₦airaland Forum

sophy17:
Kudos to SEC for wielding the stick of suspension on trading on Oando shares otherwise the selling price of Oando shares would have continued to sky rocket based on the media hype and the hope of positive turnaround rather than on actual improved financial report.

Some people will have to personally experience loss and disappointment before they learn. So it will always be fruitless attempting to caution, educate or protect
them. While some will allow wise counsel to prevail.

I am happy for the pivotal role SEC played here and so proud of them for their courage. I pray they do more to sanitize the space so that people will invest their money on facts and figures and not invest blindly or on media hype.

Excellent post!
Ironically, the same SEC was accused of being ''bought'' over by ''the powers that be'' and that Wale has ''influenced'' or ''pocketed' all of them, so he could do whatever he wants and SEC would do nothing.
Now, we have seen that the SEC is actually doing something positive for investors and the market at large.

Let us bash Wale for his failures and poor performance of Oando and others like him, but reduce the unfounded and baseless conspiracy theories, lies, rumours, propaganda and mischief etc. that we Nigerians are of fond of peddling against everyone, every institution, especially politicians and persons in high offices. We lie too much as a people, both leaders and followers.
What we say should be supported with some credible or verifiable evidence or at least, in good conscience.

emmanuelewumi:
He didn't establish it from scratch, got loan to buy FGN in the company and became extremely wealthy.

Although shareholders became poorer, the company also became poorer even though hundreds of billions additional fund was raised . Shareholders have nothing to show and have no earned dividends in 10 years

I want to avoid banters or arguments on this Oando issue. It is neither neither necessary nor helpful
The company has been struggling and the shareholders deserve better. That fact is not debatable.
But does that mean the CEO is chopping all the profits in the name of ''admin expenses''? That is the context of what my initial post said.
Getting a loan to buy some shareholdings does not mean that the promoters did not start from scratch. Everybody starts from somewhere and many companies have been established with loans borrowed by the promoters.
Shareholders reward are in 2 fold: dividend and capital (price) appreciation!
Oando has failed in terms of dividend and Wale and whole the management should be held responsible for that!
Even Dangote obtains loans to establish some of his companies.
Don't mix the two issues

ogoo4real:
OMG!!! With 15m+ full offer

This should be expected due to Q1 & Q2 2024 results which are not very inspiring!
Those who may still be interested in Oando should bid their time, as the price may fall further until Q3 results provide a better or improved picture

Agbalowomeri:
No be Wale? Any good profit will go into admin expense and the cowboys go chop am

You sincerely believe or think a rational, educated person would struggle all his life to establish a huge company like Oando from the scratch, and then start chopping ''admin expenses'' in order to sabotage the profitability of the company, such that it could lead to the eventual collapse of the company and loss of all his investment?

Raider76:
But I no see the bang.

Any possible ''bang'' from Oando can only start from Q3 2024, probably with inflows from assets acquired from ENI/AGP deal.

KarlTom:
A listed company is yet to publish Q1-Q3 results in November...

This has always been calling for attention, concern and discourse, as you said!
That is why Oando has been very controversial!

Princkez:
Will oando resume trading tomorrow?

Yes, they should, unless other SEC/NGX requirements have not been met.

sunky97:
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John Dabiri is a Nigerian-American engineer who became a professor at Californian Institute of Technology University at just 25 years old!


He’s also a board member of NVIDIA, one of the world’s top tech companies, and has received prestigious awards like the MacArthur 'Genius Grant.'

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You won’t want to miss his story!

Really?
Did he write JAMB?
Wake me up with a good answer

emmanuelewumi:
I don't blame them they have their reputation to protect.

Even after E & Y, Oando could not get another big 5 to audit their account and had to appoint BDO

Your concerns and efforts are appreciated. We need this kind of opinions that you espouse for us to have enriched discussions and education about the market.
But I would advise that you avoiding falling into the trap of discrediting everything and everybody that is associated with Oando.
BDO is a credible and competent audit firm. Most of their guys had worked at the Big 4 or Big 5 audit firms, and only moved to other firms like BDO for better conditions of service. Again, BDO audits other reputable companies listed on the NGX who have no accounting or audit or managerial issues whatsoever.
Remember, what we call Deloitte Touche Nigeria today is actually reaping from the fruits, hard work and competence of a local audit firm called Akintola Williams.

BabsO2:
Based on the auditors comments, it looks more like the assumptions (or bookkeeping) that supported N3.4T revenue was challenged so was the cost of sales challenged as that reduced from N3.33T to N2.76T
Also note that the Gross Profit between Unaudited and audited increased from N75 to N85b
Thus forget about N400b showing up.

