeholders were able to build and rekindle relationships as well as share key ideas .
recently the media has been agog with the news of oando plc and two petitioners alleging gross abuse of corporate governance and financial mismanagement. the petitioners, alhaji dahiru managal and ansburyinc, further requested a postponement of the company’s 40th agm pending the close of the securities exchange commission’s (sec) investigation. however on conclusion of its initial finding, the sec saw no material evidence that would warrant a postponement of the agm, further reiterating the company’s position that the petitions lacked merit .
as the largest integrated energy solutions group in sub - saharan africa it is our responsibility to develop a business model that protects our future and sustains our economic, social and environmental viability. we need to continue to deliver returns to our investors, provide employment opportunities and partner with stakeholders and others that share our vision in mutually beneficial relationships. these factors are critical to our business. at oando, sustainability is not incidental to the way we do business, it is fundamental to it .
mr. boyo started his career with chief rotimi williams' chambers, a leading nigerian law firm, where he specialized in shipping and oil services and worked on several joint venture transactions between the nnpc and major international oil companies. he was also a member of the team that represented the refineries in the nnpc judicial enquiry. he joined the ocean and oil group in 1994, where he developed and managed the operations department before his appointment in july 2001 as executive director, oando plc .
in 2007, oando energy services acquired two oil drilling rigs in nigeria’s niger delta. in 2008, the company emerged nigeria’s first indigenous oil company with interests in producing deep water assets through the acquisition of equity in two oil blocks. by 2009, the company had acquired 5 swamp rigs and in 2010, the company launched its first independent power plant for the lagos water corporation. the project involved the construction of a 12. 5mw power plant to provide uninterrupted power supply to the lagos water corporation .
grmc is a management committee established pursuant to the enterprise risk management strategy of oando plc. the committee is mandated to develop policies and procedures for identifying, measuring and controlling risks identified in the group’s risk universe. the committee provides assurance to the board and the risk environment healthsecurity safety and quality committee on the adequacy of the group’s risk management systems as implemented and evaluate the group’s risk profile, the action plans in place to manage high risks, and the progress against plans to achieve the group’s risk strategy .
the company has grown significantly over the last ten years since the 2003 merger of unipetrol nigeria plc and agip nigeria plc to form oando. we considered it appropriate to conduct a major review of our businesses and strategic direction in 2013. our long term perspective is transformational. our ambitions involve the autonomous and self - sustaining ability of our six primary divisions. discussions with respective chief executive officers (ceos) for each operating entity and senior management within the group were held to agree on the future direction of the company .
oando energy resources is a leading african exploration and production company. an independent oil and gas company with world - class operations, we are at the cutting edge of africa’s upstream sector, with significant investments in a robust portfolio of oil and gas fields, as well as participating interests in onshore and offshore producing assets. our extensive asset base covers exploration, development, and production assets for both oil and gas, situated on and offshore in nigeria, and the exclusive economic zone (eez) of são tomé and príncipe .
balance sheet analysis. oando increased total assets by 119% from $ 950m to $ 2. 01bn in september 2008 while total liabilities grew by the same margin all driven mainly by the increased level of business activities. strategic acquisitions in the upstream sector have led to significant increases in our fixed asset balances, especially in the energy services and exploration & production businesses. this translated to the 30% growth in total assets. the company intends to continue its drive towards building a sustainable business profile anchored on upstream business operations and gas distribution .
prospects for the future the upstream and midstream operations will be the main drivers of oando’s growth in the medium to long term. the marketing division is expected to sustain its current leadership role in supply management and on - time delivery of petroleum products to all our outlets. the company recently signed an agreement with a major fast moving consumer goods player thus boosting its non - fuel revenue potential. efficient management of its working capital; effective supply chain management and trade receivable balances will ensure the company continues to show year on year growth in profitability .
