₦airaland Forum

zendi:
Greetings, mikeapollo.
Please what is the nature of the court case coming up in October, if still any ? Is it still of any threat or serious risk to Oandites, in your opinion?

https://tribuneonlineng.com/lokpobiri-charges-oando-to-target-ioc-status/

To my understanding, the Oando court case coming up in October is between the 14 minority shareholders who went to court to ask for Oando to buy out their shares. The Court has varied it's easier order dated June 2022: so only those 14 minority shareholders will have their shares bought back if they still want to sell to Oando at N7.07 per share. . Other minority shareholders are not affected and their shares are intact. Some 5 minority shareholders went to court to challenge the 14 shareholders and the court gave judgement in favour of the 5 shareholders, saying that all minority shareholders cannot be forced to sell their shares. As it stands right now, Oando is not delisting. If the 14 shares sell their shares, Oando will buy them back but will still be listed because the company did not initiate the idea to delist its shares, it only had to respond to the case brought by the 14 shareholders . And that case has been technically shut down by the court. The case coming up in October is just for formality. It is already dead case.

designking:
Which stock will likely grow like Oando soon?

Oando has been a phenomenal stock... There no any other stock with Oando kind of movement waiting to explode?

Remember Oando was stagnant for some years before it started to rise.
If you can invest and wait for some time like Oando did, then consider International Breweries. It is also experiencing some difficulty and undergoing some restructuring. The turnaround time may come sooner or later. It was selling at N45 few years ago but now selling at around N4.
Someody also mentioned Unity Bank which is selling at N1.5 and under technical suspension.
Honeywell Flour Mills is another case . Its parent company (Flour Mills) is currently restructuring the company. Once this is completed, synergy and cost efficiency will lead to better performance and higher value.

DeLaRue:
NNPC bought OVH from 3 joint venture partners, one of which was Oando.

So, OVH was never owned by Oando alone.

Having bought OVH filling stations, NNPC then merged it's own existing filling stations (NNPC retail) with OVH and decided to call the combined businesses OVH.

Where is the controversy here.

You just needlessly sprinkled your usual biased article with Mr Tinubu and Oando's names to deceive your naive readers that somehow they were involved in dirty transactions.

NNPC bought OVH about 2 or 3 years ago. Oando no longer has anything to do with OVH since then.

Your claim that the Tinubus own Oando is also legally false. Oando is owned by its thousands of shareholders who are ordinary everyday Nigerians- including teachers, nurses, bricklayers, lawyers etc. Are these people Tinubu family members? With just N5000 any one can buy Oando shares and also become a co-owner of Oando.

Mr Kperogi, you can only deceive people who lack knowledge.

We remember how you used to dance around and avoid direct criticism of Mr Buhari during his 8 years in office.

You can't tolerate a Southern president that you can't control. That's what this is all about.

God bless you for the precise and accurate explanation of the NNPC-OVH transaction and relationship . A lot of people, including journalists etc passing commentaries on the transaction have little or no knowledge about merger and acquisition of companies, hence their ignorance and refusal to learn.

But I disagree with you on the issue of Tinubu's performance as president. He has been a total failure, a disaster, clueless and grossly incompetent

ojichukwu001:
I can only believe that this is a great opportunity to buy shares with OANDO. any other logic is irrational in my understanding.

Sir, I bought shares with OANDO on 3 September, 2024. It decreased in two days but went up by 10% yesterday. I'm still losing money. Please, what will you suggest that i do. leave it or sell it?
I Intend to watch it for two weeks and then take profit.

I don't know your investment goal and strategy. But if it were for me, I would not sell my Oando at this time because it has the potential to sell at N150-N200 or even higher in some weeks or months from now.
If you can, I will advise you keep your Oando and wait for some time.

[quote author=Ojuntana post=131884877]Oga did you read the 2022 audited financial report of your company that declared it technically bankrupt? If you need the link I'll send it to you because I don't get this your argument.

I have checked and trading was provisionally resumed in 2019. This means it is being traded under supervision of SEC

I believe you don't know what delisting means. Delisting means you are no longer on SE and it is totally different from buying back the shares. If and when Oando delists, if you still hold their shares, you can no longer trade it on NSE. So don't mix the two up. The court agrees they can't force all shareholders to sell their shares but the process of delisting is still ON. For a shareholder, you don't know much about Oando[/quote
]
If you are determined not to be educated on something, no one can educate you on it.
Read Paragrap 8 of the following and tell me what it means:

The Federal High Court, Lagos Division, has held that it cannot force Oando Plc minority shareholders to sell their shares if they do not want to sell.