Great job! Thanks.
I have not had the chance to go through the audited accounts

megawealth01:
This is what I said then and keep saying about Oando but I get loved if I talk well of Oando but attack if I say otherwise... It's called double mouth

Oando's Turnover FY2023: Unaudited (Draft) Accounts vs Final Audited Accounts

When Oando's FY2023 unaudited accounts were released earlier in the year around Jun2024, the turnover was reported as N3.4trillion. However, in the final audited accounts released, the turnover was reduced to N2.98trillion.
Therefore, there is a difference of about N400billion..
If the 400bn had been recognized (or maintained) in FY2023, the profit after tax would have been N460b, all things being equal.

I am suspecting that the difference might have been reclassified as deferred or unearned income.
If this is true, then it means the N400b would be probably recognized/realized as additional income in the FY2024 accounts, thereby boosting the results and performance for 2024.

Over to you all experts and Finance/investment gurus in the house.
Please go call @Bovali et al as we need their analyses now.

megawealth01:
He asked a question

, Okay.
I was looking for a case involving a creditor.
The story you posted was about an investor

megawealth01:
Oando to settle out of court with investor, amid $680m debt owned by Wale Tinubu

https://www.ripplesnigeria.com/oando-to-settle-out-of-court-with-investor-amid-680m-debt-owned-by-wale-tinubu/

This issue had been settled long ago, even before the court case for the proposed and now abandoned delisting of Oando shares

emmanuelewumi:
Check Seplat performance when it was listed, it crashed

At the end of the day a good stock will bounce back and attain greater heights.

Less than a month after Aradel was listed they paid an interim dividend and will pay a final dividend, hopefully our Oando will start paying dividends in 2027

What is the rule on payment of dividends by non-bank institutions? Can they pay dividends out of profits for current year even though retained earnings is in negative?
That might determine how soon Oando may pay dividends ....for those who are interested in dividends in the short term

Atarakpa:
There's this proverb which says....the sweetest of money nah for pri....ck. e dey. But for me if I make it empowering the widows and orphans and also less privileged must be my priority and happiness.

Empowering widows and orphans is a noble, blessed idea and should be encouraged.
But some of the wealth will surely find a way to the ladies you like or love or lust after, no matter how small.

marvelck:
I dont why when most guys hammer (become wealthy overnight), the first thing they do, is to start carrying women here and there. As if they never had any woman or girlfriend when they were stil hustling....

What do you expect a man to ''carry''? Cats, dogs, monkeys, fellow men etc.?
First, a man has to take care of his mum, and then look for somebody or something that looks like his mum to vibe with.
God created Eve only after he had created Adam and blessed him with all he needed to flex in the garden.

megawealth01:
Don't undervalue it na. $1 is the target

@Mega, please stop taunting us with this $1 so called ''target'' for struggling Oando.
Let it get to 0.10$ (ten Cents) or N165 first, then you can start with your $1 mischief!

TruthU87:
The irony is that Zionists are doing exactly to the Palestinians what Hitler did to them.

Did the Zionists attack Germans (or Hitler's men) by killing thousands of them like happened on October 7, 2023, and then go about jubilating, dancing and celebrating all over the place over the murder of thousands of the innocent people killed including babies, kids, women etc.?

emmanuelewumi:
Don't fall for that, they are management account and not audited.

People invested based on 2023 Q2 report that was prepared by management.

Advice taken! Thanks.
I will remember your good advice and probably give you a toast one day.

emmanuelewumi:
It will be released today, even though I don't expect anything good to come out of the result. They might also release the 9 month result.

I have a similar feeling or expectation!
The Q3 2024 (9 months) results would provide a better picture of Oando's prospects going forward.

megawealth01:
I think everyone avoided calling that name today but since you have called it out now... Seems you will get the talks needed

Lol
Sooner or later, that name must drop today na

megawealth01:
Aswears. We go explain tire

Hope Oando isn't gaslighting folks?

megawealth01:
What if Oando no release result during market hours?

Lol
Hope this is not the latest vision or prophecy in NGX

megawealth01:
The truth is most Oando shareholders don't like it when analysis are made about it especially if negative

Every analysis is an opinion, either positive or negative and we can still learn from and make us of those analyses/opinions in the future.

We can disagree, but no need to degenerate into a fight.

megawealth01:
And fight go full here tire

Why should there even be a fight, if we all are here to make money in good faith, and no one is being cheated in the process?
That should tell you that there may be other interests at play!

helinues:
Talk something you know not assumption

Which assumptions are you talking about? I am talking practical because I am directly affected.

Have you gone through the financial statements of the manufacturing companies that reported losses e.g. Nestle?
Have you gone through the financial statement of the banks that reported profits e.g.GT and Zenith?

