₦airaland Forum

Can Tinubu relocate Federal Capital Territory from Abuja to Lagos State?

UCAP massive. Total number of 22,582,069 units bought today. Valued at about N407,606,345.45

Who is in the kitchen? What are they cooking?

Why is everyone obsessed about Oando?

How come no one is taking about PZ and GSK that have also mentioned their plans to delist from Nigeria stock market?

I am sure this is not the first time a stock will be on full bid.

Few days ago, the craze was on Dangote Sugar and Nascon. Seems that jamboree is over. Now unto the next level with Oando.

Always know when to Buy.
Always know when to exit.

Do not be like the gentleman who told me he bought Eterna at N33, but now looking at his Eterna at N13

#ThereIsNeverABadTimeToBuyAGoodStock

Redoil:
essentialone:
please can you stop asking for permission to post something important to making money for it make no sense to be asking for such permission Request for permission to post long write-up: next time just post it we all will be forced to read it for our own weal or woe
drop mike

I do not want the Ogas in the house to sanction me, or report me to Nairaland Moderators, for posting a long write up.

Once again, #AllEyesOnTheJudiciary

Request for permission to post long write-up:

INDEPENDENT AUDITOR RAISES CONCERN AS OANDO SINKS FURTHER INTO DEBTS

BDO Professional Services Chartered Accountants, the independent auditor of Oando Plc, has expressed worries over the company’s ability to continue as a going concern.
The company’s liabilities have again exceeded its assets, the auditor said.
The auditor raised its red flag in Oando’s audited annual reports and consolidated financial statements for the year ended December 31, 2021, released on Monday, September 18. It disclosed that the company’s current liabilities exceeded its assets by N237.8 billion, as it reported net current liabilities of N202.4 billion in 2020.
The company also reported net liabilities of N202.2 billion from N174.1 billion in 2020 and a total comprehensive loss of N28.12 billion from N45.31 billion in 2020.
According to financial analysts, when current liabilities exceed current assets, the current ratio will be less than one. In that situation, the company might have problems meeting its short-term obligations. A further look at the audited report showed that the group delivered a sign of recovery, posting a total comprehensive income of N30.6 billion in 2021 from a N132.8 billion loss in 2020.
However, the group’s current liabilities exceeded current assets by N674.8 billion from net current liabilities of N578.2 billion in 2020. The company also reported net liabilities of N129 billion from N67.7 billion in 2020.
Oando Group comprises Oando Trading, Oando Clean Energy, and Oando Energy Resources.
A Nigerian multinational energy company operating in the upstream, midstream and downstream, Oando had suffered a two-year run of losses that began in 2019 when it reported loss after tax of N207.1 billion in 2019 and N140.7 billion in 2020.
The ICIR reported on June 30, 2022, that Oando was on the verge of voluntarily delisting from the capital market due to the enormous losses.
The company had been entangled in a messy shareholder dispute that involved an indirect shareholder, Ansbury Investment Inc., which prompted the Securities and Exchange Commission (SEC) to bar the firm from holding its annual general meetings, making it impossible to release its financials for three years.
At the heart of the conflict were loans granted to the shareholder, which forced Oando to make a colossal impairment allowance that pushed the company into a loss after tax of N207.1 billion in 2019 and N140.7 billion in 2020.
Background to the conflict
In 2017, the SEC received petitions from two shareholders who accused Oando of regulatory infractions, including corporate governance lapses and mismanagement.
Investigating the claim, the SEC sanctioned the group by suspending its AGM in 2018. It even attempted to get the company’s Group Chief Executive, Wale Tinubu, and other affected board members to resign in 2019.
The ICIR reported that Oando could not produce its results for over three years due to the SEC’s suspension of its AGM in 2018.
Negative operating cash flow
Although the group recorded a N30.6 billion profit during the year due to the net reversal of assets impaired in previous years, the company continued to incur losses with negative operating cash flows.
The independent auditor, in its notes, stated that the reversal of this trend was dependent on a successful outcome of its planned actions to refinance its debts to manage the funding gap of N768.1 billion and the attainment of revenues in the group forecast for the year ending December 31, 2023. “As stated in the notes, these conditions, together with other matters, indicate the existence of a material uncertainty that may cast significant doubt on the company’s and the group’s ability to continue as a going concern and, therefore, may be unable to realise its assets and settle its liabilities in the ordinary course of business. “Our opinion is not modified in respect of this matter,” the independent auditor stated in its report signed by Henry Omodigbo for the BDO.
The audited report also revealed that the firm recorded negative operating cash flows of N14.4 billion while the group recorded N38.8 billion, up from N36.2 billion in 2020.
As of the balance sheet date, the group could not achieve payment of the outstanding principal on the medium-term loan of N92.2 billion and the corporate facility of N97.4 billion.
It could not pay its total accrued interest of N65.6 billion and settlement of other net current liabilities (excluding current borrowings and accrued interest) of N315.7 billion.
After the reporting date, the firm has continued to incur significant borrowings, including funding of operations and partial repayment of borrowings.
The group recorded unaudited positive revenue variance in 2022 due to increases in oil prices and higher trading volumes.
However, the independent auditor stated that the increase in revenue did not translate to a corresponding increase in gross margin and positive cash flows from operations.
Consequently, the firm needed help to achieve the planned repayment of outstanding borrowings during the year.
Furthermore, the auditor hinted that the company and group recorded unaudited total comprehensive loss, net current liabilities and net liabilities at the end of 2022.
The group’s outstanding borrowings amounted to N506.7 billion (unaudited), excluding interest as of December 31, 2022, with N402.4 billion out of the N506.7 billion being due within twelve months.
The independent auditor stressed that Oando’s forecast to return to profitability by 2024 highly depended on the stability of crude oil prices within the current range.
It also depends on the Oando’s ability to engage in activities that will increase production volume and intensify security surveillance to arrest crude oil theft.
Production declined by 40% in one year
During Oando’s operations in 2021, its oil production dropped by 40 per cent.
Average production was 26,775 barrels of oil equivalent per day (boe/day) in 2021 compared to 44,550 boe/day in 2020.
Production consisted of 8,849 barrels per day (bbls/day) of crude oil, 1,699 boe/day of natural gas liquids (NGLs) and 97,363 million cubic feet per day (mcf/day) or 16,227 boe/day of natural gas.
Oando blamed the production decreases on shut-ins for repairs, maintenance, and sabotage incidents at the facilities. “Although a surge in militancy and sabotage activities across the Niger Delta negatively affected our operations during the reporting period, we have since seen progress in security initiatives and are consistently seeking innovative solutions to stabilise our oil and gas production. “Moving forward, we remain committed to driving growth within our upstream and trading businesses whilst simultaneously diversifying our portfolio by investing in non-fossil and climate-friendly energy solutions through Oando Clean Energy Limited,” Tinubu said.

