₦airaland Forum

locodemy:
Oh,mercy na you dey peep from the front seat?
Chai......your driver wind up the glasses and lock you all inside.

Make I check if I go break somewhere for you to escape before this offer reach 100m

Yayira:
Are you saying transcorp will touch 4 naira ?
Lol na the only thing wey interest me for this your post..

calvaryholdings:
I'm telling you bro. And all TOE's companies by extension. That guy does a lot of interesting things with his companies, especially UBA.

dipoolowoo:
Stock Recommendation for This Week
https://businesspost.ng/2019/06/03/stock-recommendation-for-this-week-4/

locodemy:
Oh,mercy na you dey peep from the front seat?
Chai......your driver wind up the glasses and lock you all inside.

Make I check if I go break somewhere for you to escape before this offer reach 100m

Yayira:
Sending him a letter with all what they found and not in one sentence wrote that he should come forward and explain himself before sacking and baring him ??

Mpeace:
Lol. Its the requirement of law. Just give him a hearing even if you know he is guilty. Remember the CJN who was recently removed, NJC gave him an opportunity to defend himself, even though evidence against him was overwhelming.

stcool:
Don't mind them... Since it's Wale he wants to come and ask for fair hearing. Both Wale, the board and the Auditors to Oando should all be thrown into jail.

Mpeace:
Hmm. E be like say oando go sweet to enter. But at the right price. Make them finish their fight first.

I have seen Oando's reply and I think they have a point and will win in any court that is fair. You cannot make pronouncements on an issue that affects a person's right without first giving the person an opportunity to be heard. Its a basic principle of fair hearing ie called Audi alterum partem. Its a fundamental principle of law. This matter no go end today.

tritritri:
Everyone calm down..

This was how oando started last year and did 100% in less than 4mth afterwards..dis was how diamond started as well and so on.

I will be happy if it can be place on suspension and new management shd come in , float a right issue at 7-9 naira ..


if i see oando at 3.5 i will buy as long as with the new management.

RabbiDoracle:
Ordinary N94b and you are asking hope Nigerian banks are safe?

For many years running, Nigerian banks had been getting paid, restructuring the loans for them, taking impairments on their loan book as NPL, even calling on CBN to intervene at a point which caused OANDO to sell some assets.

You can't owe bank and they will not get their money back. Banks must have tied the loans to a physical assets.

By the way, were not the person that alerted the members here that OANDO seem to have finished paying their debts to Nigerian banks and if it was cleared to buy the stock?

Deepsuk, oya see one of them here.

RabbiDoracle:
And GTB wasn't amongst these banks. This shows that GTB has a strong risk department.

RabbiDoracle:
They must definitely raise more money via rights

A new management will be constituted to manage the company. I pity the "shellholders".

temple4real:
The Federal Government has declared Tuesday, June 4 and Wednesday, June 5, as public holidays to mark the Muslim Eid-Fitri Celebration.

The Permanent Secretary, Ministry of Interior, Mrs Georgina Ehuriah, made the declaration on behalf of the Federal Government in a statement signed by Mr Mohammed Manga, Director Press & Public Relations, of the ministry, on Friday in Abuja.

Ehuriah congratulated the Muslim faithful on the successful completion of the Ramadan fast and enjoined all Nigerians to use the occasion of the celebration to pray for the peace, unity, prosperity and stability of the nation.

Mcy56:
Lol. I never finish talking typing self.
I tell you, this guy will still go away with some things. Na today? Abeg, fellow jijoist, make una dey watch this space jare.

Chibuking81:
https://nairametrics.com/2016/06/07/oando-gets-n94-6billion-restructuring-loan-from-10-nigerian-banks/

https://nairametrics.com/2016/04/04/fidelity-bank-confirms-its-113-million-to-oando-is-about-to-go-bad/

Business NewsCompanies
These 10 Nigerian Banks Just Bailed Out Oando
By Nairametrics - June 7, 2016


Nigeria’s Oil and Gas giant, Oando has announced that it has secured a N94.6 billion ($475 mln) restructuring loan facility from 10 domestic banks as part of its plans to restructure its finances and return to profitability this year. This is a huge deal for a company that reported losses of over N180 billion in 2014 and another N45.6 billion in the first 9 months of 2015.

The banks that have decided to take another huge bet on Oando are as follows; Access Bank, Diamond Bank, Ecobank, FCMB, Fidelity Bank, Stanbic IBTC Bank, UBA , Union Bank and Zenith Bank.

The facility is said to be a five-year term loan, paying Nigerian interbank rate plus 2 percentage points with a three-year moratorium on principal. This basically means Oando will not be paying principal for three years and will only service interests.

Here is the press release issued by the bank

Hope this ten banks are save?

Mcy56:
The thing is, the incumbent govt is going to favour him, he was only bar for 5yrs from holding any directorship position in a publicly quoted coy.
I hope there'll be more sanctions than this anyway.

Mcy56:
Well done sir.
You better look before you leap. Though I see Jijo loading .....but not until there's serious wondjurement first.
Let's keep eyes on the price movement and see where it leads to before diving in. My humble opinion.

stcool:
Is this the Connoco Phillips loan, cos Oando has several loans with Nigeria's banks with FCMB giving them the bulk.

I hope it's not what I am thinking.... The way offers kept mounting on banks this week.

That fake Access 50M bid will disappear on Monday

onegentleguy:
The cable is reporting that the SEC has just barred Mr Wale tinubu from being a director of any public company for the next 5 years.

https://www.thecable.ng/breaking-sec-bars-wale-tinubu-director-public-company-five-years/amp

I have always said that OANDO under Mr Wale tinubu is nothing short of a scam !!
Folks will remember the analysis above, when I warned that investors should stay off this coy.
There seems to be a worrying trend here.

A brief;

2 yrs ago, the SEC led by the DG, Mr Gwarzo uncovered some very dirty insider deals, smeared with gross cooperate misgivings and mis-governance by OANDO.
To back that up, the coys auditors re-echoed its worry over the firms going concern... but then, also issued a stiff cautionary warning to any intending stakeholder.
Following some coperate investigation, the coys security was suspended from trading, and a forensic audit ordered to probe the matters arising at the time.
Fast forward to 5 months from then(@ the time of the said audit), and the SEC DG was suspended by a former minister known to be loyal to the 'heavyweights within the oando circle'.
Almost immediately, the coy started putting out a spate of better finnancial prints(beginning with H1 2018).
Now the court's have reinstated the suspended SEC DG(Mr Gwarzo) following the resignation of the said minister a few months ago.
Well, ur guess is as good as mine on what may likely play out going forward. It's not for nothing that the SEC has now taken the above mentioned action against Mr Wale. ...more may likely follow.
U also do not need a soothsayer to explain the reason behind the sharp pullback(on the back of an above average volume) in price today.

This coy is synonymous to 'a weighty chaff' with no good in sight. It's the perfect definition of the level of rot and fraud by some of our manager's in the coperate world and mirrors well, everything that is wrong with the Nigerian system.

I have since said that OANDO is a sell, and I still maintain this.
Unless u are 'the man who can see tomorrow', its best to stay off that coy and remain on the side line. ....until such a time when the rot called the current managers are no longer there, and there is a clear direction on a change in tide. !!
A word they say, is enough for the ...

CAVEAT: Pls do well to read thru my signature below.

aremso:
https://punchng.com/breaking-sec-orders-oando-gceo-wale-tinubu-others-to-resign/

oando bus passengers dont sleep wit 2 eyes close ooo cos driver wants to leave the sit oo

Yayira:
Lolzz @ “you can Ji but find it impossible to Jo”

Yayira:
What is the full name of mtn slf

stcool:
If the only problem is excessive split of their shares and our regulators approved and listed...up till now SEC & NSE says they did no wrong. We have NO case against MTN.

I am more concerned about adding more CHAMS until above N1.00 and OLAMS deal announcement than MTNN. MTNN has the least share in my portfolio

stcool:
What you just stated above is also applicable to Zenith bank that you are accumulating, cos t I will enter at below 18 after you are done accumulating at N20.