http://www.tribuneonlineng.com/major-shareholders-move-sack-oandos-board-management/

Major shareholders of Oando Plc, a major oil and gas company in Nigeria, are making moves to oust the company’s board as well as the management led by Mr Wale Tinubu.



The major shareholders, Ansbury Investment Incorporated and Alhaji Dairu Manga, made their intention known in separate petitions to the Securities and Exchange Commission (SEC).

Oando, in a statement issued last week, confirmed the petitions and said the SEC was already investigating the matter.

Both Ansbury and Manga allege gross abuse of corporate governance and financial mismanagement, their reasons for calling for the removal of the management team and sack of all board members.

Mangu, who is said to own about 17.9 per cent share of the company, expressed his displeasure about the management of the company, especially the handling of the ConocoPhillips transaction.

Ansbury, on the other hand, had raised serious concerns about the capacity of the management team to effectively run the company.

Ansbury claimed ownership of 61.9 per cent of the British Virgin Island-based company, Ocean and Oil Development Partners Ltd (OODP BVI) while the remaining 38.10 per cent is owned by Withmore. The two companies control 99.99 per cent of Ocean and Oil Development Partners Nigeria Ltd (OODP Nigeria). OODP Nigeria controls 55.96 per cent of Oando Plc. So, indirectly Ansbury Investment Incorporated owns 55.96 per cent of Oando jointly with Withmore Nigeria

Chibuking81:
http://www.tribuneonlineng.com/major-shareholders-move-sack-oandos-board-management/

Major shareholders of Oando Plc, a major oil and gas company in Nigeria, are making moves to oust the company’s board as well as the management led by Mr Wale Tinubu.



The major shareholders, Ansbury Investment Incorporated and Alhaji Dairu Manga, made their intention known in separate petitions to the Securities and Exchange Commission (SEC).

Oando, in a statement issued last week, confirmed the petitions and said the SEC was already investigating the matter.

Both Ansbury and Manga allege gross abuse of corporate governance and financial mismanagement, their reasons for calling for the removal of the management team and sack of all board members.

Mangu, who is said to own about 17.9 per cent share of the company, expressed his displeasure about the management of the company, especially the handling of the ConocoPhillips transaction.

Ansbury, on the other hand, had raised serious concerns about the capacity of the management team to effectively run the company.

Ansbury claimed ownership of 61.9 per cent of the British Virgin Island-based company, Ocean and Oil Development Partners Ltd (OODP BVI) while the remaining 38.10 per cent is owned by Withmore. The two companies control 99.99 per cent of Ocean and Oil Development Partners Nigeria Ltd (OODP Nigeria). OODP Nigeria controls 55.96 per cent of Oando Plc. So, indirectly Ansbury Investment Incorporated owns 55.96 per cent of Oando jointly with Withmore Nigeria

if truly ansbury holds 62% in OODP then Wale is done for (cos as stated in quote it is true as per last audited statement that OODP owns 56% of Oando).. recall that ansbury is one of the petitioner as stated by Oando itself, so it is like d majority shareholder of a company petitioning its own company.

if u add to the mix the recent company (asset) striping by current mgt of Oando (wale and co) within the last two-three year, all in the name of using proceed for these striping to pay down debt. Then everything is beginning to become clearer.

seems what ansbury & co is saying is that since wale had moved all other asset / company away from Oando to supposedly buyers (fronts) he shld leave the upstream asset for them.


more drama ahead

Ansbury claimed ownership of 61.9 per cent of the British Virgin Island-based company, Ocean and Oil Development Partners Ltd (OODP BVI) while the remaining 38.10 per cent is owned by Withmore. The two companies control 99.99 per cent of Ocean and Oil Development Partners Nigeria Ltd (OODP Nigeria). OODP Nigeria controls 55.96 per cent of Oando Plc. So, indirectly Ansbury Investment Incorporated owns 55.96 per cent of Oando jointly with Withmore Nigeria

This is what happens when Ponzi child jam Ponzi father.

What was Wale thinking when he signed this agreements?