Banks and financial institutions trade and make use of currency in their daily business, so they can find a way to take advantage of changes in exchange rates. It is not quite so for non-banking, and non-financial institutions.

Or you expected me to give undue credit to a useless govt because of the banks that made profits?

helinues:
So the companies gaining, who is responsible? The opposition?

Most of the companies making gains do not have huge forex exposure, or the nature of their business allows them to hedge their forex exposures more easily e.g. some banks can also conduct business in dollars and receive dollars.

Most of the manufacturing industries are reporting losses, and they all cannot be ''lazy'' or ''stupid''. That should tell you something fundamental has happened to the economy.
This is what happens when an import dependent country devalues its currency drastically.

Banks however, can always find means to make profit because they charge their customers with all sort of fees and levies.
It is normal for companies to make gains; that is what they are established to achieve anyway; it is neither the work of opposition nor government.
What is abnormal is for majority of the biggest manufacturing companies to make losses all of a sudden, because of poor govt policies.

helinues:
The companies loosing now are those who have been doing shady deals in Nigeria most especially terror sponsor and also tax evasion

The companies are losing now because the useless, clueless and incompetent Tinubu and his nepotistic govt. devalued the naira recklessly and the companies have suffered huge forex losses.
Which terror did Nestle sponsor and which tax did they evade?

Most Nigerians just talk with so much arrogance in ignorance !

VinTruth:
Lazy Company!

Oando is set to post over ₦1 trillion after posting losses for over a decade.

What kind of statement is this?
Instead of you to blame the useless, clueless and incompetent Tinubu govt. that has devalued the naira recklessly and destroyed the economy, you are describing a reputable multinational company like Nestle as '' lazy company''.
Have you established or managed any manufacturing company before?

Nestle has been operating and making profits in Nigeria for more than 57 years, probably longer than you were born. Generations and generations of people have worked, retired, and still working in the company in Nigeria and other countries around the world. They were making profits before the Tinubu govt. came to destroy the economy.

And how do you compare Oando with Nestle? Does it make sense to you at all?
Oando under the present management is less than 30 years!
Oando sells crude oil to the outside world and receives dollars in payment, hence they don't suffer exchange losses.

Nestle produces fast moving consumer goods which are used daily by the people locally e.g. Milo, Nido etc. which are sold in the local currency(naira), hence they suffer huge exchange losses when the currency is devalued. They import raw materials in dollars and receive Naira for their products, hence they are badly exposed to forex risk. Can you buy Milo, Nido etc. and pay in dollars?

It is statements like yours that make Nigerian politicians take the citizens for granted as if they do not think!

VinTruth:
Lazy Company!

Oando is set to post over ₦1 trillion after posting losses for over a decade.

What kind of statement is this?
Instead of you to blame the useless, clueless and incompetent Tinubu govt. that has devalued the naira recklessly and destroyed the economy, you are describing a reputable multinational company like Nestle as '' lazy company''.

Nestle has been operating and making profits in Nigeria for more than 57 years, probably longer than you were born. Generations and generations of people have worked, retired, and still working in the company in Nigeria and other countries around the world. They were making profits before the Tinubu govt. came to destroy the economy.

And how do you compare Oando with Nestle? Does it make sense to you at all?
Oando under the present management is less than 40 years!
Oando sells crude oil to the outside world and receives dollars in payment, hence they don't suffer exchange losses.

Nestle produces fast moving consumer goods which are used daily by the people locally e.g. Milo, Nido etc. which are sold in the local currency(naira), hence they suffer huge exchange losses when the currency is devalued. They import raw materials in dollars and receive Naira for their products, hence they are badly exposed to forex risk. Can you buy Milo, Nido etc. and pay in dollars?

It is statements like yours that make Nigerian politicians take the citizens for granted as if they do not think!

FreeStuffsNG:
Lagos state topped its runners-up by a whopping N604.76 billion in 2023.

Great job by the Lagos State Government.

Invest in Lagos today, bring your legitimate investments to Lagos today.

In Lagos, you, your family and investments are safe and assured of the greatest returns on investment.

May God bless Nigeria for ever! Check my signature for free stuffs!

Let's stop the hyping of Lagos state.
Most of the key investments and infrastructure that enable Lagos to generate huge IGR were done or established by the federal government when Lagos was the federal capital e.g. sea ports, airports, roads, location of banks and company headquarters, embassies etc. in Lagos etc.
These infrastructure had attracted further investments, companies , workers and businesses to Lagos and that is the reason Lagos is getting huge IGR. It is not by any special hard work or innovation of any Lagos state governor or government. A similar thing would happen in any former federal capital if it had the kind of investments that went to Lagos when it was federal capital