Independent auditor raises concern as Oando sinks further into debts

https://www.icirnigeria.org/independent-auditor-raises-concern-as-oando-sinks-further-into-debts/

Universal Insurance, kilode?

214,348,351 units bought and sold off already.

All the CCTV in Nigeria are super useless.

What is the point of CCTVs in Nigeria, when there is no database for facial recognition?

If Mohbad had quickly joined Buccaneer, none of this would have happened. Do not join street, if you not willing to play street football.

Please, can anyone help to find out the current unit price of UBA equity fund, that was sold sometime this year, and how to Sell it?

Thanks

Please i want to know if any has info on uba equity fund and how possible is it for me to follow their daily activity.I will be glad to know what their current price are.I wish o also seek advise from those who can give it as to whether i should quit the fund and divest.Glad to hear from everyone.
Thanks

Warning to those who buy land anywhere they see it cheap. Sagamu my foot.

I support Public Correction, but I do not support when it is done with anger like Obasanjo did.

For those saying he should have addressed them privately or he should have sent protocols to inform them, they understand nothing.

What is the number of kings present at that function? What is the total number of kings in Yorubaland? What is the total number of kings in Nigeria? What is the total number of kings in Africa and worldwide?

Obasanjo was not addressing just the kings present at that event. He was hitting hard at a major but sensitive issue that is present in almost every society in the world today.