This is just embarrassing. They had the whole.weekend to sort this out. One day of trading down can happen. 2 days is just disgraceful

What a country!

shigidi:
This is just embarrassing. They had the whole.weekend to sort this out. One day of trading down can happen. 2 days is just disgraceful

MY LOSS WILL HIT N2.5M soon OANDO I dan enter am.. ( I remember The first day am about to buy oando my heart was telling me Na palava u dey find..na palava u go get oooh ...)

JIJO gone wrong ....

Tritri:
MY LOSS WILL HIT N2.5M soon OANDO I dan enter am.. ( I remember The first day am about to buy oando my heart was telling me Na palava u dey find..na palava u go get oooh ...)

JIJO gone wrong ....

If this news continues this way without properly handle, Oando might soon visit #4 if not #3, then
after that the new management will drive it up again.

Chibuking81:

If this news continues this way without properly handle, Oando might soon visit #4 if not #3, then
after that the new management will drive it up again.

4 naira or 3 , U want to add to my problem ??

Tritri:
MY LOSS WILL HIT N2.5M soon OANDO I dan enter am.. ( I remember The first day am about to buy oando my heart was telling me Na palava u dey find..na palava u go get oooh ...)

JIJO gone wrong ....

You should have implemented stop-loss, to limit your losses.

Tritri:
MY LOSS WILL HIT N2.5M soon OANDO I dan enter am.. ( I remember The first day am about to buy oando my heart was telling me Na palava u dey find..na palava u go get oooh ...)

JIJO gone wrong ....

But you still have time to take decision, either to stay waiting for light at the end of tunnel, or to opt out, and move on with your life/ money.
There are lot of promising stock waiting for buyers.

Zhirinovsky:
What a country!

Bros there are cowboys everywhere ... even in LSE and NYSE...Greed is a human trait . Nigeria is not unique

I can't trade on Morgan capital. Only long in but can't place order

What has Cowboys got to do with NSE being down??

Which people do you refer to as Cowboys?

nio68:


Bros there are cowboys everywhere ... even in LSE and NYSE...Greed is a human trait . Nigeria is not unique

Hey guys, please for those using Morgan Capital, how do you change your password? Tried changing mine severally but it seems the okay button is not highlighted, only the reset and close buttons are.

Will really appreciate your help

OBAGADAFFI:
Ansbury claimed ownership of 61.9 per cent of the British Virgin Island-based company, Ocean and Oil Development Partners Ltd (OODP BVI) while the remaining 38.10 per cent is owned by Withmore. The two companies control 99.99 per cent of Ocean and Oil Development Partners Nigeria Ltd (OODP Nigeria). OODP Nigeria controls 55.96 per cent of Oando Plc. So, indirectly Ansbury Investment Incorporated owns 55.96 per cent of Oando jointly with Withmore Nigeria

This is what happens when Ponzi child jam Ponzi father.

What was Wale thinking when he signed this agreements?

i thought so too (i.e. Wale thinking) however it might be his thinking is what he implemented within last two- three years (i.e. Company / Asset striping) or mayb there is a poisoned chalice (lawyer them knows how to insert this in agreements) in the OODP structure or combination of both. (remember the non voting right / voting right structure in the divesture of Oando Marketing)

But i am sure he is not that daft for the arrangement to be as plain and as portrayed by this write up.

That is why i said more drama ahead.. and dont expect this to go soon, might drag on for some couple of months cos it is going to be protracted except Wale believe he has had his fill as per the company / asset striping (which i doubt) and just walk away from it all

Tritri:



4 naira or 3 , U want to add to my problem ??

We are our brother's keeper.
It's only when one chooses to ignore impending danger, that the danger overruns him/her.
With series of Oando bad news these days, you need nobody to inform you that, chooses to remain with them is like one sitting on a powder keg.

No matter what, truly Oando suppose to be trading at #3, but the intervention of their market makers is still holding the price up.

Whenever they see that they are going to lose the management, the current management will make sure that they crash it down to #1.