The verdict was delivered by Justice Chukwujekwu Joseph Aneke in the case between Venus Construction Co. Ltd and 13 others against Ocean & Oil Development Partner Ltd and another.

About five aggrieved shareholders of Oando Plc had sought to join the suit and set aside the 7th June 2022 Order of the court which mandated Ocean & Oil to buy out all Oando minority shareholders shares at N7.07 per share as purchase price.

The Federal High Court, Lagos Division had further adjourned the petition in Suit No: FHC/L/CP/494/2021-Venus Construction Company Limited &13 others vs. Ocean and Oil Development Partners Limited and Oando PLC, which was filed in Court on March 25, 2021 (the “Petition”) to April 17th 2024.

The adjournment was for the Court to hear pending applications brought before it by certain shareholders seeking to be joined to the Petition while challenging the Court’s order dated June 7, 2022, which among other orders, directed the Company to file its Scheme of Arrangement document (the “Scheme Document”) with the Securities and Exchange Commission (SEC) and the NGX within 30 days.


The court had stated that the adjournment was to allow the company to produce a report of compliance with the Court’s order dated June 7, 2022, which requires it to submit its Scheme of Arrangement document to the Securities and Exchange Commission (SEC) and the NGX within 30 days, along with other instructions.

What the judge said
In his ruling, the judge agreed with the applicants that the petitioners do not represent or have the consent of all Oando shareholders to file the petition.

It further varied its order dated 7th June 2022 but limiting its directive to the shares of the petitioners who have agreed to sell their shares to Ocean & Oil at N7.07 per share.

The judge reached the decision, saying “The court cannot force Oando Minority Shareholders to sell their shares if they do not want to sell. “

What this means is that the shares of the Minority Shareholders will no longer be acquired compulsorily as planned by Ocean & Oil.

The Federal High Court also awarded a cost of N100,000 against the petitioners and in favour of the applicants.

What you should know
The case against Oando Plc was filed on March 25, 2021, as the minority shareholders of the company filed a petition for Oando requesting a buyout of their entire shareholding either by OODP or Oando Plc.
However, Oando filed a cross-petition expressing its readiness to buy out all the minority shareholders of Oando via a court-ordered Scheme of Arrangement.
In March 2023, Oando announced its decision to delist from the NGX and JSE, however, this is subject to approval from the company’s shareholders as well as the Federal High Court. With this court case, the process of delisting has been turbulent hence Oando’s shares are still trading in the NGX.
Oando closed its trading day on Tuesday, February 6, 2024, at N13.20 per share on the Nigerian Stock Exchange (NGX), recording an 8.3% drop from its previous closing price of N14.40. Oando began the year with a share price of N10.50 and has since gained 25.7% on price valuation.

Ojuntana:
Insolvency is also technical bankruptcy. You simply don't understand the ramifications of bankruptcy. So which court declared AEDC and IBEDC bankrupt?

What I asked is when trading of Oando shares began cause all I know is that the court has ordered for the process of delisting to continue and I hope you know what that means for you shareholders

Insolvency can lead to Bankruptcy, but not all cases of insolvency lead to automatic bankruptcy!
There is nothing like technical bankruptcy. You are either declared bankrupt or not!

The trading of Oando shares has always been going on after they resolved the issue with SEC years ago.
The court case about delisting has not stopped the trading of the shares. It only created doubts and reduced investors confidence in the shares, and made the price not to rise.
To the best of my knowledge, the court has now asked Oando to continue the delisting with only the original 14 shareholders that took the request to court, and said that other shareholders that did not go to court to ask for delisting cannot be forced to sell their shares. So the case in court now does not affect other shareholders apart from the 14 that went to court.
That is one of the reasons why the share price is rising as most people now can buy and sell with no fear, because the delisting of shares is now purely between Oando and those 14 shareholders that originally went to court to ask for it. Others shareholders are not affected.

Ojuntana:
You are mistaking filing for bankruptcy legally with technical bankruptcy. Bankruptcy is a cashflow problem. When your bank balance cannot meet your operational needs, you are essentially bankrupt. A bankrupt company does not mean it is "dead and gone forever". It can get a lifeline through injection of equity or government bailout like usually happens with AMCON. AEDC and IBEDC are examples of companies that went bankrupt but are still existing. Filing for bankruptcy is like officially informing govt of your inability to meet your operational needs and to close down so as to limit exposure to liabilities.

So when was Oando shares suspension lifted and trading resumed. I'm not aware of when that happened. Kindly share the date

The cash flow problem you are talking about is called liquidity (or illiquidity) and solvency (or insolvency).
It is not called Bankruptcy!
No single person or organization can declare a company bankrupt! Not even an auditor, investigator etc. because bankruptcy is purely a legal issue.
I have explained this Bankruptcy enough, you can take it or leave it.

For the SEC case, just google search ''Oando, SEC resolve disputes'' and read the search engine news. You will find out

Ojuntana:
So why have you been arguing that Oando was never bankrupt since you knew all these in 2021?

You skipped the part where you bought shares of a suspended company

Which magic did you use

Bankrupt is not a word that you use like that! You are still making a mistake.
There are legal processes to follow in order to declare a company bankrupt, and once that is done, the company is dead and gone for ever! It can no longer operate!

Oando was suspended years ago by SEC when they were still dragging the matter.
In fact, Oando went to court and won some of the cases against SEC. But later, they were able to reach an out-of- court settlement and the SEC gave a condition that Oando must withdraw all other cases from court, which Oando complied with.
They also paid some fines to SEC, and the ban was lifted. So Oando shares became available for anybody to buy or sell.

Ojuntana:
So why have you been arguing since that Oando was not broke in 2021-2022? Are you saying you purchased shares of a company you without due diligence?

But more importantly, are you aware that Oando shares were suspended in 2017 by SEC which means it can neither be bought nor sold? Or why do you think those minority shareholders approached the courts for an order for Oando's parent company to buy their shares?

So how were you able to purchase Oando shares in 2021-2022? And how do you intend to sell shares that can't be traded?

My good friend, this is what you need to know and appreciate about the stock market: It is a place where people study the companies, the industry, market sentiments, the general economy and then invest, stake their money in particular company based on their expectations of what the company could be or achieve in future.

I bought Oando shares because I did some little due diligence. I knew that the potential of the company (in oil and gas) was far bigger than the price it was selling for. Other companies like Conoil, MRS, Total etc were selling for between N70-N100.
So I realized that Oando's shares was selling at very low price because the company was having some temporary problems (making losses) which will be resolved one day and the company will bounce back and then the share price will rise very high. Such a stocks is called under-valued stocks. or bargain stocks

So what some smart investors do is to buy undervalued stocks at very cheap price and then wait until a time when the company is able to recover and the share price starts rising very high. They will sell and then make huge profit. It has happened to First Bank, WAPCO and even BBC(later Dangote) Cement in the past. So that is what I did with Oando because I knew it will not collapse as an oil and gas company.
It is a risky option, but it gives the highest reward if you are able to wait until when the company recovers

Some other investors too will only invest in stable companies that are making profits and paying dividends regularly.

Ojuntana:
Lol. Happy selling. When was Oando shares N4-N5 anyways?

Oando shares was selling around N4-N5 for most part of 2022. There was a time it dropped below N4 in 2021
In 2023, it moved up a bit and was in the range of N8-N15.
It rose from around N16 about 3-4 weeks ago to the current N81 as at today because of the successful ENI deal because that will double Oando's oil reserves and production. Hence, a lot of shareholders are happy. Those who cannot wait for dividend can now sell their shares and make profit (if the price they bought it was lower)

Ojuntana:
Lol doing great indeed. Oando shares that depreciated by over 100% from 2014-2022. So when last did you get a kobo from your "great" shares.

It seems in your mind corporate entities are insulated from politics and politicians. That's the most ignorant statement I ever heard.

A merger ordered by the courts with the winding up of the bigger to be swallowed by the smaller. What a joke!!

Anyways, the facts are clear and you have nothing to defend your claim of corporate cleanliness of Oando recent deals apart from innuendoes and what-ifs which are not grounded in reality.

Rest. Not everything you can defend!!

I bought my Oando shares (millions of units) when it was selling around N4-N5 per unit few years. Today, it is selling at N81.40

Not every shareholder is interested in dividends. Some are looking for dividends. Some are not really interested much in dividend but just waiting for when the price of the share will have massive increase, then they sell it and make profits! Learn this today!

yak:
I just hope my PFA is on this Oando because if they report nonsense this quarter, I will port

You want your PFA to be doing jijo with Oando? Fear God ooo

Ojuntana:
It's really funny how you keep telling lies to defend Oando. It is also amusing how you keep painting scenarios that are far from reality. Are you sure you're not paid? If you're really a shareholder as you claim, you're either deluded, misinformed or maybe one of the few benefitting from the unfortunate situation other shareholders who haven't got a kobo as dividend since 2013.
1. Point out where I said Oando initiated a court action to buy shares of the minority shareholders. Check the screenshot below. You can clearly see Oando specifically filling a cross-petition to buy ALL shares of minority holders including those who were not part of the case in a bid to delist and go private. That bid is still on so if you're a shareholder, I laugh at what you're defending.

