₦airaland Forum

zeuss:
Irritated that you plunder our oil and marginalize use and yet we thrive.........what irritates parasites?

Oga face your struggle .

Last I checked when militancy started in the SS under Obasanjo we no ask you for help.

ShinnBet:
Oga face your struggle .

Last I checked when militancy started in the SS under Obasanjo we no ask you for help.

you are never ss .....go and ask Goodluck Eberechukwu Jonathan about ibo ....
You are a Yoruba Muslim not from SS

mikeapollo:
Stop being a tribal bigot and stick to objective facts!
Truth is, SEPLAT bought the assets of Exxon Mobil under the Tinubu govt.
Do you think all the management and staff working in SEPLAT are Igbo or all the management and staff working in Oando are Yoruba? Is that how you think so myopically with no depth?

Oando was already operating a JV with ENI(AGIP) and NNPC. The sharing formula was Oando 20%; ENI 20% and NNPC 60%. (Oando had acquired the 20% when they bought the assets of Conoco Phillips in 2014). So it was natural for Oando to offer to buy ENI's 20% when ENI decided to leave the onshore sector because of the various crises in the sector due to oil theft, riots in Niger Delta etc. That is why Oando's new ratio in the new JV becomes 40%.

By the way, the Igbos in SEPLAT or the Yoruba in Oando are not necessarily the best or the worst in the oil and gas sector. Every company goes through different phases in their lifecycle, so don't come here to paint the picture as some people are better than others in management. Companies owned or managed by Igbo or Yoruba people can experience problems, and fail or recover at anytime.
Stop being tribal and shallow in your thoughts!

Dude, i'm saying things as i see them! If you feel that's not 'sticking to facts', then that's your problem not mine! What i posted are REALITY and FACTS as far as i and other Igbo are concerned, and for you to dismiss it with a wave of the hand doesn't come as a surprise seeing as you're obviously a Yoruba Tinubu/APC supporter!

Did i say SEPLATs acquisition of MOBIL wasn't finally approved after being denied under the evil Buhari gov't!? I gave my own take on why it was approved seeing as Tinubu and his proxies had their eyes on taking over TOTAL! Any fool can see that leaving the SEPLAT one in abeyance while the one of OANDO sailed through quickly and hardly without a hiccup would have raised eyebrows!

Quit making daft assertions that don't speak to the reality of the ethno-religious and hate-filled nature of Nigerian governance and politics! Did the traducers of Air Peace not kow his employees consist of more than just his kinsfolk before they went after him!? Anyway, i don't expect you to appreciate where the shoe pinches as you're not the one wearing it!

I don't give a ratss ass about JV agreements or ownership percentages! Fact of the matter is OANDO, just like ALPHA-BETA, is Tinubus' coy and being ran by proxy...his relative who is the face of the coy! Tinubu is that stupid to go and put his name down as the founder and owner of these and numerous other coys he owns. He's a smart crook, and he knows how to play the system so that nothing can be directly linked to him! This was the same OANDO whose share price, pre Tinubu presidency, was nosediving as it faced corporate challenges, then all of a sudden it's fortunes changed overnight after may 29, 2023! You must think you're dealing with kids here!

****** ****** ******
Oando Plc has entered into a settlement with the Securities and Exchange Commission (SEC) in the overriding interest of the shareholders of the company and the capital market after years of legal tussle.

This was contained in a circular posted on SEC’s website on Monday and obtained by the News Agency of Nigeria (NAN).

The commission in 2019 found Oando guilty of serious infractions, thereby barring Wale Tinubu, the company’s Chief Executive Officer and Mofe Boyo, its deputy CEO, from the boards of public companies for five years.


SEC also instituted an interim management to appoint new board of directors and management team for Oando.

https://www.premiumtimesng.com/business/business-news/474602-oando-settles-legal-tussle-with-sec-agrees-to-pay-penalties.html

Now imagine if this had been SEPLAT! The Chairman, MD and the entire board would have been thrown out unceremoniously! But, surprise-surprise, Wale Tinubu is till on seat!

ShinnBet:
Oando, being a major player in both the upstream and downstream oil sector decides to acquire AGIP, a partly foriegn state owned oil company.

Is AGIP now NNPC ?

And fyi, IOCs are pulling out of Nigeria owing to series of challenges. Here are just a few :

1. Western countries are heavily demonising hydrocarbon exploitation and use. AGIP gets taxed heavily in their native country of Italy.

2. Climate change policies has seen to a drastic cut in institutional investors and banks investing in hydrocarbon extraction .

3. Insurance cover for these IOCs has astronomically risen owing to oil theft, vandalism and other security challenges in the Niger Delta.

4. AGIP like every other IOC have been given tax breaks and govt subsidies to invest in so-called renewable energy.

With the above, all IOCs in Nigeria are scaling back or existing Nigeria all together.

I don't even know why a local player taking over assets of an IOC is a problem. For one, the capital flight by IOCs will be over just as most of you see Dangote refinery as a relief from importing refined crude products from Europe.

Another thing to ponder on is that the acquisition by Oando of AGIP was not done in secrecy. Before such a deal will go through, both the regulatory bodies and shareholders in both companies must agree to such a deal. Once that is done, it is required by law to deposit the details of such acquisition/merger in a Federal High Court and a pre announcement given of the deal. This is to ensure that anybody not in support of the deal can approach the courts to halt the acquisition. Same similar scenario is playing out in First Bank over the governing board decided to issue additional shares. Some shareholders have taken the management and shareholder board to court to stop the issuance of additional shares on the Nigeria stock market.

Now with all this in play , can you tell me what wrong Oando committed ?

Can Oando a private company be barred from acquiring another private venture?

If you want to complain, then let's look at how Obi used state funds to invest in his own company. Now that there is the real corruption.

Obi did not even innugurate a State Investment Board. Rather only him oversaw the collective wealth of Anambra state directly into businesses he held substantial shares in.

I was reading this and it seemed to be making sense until OBI's name strangely entered the analysis.

Abeg wetin concern OBI and AGIP and OANDO?

Is there anything that happens in Nigeria today without OBI's name being mentioned?

mikeapollo

Press Release on Investigation of Oando Plc

Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges). Certain infractions of Securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.

The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.

https://sec.gov.ng/press-release-on-investigation-of-oando-plc/