Fidelity bank card banner Camano banner

Oando seeks approval to refurbish refineries

By Chinyere Joel-Nwokeoma on 13/05/2017

Views: 1,174

•Oando MD Wale Tinubu.
•Oando MD Wale Tinubu.

Mr. Wale Tinubu, the Managing Director, Oando Plc, on Thursday said that the company would seek approval from the Federal Government for the refurbishment of one or two refineries.

The company’s facts behind the figures at the Nigerian Stock Exchange (NSE) in Lagos, show that refurbishment of the refineries would enable the country to end fuel importation.

Tinubu stated that the company would take advantage of its indigenous status by participating in the Federal Government bid.

He added that militancy was affecting its production in the Niger Delta and that 2016 was also a challenging year for companies due to foreign exchange challenges.

He added that the company contended with problems of liquidity constraints, Naira devaluation and a slump in oil earnings due to low oil prices as well as insurgency in the Niger Delta.

According to him, the company has mapped out strategies to mitigate the foreign exchange challenges, as 90 per cent of its earnings focus will be on dollar, while 10 per cent will be in naira.

On the midstream, Tinubu said that the company would invest in acquisition of NIPP grid connected power utilities in the current financial year.

He stated that the company would commence phased development of gas distribution system in Tema industrial area Ghana in 2018.

The company in 2016 financial year posted a profit after tax of N3.5 billion, against a loss after tax of N47.6 billion posted in the preceding period of 2015, he said.

The company posted a turnover of N569 billion against N380 billion recorded in the comparative period of 2015, representing an increase of 49 per cent.

Its net debt reduced by 35 per cent to N230.6 billion in contrast with N355.4 billion posted in 2015.

Tinubu attributed the performance to its proactive and timely execution of its restructuring programme of growth in upstream division.

He said that some divestment embarked upon by the company during the period under review resulted in a net debt reduction of 125 billion dollars.

Tinubu stated that 2016 saw the country plunge into a recession for the first time in over two decades.

Mr Haruna Jalo-Waziri, NSE Executive Director, Capital Market, commended the company for coming for the facts behind the figures.

Jalo-Waziri said that timely and accurate information helped investors in making the right investment decision.

He also urged the company to always comply with good corporate governance, noting that the exchange would continue to provide the needed platform for quoted companies to excel. (NAN)

Source News Express

Posted 12/05/2017 11:42:30 AM

 

 

CLASSIFIED ADS

 

You may also like...
Indian environmental expert to lecture in Rivers, Abuja...

Zinox Boss bets on CashToken •Tasks banks, govt....

Two Abia State University students beheaded

Police raids Peace Corps office, arrests 24 members...

Amosun harps on investment in children

370,000 defect from PDP to APC in Jigawa...

Suspected abductors of Magajin Garin Daura in police...

Borno Govt. sacks 27 LG Caretaker Committees

Reps endorse 42.5 cement grade for general construction...

Melaye ‘in good health’, fit to stand trial...

N400m Fraud: Court fixes date to decide Metuh's...

Zamfara Govt. increases corps members’ allowance ahead of...

 

Latest News Governor Ihedioha, others to grace inauguration of Heartland Professionals Network CBN holds key interest rate to fight inflation Boris Johnson emerges new UK PM UPDATE: Full list of Buhari’s ministerial nominees Controversy as armed Miyetti Allah vigilante group begins operation Three friends, two children travelling to Bayelsa kidnapped in Edo Security agencies uncover plot to plant arms in Governor Dickson’s compounds Journalist shot during Shiite, Police clash dies in hospital My encounter with armed Miyetti Allah vigilante group patrolling highway — Abuja lawyer Kayode Ajulo Bayelsa Govt. gives 48-hour ultimatum to governorship aspirants to comply with regulations on campaign posters Airman returns lost €37,000 to owner in Kano Teacher who raped student inside Biology lab remanded in Kirikiri Prisons

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (511,691 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (432,060 views) Shameless Genevieve Nnaji exposes breasts in public (374,243 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (317,194 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (283,078 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (247,556 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (239,895 views) 10 cars more expensive than Jets (225,016 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (221,687 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (209,248 views) Lagos plane crash: Journalist releases victims’ names (188,770 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (187,345 views)

 

NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (97) Business & Economy (4,359) Business Verdict (77) Columnists (1,076) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (636) Features (781) Global Business Monitor (396) ICT Monitor (54) International (3,741) Interview (194) Live Commentary (30) Love Matters (164) Maggie's Blog (346) News (48,987) Opinion (1,293) Pidgin (17) Politics (11,183) Religion (1,053) Sports (2,106) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera