₦airaland Forum

bb4522:
For those putting blame on Mr president i think they are just not knowledgeable about financial practices/ business, i am not very good with financial activities also but after viewing this video
https://www.youtube.com/watch?v=dSQ8z_gxJ-4 i think i have a clue why Oando failed. Administrative expenses 2014= N41B but for 2015 = N271B........mehn with this number i can confidently tell you that the problem lies with the management.

In respect to the administrative expenses I believe that these impairments are NON-CASH impairments and due to certain assets being devalued.

Guys We all know it has been a challenging year in the oil and gas industry due to the oil price volatility, Naira devaluation etc. This has negatively impacted the indigenous companies and IOC businesses. Most of them have made losses or reduced profits in their financial year statements. secondly Oando has already started to see and reap the benefits of the ConocoPhillips transaction with their production output increasing from 5,000 barrels a day to over 50,000 barrels a day. It can only get better!