Better late in action, than late as a dead person .

robobo:


i thought so too (i.e. Wale thinking) however it might be his thinking is what he implemented within last two- three years (i.e. Company / Asset striping) or mayb there is a poisoned chalice (lawyer them knows how to insert this in agreements) in the OODP structure or combination of both. (remember the non voting right / voting right structure in the divesture of Oando Marketing)

But i am sure he is not that daft for the arrangement to be as plain and as portrayed by this write up.

That is why i said more drama ahead.. and dont expect this to go soon, might drag on for some couple of years cos it is going to be protracted except Wale believe he has had his fill as per the company / asset striping (which i doubt) and just walk away from it all

For lawyers to insert such clause in the agreement, it means Wale owned less that 10% of the funds used in running Oando.

Zhirinovsky:
What has Cowboys got to do with NSE being down??

Which people do you refer to as Cowboys?

Apologies! I read your post following the oando story ... I totally miscontrued it!

OBAGADAFFI:


For lawyers to insert such clause in the agreement, it means Wale owned less that 10% of the funds used in running Oando.

but that is how most of d Nigerian coy is it is only if u look well that u wld truly see beneficial owners

From NSE:

Please be informed that we are now in the process of restarting the Trading Engine from our Disaster Recovery platform having successfully isolated the security that caused the problem.

We currently expect trading to re-commence at 2.00pm, while the Market will be extended to close at 4.30pm. We'll notify you as soon as we are set to commence trading.

We apologize for any inconveniences

robobo:


but that is how most of d Nigerian coy is it is only if u look well that u wld truly see beneficial owners

True,

This is why CBN issues directive in the tenure of bank CEOs.

It's time Financial Reporting Council of Nigeria and SEC insist on corporate governance.

GUINNESS NIGERIA PLC AUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED 30 JUNE, 2017 JUNE 2017 JUNE 2016 N'000 N'000 REVENUE: 125,919,817 101,973,030 COST OF SALES: (77,604,513) (60,162,617) PROFIT BEFORE TAX: 2,662,081 (2,347,241) TAXATION (738,361) 331,355 PROFIT FOR THE YEAR: 1,923,720 (2,015,886) EARNINGS PER SHARE (K) 128 (134) PROPOSED DIVIDEND (K) 64 50 CLOSURE OF REGISTER - 25 SEPTEMBER TO 29 SEPTEMBER 2017 (BOTH DATES INCLUSIVE) AGM DATE - 25 OCTOBER 2017 PAYMENT DATE- 26 OCTOBER 2017

morgan is back

Aiite sir

nio68:


Apologies! I read your post following the oando story ... I totally miscontrued it!

OBAGADAFFI:
GUINNESS NIGERIA PLC AUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED 30 JUNE, 2017 JUNE 2017 JUNE 2016 N'000 N'000 REVENUE: 125,919,817 101,973,030 COST OF SALES: (77,604,513) (60,162,617) PROFIT BEFORE TAX: 2,662,081 (2,347,241) TAXATION (738,361) 331,355 PROFIT FOR THE YEAR: 1,923,720 (2,015,886) EARNINGS PER SHARE (K) 128 (134) PROPOSED DIVIDEND (K) 64 50 CLOSURE OF REGISTER - 25 SEPTEMBER TO 29 SEPTEMBER 2017 (BOTH DATES INCLUSIVE) AGM DATE - 25 OCTOBER 2017 PAYMENT DATE- 26 OCTOBER 2017

back in d black
jumps to full bid

TRADING EXTENDED TO 4.30 PM

I hope they wont close by 2.30pm

lancee:
morgan is back

Intendy:
http://nse.com.ng/Financial_NewsDocs/19475_GUINNESS__PLC_-_AUDITED_JUNE_2017_FINANCIAL_STATEMENTS_SEPTEMBER_2017.pdf

with this report.., Guiness plc is over price from my end

beware of fake bid

currentprice:


with this report.., Guiness plc is over price from my end

beware of fake bid

Agree..I feel the shareholding structure here has helped sustain the price

is NSE closed?

thought NSE said they have resolved the issue