2. Why do you lie? Which court do you go to when you want to get married? It is a blatant dishonesty to claim that a company will seek to approach a court to merge its subsidiaries. So you mean a resolution for merger of subsidiaries pproved by the board of a company still require a court order to become legal? Stop writing nonsense na. The court order was applied for by nueoil, OVH and NNPC and the court granted the order to divest all their assets to OVH not NNPC-Retail. By the wordings of that court order, all NNPCL-Retail assets now belong to OVH. Stop fishing for idiots.

3. Oandob was technically insolvent as at 2022. That's what the audited financial statement said. Go and argue with it.
Read links below and stop defending nonsense Oga shareholder.

https://businessday.ng/markets/article/oando-joins-n1trn-market-cap-league-as-shares-jump-by-1286-in-one-year/

https://gazettengr.com/oandos-market-value-jumps-from-n70-billion-to-n1-trillion-in-tinubus-first-year-as-president/

https://www.google.com/amp/s/nairametrics.com/2024/07/18/court-says-oando-minority-shareholders-cannot-be-forced-to-sell-their-shares/%3famp=1

You are so funny! You say I should go and argue with the audit report? I don't have any problem with auditors' report because auditor's opinions in a financial year are not final and do change from year to year

You are the rather the one who is unhappy, sad and angry with the Afreximbank loan and the ENI del. So you can go and argue with board of directors of Afreximbank. You also go and argue with the board of directors of ENI for selling their assets to Oando.
You can also go to court to sue the NUPRC for approving the ENI-Oando deal faster, ''relative'' to the Mobil-Seplat.

The OVH-NNPC Retail deal is a merger and there is nothing anybody can do about it because the two entities are both owned by NNPC Limited.

Stop crying because of Oando!

You have the right to criticize Tinubu, the clueless president who has mismanaged the economy. But leave independent corporate entities out of your politics,

I wont respond to you again on this matter. I have tried my best to explain things to you.

My Oando shares are doing great and I am looking forward to cashing out at the appropriate time.

Wish you all the best in your endeavours too, Amen..

Ojuntana:
Dude, rest!!
OvH and NNPC Retail is a takeover not a merger
You don't go to court to get an order to wind up a company in a merger. That's exactly what the court order says.
Go back and check the judgement given against Oando. The court order specifically said the shareholders can't be forced to sell their shares. It seems you're not aware Oando wanted to buy over all shares and go private. You just keep showing you don't know what you're defending.
I already explained the part of Oando's bankruptcy up to 2022 and miraculous recovery in 2023 based on forex assets. You're just defending what you don't know man. That's the main point I can see through you.

1. You have not told me that if you read or saw any court case that was initiated by Oando as the original applicant! I challenge you to show me anywhere that Oando initiated the court case to acquire the shares from shareholders

It was some 14 shareholders that went to court to ask Oando to buy them out as well as all other minority shareholders. The court says it cannot give such orders to force shareholders to sell their shares. Now, you are twisting the story to say that it was Oando that originally went to court force the shareholders and acquire their shares. I am a shareholder in Oando so I know what I am saying. Are you a shareholder?

2. Anybody or two parties can go to court to seek legal backing to support any legitimate business or transaction. Institutions do so in order to prevent any other party or institution in future from reversing or abusing the process or decision that may be taken.
For instance, a couple can decide to marry without going to court, and the become husband and wife. They can also decide to marry and go to Court to give it a legal backing and pronounce them husband and wife. The NNPC-OVH deal is a merger. Such a merger (or acquisition) is called Court-backed merger (or acquisition). Once the legal parties agree according to law, the Court will give its blessings or ruling to that effect to protect the transactions and parties to the deal.

3. A going concern company is not bankrupt! Stop using words or terms wrongly.
How could you say a company was ''bankrupt' in 2022 but had ''miraculous recovery'' in 2023 based on forex? '. What is your own understanding of the ''miraculous recovery''? That means the company was not ''bankrupt''.
It shows that the company may be illiquid, but it has the potential to be profitable if certain things or actions are put in place, and that is what the Afrexim loan and ENI deal are meant to achieve, which you are very sad and pained about.
Do you know the value of the oil and gas resources that Oando has? The value is bigger than all their debts and liabilities combined together. So how could such a company be ''bankrupt''? Please stopping some terms anyhow

Biodun556:
Top 50 companies in lagos and their owners


Most companies in lagos are owned by Yorubas

Let us be serious.
The Dangote Group has several subsidiaries, and one company can be equivalent to 2 or more other companies

Beremx:
girls don't shout, they moan. Meaning they're enjoying the sex because it hits the right spot.