Political rulers and traditional ruler's, who is higher in authority and respect?
Also it leads to the question of the relevance and position of traditional ruler's in modern age and time.

In the last few centuries, similar debacle ensued between the political rulers and the religious ruler's. Popularly referred to as the struggle of supremacy between the State and the Church.

That crises claimed the lives of a lot of Pope's, Bishops, and Emperor's. Today the matter has been fairly resolved that the State is of higher authority, but the Church holds a respectable influence in the society.

The issues we all shy away from addressing today, we will all come back to it tomorrow perhaps with blood on our hands.

Do not attack Obasanjo who is a messanger. Discuss about the message. In case you do not know, several governors and Presidents in Nigeria and Africa, past and present will secretly support Obasanjo on this matter, but none will be bold enough to say so in Public.

I drop my pen. Only the wise can analyse. Fools only know how to argue and insult. If you find yourself always arguing and insulting over everything, now you know your true name.

Do not give what you do not eat.

Is that the kind of house that Natasha Akpoti leaves in?

I don't care who becomes CBN governor

But the person must stop banks from charging both sender and receiver of money transfers.

And stop banks from destroying the ATM cards from other banks when stuck inside the machine. It is wickedness.

She chose to marry a celebrity and superstar.

She should accept all the problems that come with it.

But that her breasts no bad at all. Mohbad no dey suck at all?

Firstcitizen:
This might be one of the ways of raising abusive boys but the most impactful one is subjecting house helps to all manner of physical abuse mostly by Nigerian women. The boy watches and learns.

I totally agree

Perfectnumber6:
Nigeria

Apart from Nigeria

Who is worse? Those who voted for Tinubu, or those who did not vote at all?

Samantha124:
Most abusive men were born in a household where their fathers were physically abusive to their mothers and their mothers made it seem like it was okay to be physically abused by continuing to stay in that abusive marriage.... So they ended up seeing it as a normal thing whenever their fathers would beat up their mothers.

And male children look up to their fathers.

I doubt this.

India and Cyprus

South Africa, Philippines, Turkey, Malaysia, Dubai, or Thailand?

The late Sound Sultan in his 2006 single ‘Area’, spoke about the struggles people undertake to make the move abroad.

One line “remember Nnamdi sell him car make you take go America” underscores the fact that many Nigerians who travel abroad, do so by literally impoverishing themselves, and others.

So I ask:

Japa: Is it wise to sell off your properties to relocate abroad?

The country where Obi Cubana started his drugs business from.

Skyview01:
They learn from the parents too.

If the dad respects the mom, the boy would likely grow to respect women.

Not always true. They could be completely different types of personality. Father and Son.

Abusive husbands didn't fall from the sky, someone raised a boy wrongly.

Your 3years old son gets angry whenever you give him food he doesn't want and throws it on you, you laugh and say "😃😃 children ehh".

Baby boy will lift his hands and slap you when he wants you to drop him...All you'd say is "you're beating mummy 😃"

No other child in that area messes with him...And you're calling him "A no- nonsense boy"

He picks up things from the ground and hits people whenever he's stopped from doing something...You smile and call him "action boy😃🤾🏿‍♂️🤸🏽‍♂️"

You expose him to all manner of violence and say "He's a man, man suppose get mind"

Few years down the line the teenage boy bullies his sisters, commands them around, shares slaps as souvenirs to anyone that dares to challenge him.
You call him "man of the house"😃

He grew up having his way all through. Now he's a full grown man in the society. And it's not funny anymore.

Abusive husbands didn't fall from the sky, someone raised a boy wrongly.

*IT'S EASIER TO TRAIN A SON THAN TO CORRECT A HUSBAND.*

We could address a lot from the root.

Sorry if you’ve been hurt with this post ?

But! This is just the Fact 👌🤷‍♀️

May Almighty God make it easy for us all AmennN 🙏🙏🙏🙏🙏

Nigeria has only one problem: Extreme Tribalism

Nigeria has only one problem: Extreme Tribalism

Nigeria has only one problem: Extreme Tribalism