oando’s earliest roots can be traced to the formation of esso africa in 1956. esso africa was a petroleum marketing company, a subsidiary of the exxon corporation of usa. in 1976, the nigerian government purchased a controlling stake in the company and rebranded the company as unipetrol nigeria. on 1 march 1991, unipetrol became a public limited company. later on in the same year, the nigerian government sold 60% equity to the nigerian public in an initial public offering. by february 1992, unipetrol was listed on the nigerian stock exchange. [ 1 ]
from a medium - sized oil and gas company, with its focus primarily on the downstream oil segment, oando plc has metamorphosed into a full - scale energy conglomerate, with operating divisions which cut across the entire energy service or value chain. formerly unipetrol plc, the company has a primary listing in the petroleum marketing sector of the nigerian stock exchange and obtained a secondary listing on the johannesburg stock exchange (jse), south africa in november 2005, after meeting the requisite conditions for a cross - border inward listing set by the country’s exchange authorities .
at oando, we select our vendors on merit, competence, pricing, timely delivery through a competitive bidding process. the procurement department identifies suitable and qualified vendors who have the capability to provide the required services or solutions to meet the user department’s requirement at the most competitive price. only valid vendors with track records of performance are selected and registered for business dealings. the performance of vendors is monitored to determine if the business relationship should be continued or discontinued. non – performing vendors are blacklisted and deactivated from the oracle and unqualified vendors are not registered .
oando became a signatory to the global compact in july 2009 and has been an active participant in the local network of the global compact in nigeria. the company is also a pioneer member of the global compact lead platform; a corporate sustainability leadership forum that provides the opportunity to implement the blueprint for corporate sustainability leadership (developed in close consultation with a large number of corporate participants and stakeholders and widely endorsed by business, governments, and civil society at the leader’s summit in new york in june 2010), and share related outcomes and learnings with the broader universe of companies .
in 2011, oando gas and power commissioned 128 km ehgc pipeline, the pipeline was built under a joint venture arrangement with the nigerian gas company (ngc), a subsidiary of the nigerian national petroleum corporation (nnpc) ]. the gas infrastructure has the capacity to deliver up to 100 million standard cubic feet per day (mmscf / d) of natural gas and will deliver an initial 22mmscf / d of gas to its maiden customer, united cement company (unicem), to fuel its new 2. 5million metric tonnes per annum cement plant, located in mfamosing, akampka local government area of cross river state .
key extracts of the three - month report for the period ended march 31, 2017 showed that oando group grew its top - line by 116 per cent to n138. 27 billion in first quarter 2017 compared with n63. 9 billion recorded in comparable period of 2016. gross profit also increased by 53 per cent from n8. 7 billion in first quarter 2016 to n13. 4 billion in first quarter 2017. the company recovered from a pre - tax loss of n461 million in first quarter 2016 with a pre - tax profit of n494 million in 2017. the company also reduced its net indebtedness by 29 per cent from n316. 6 billion in first quarter 2016 to n225. 9 billion in first quarter 2017.
oando is nigeria 's largest independent conglomerate in the energy industry , including petroleum products marketing , supply & trading , exploration and production , and gas distribution , and the first nigerian company to achieve a dual listing on both the nigerian and johannesburg stock exchanges . oando is nigeria 's largest indigenous oil company with a production output of 54,000 boepd and a market capitalisation of $ 894 million . 
oando is nigeria's largest independent conglomerate in the energy industry, including petroleum products marketing, supply & trading, exploration and production, and gas distribution, and the first nigerian company to achieve a dual listing on both the nigerian and johannesburg stock exchanges. oando is nigeria's largest indigenous oil company with a production output of 54,000 boepd and a market capitalisation of $ 894 million.
oando is nigeria's largest independent conglomerate in the energy industry, including petroleum products marketing, supply & trading, exploration and production, and gas distribution, and the first nigerian company to achieve a dual listing on both the nigerian and johannesburg stock exchanges. oando is nigeria's largest indigenous oil company with a production output of 54,000 boepd and a market capitalisation of $ 894 million.