Can you clarify, what is/are the right spot(s)?

emmasoft:
That is why I like the capital market. At any point, individual/corporate bodies are making money irrespective of bears, bulls, feelings, or sentiments. There is always an opportunity for all novices or gurus alike with short, medium, or long-term views.

Exactly,
My stockbroker wants me to sell Oando and buy again at a lower price. It sounds good.
However, I might gain, or lose if the price rises higher and I am unable to replace my units, but he will always gain irrespective of whether I lose or gain.

yMcy56:
All OANDO offers @73.75 cleared!!
So who are those buying if we may ask?

Think there's more to what we can see....maybe some guys knows what we don't know yet....

It's looking like the present fall in price is an attempt by some entities to enter cheaper.....

We see how it goes anyway....

* Not any form of advice

ProphetUtuocha just said it a few minutes ago, that a massive wind is coming for Oando.
We have our own Oando ''prophet''. Let's listen to him!

ProphetUtuocha:
Mark this:
Another wind is coming
Oando plane occupants tighten your belt

Thanks, prophet!
We appreciate the heads up on Oando!

The people are still asking and waiting for the other gem/jewel that you promised to release.
Always remember Prophet Moses and the children of Israel (stubborn academy) and give us what we ask from you!,

KarlTom:
As at today 5 September 2024, THREE indigenous oil companies have concluded plans to list on the NGX within the next six months.
I believe more will join them.

Is this one of the effects of OandO... ?

Please can you drop the names, so one can start doing some DD and possibly mobilize some funds to invest?
Oando may be the watershed to some folks and investments in the oil sector

Ojuntana:
It's funny how you're so eager to defend something that has so many question marks around it. If you're one of those shareholders who have not gotten a kobo as dividend since 2014, I'm sure your defensive energy won't be so much.

I noticed you have deviated again to scenario painting while leaving the facts. Oando was suspended from trading and also holding AGMs by SEC. All this your "can, can and can" are figment of your imagination. The shareholders took the company to court for failure to carry out due diligence and deliberately devaluing their shares and then attempt to buy them over. Even the ConocoPhillips purchase was shrouded in mystery as Oando was only able to raise $345m according to its financial report.

The external auditor described the company as tending towards technical bankruptcy in 2021 report. Again another clear case of you defending what you don't know. How can a company whose accounts are in the red for successive years not seen bankrupt?

More you're worried about jobs while you ignore shareholders who haven't made a kobo since 2014 but have watched their shares plummet considerably over the years. I guess that's fair in your jaundiced view.
Again, you're back to lying. It is NNPCL, OVH and Nueoil that approached the courts and not NNPCL alone. Go and read the story so as to get a clear view.

Meanwhile the court order is for OVH to takeover NNPCL Retail assets and not a merger. Go and read again. NNPCL has not denied existence of the order. I've never heard of where a company still need a court order to merge its subsidiaries.

They sidestepped it to claim it's not about Tinubu yet a company they purportedly acquired is taking over their assets!

The fact remains that the Oando/Eni deal was granted accelerated approval RELATIVE to the other deals. Oando is certainly not the best run indigenous oil company to have suddenly become so smart.

You can't know Atiku more than OBJ his boss. So if you're defending Atiku on the pages of the Internet, you're only wasting your time. The best person to defend Atiku is Atiku himself

1. Oando did not file any application to buyout shareholders. It is some shareholders that demanded that Oando should pay them off because they are no longer interested in holding their shares.
If you do not understand how they bought ConocoPhillips, write to the registrar for details instead of using that as an excuse to say what you do not know. Has anybody reported to you that Oando stole their money or govt money to buy ConocoPhillips?

2. If you really care for the shareholders, you would not be pained that Oando was able to get $800m loan from Afreximbank and the ENI deal, both of which have injected some new life into the company. Capital injection (e.g. loan) and significant improvements in production and sales (e.g. ENI deal) are two ways by which a struggling company can overcome its liquidity and solvency issues.
These 2 events have helped to boost Oando's operations and its share price. Hence employees, shareholders and stakeholders are happy, but here you are still complaining and angry! How do you expect the shareholders to be able to recover their investments if you dont want the company to receive loans and deals to help boosts its revenue and profitability?
Do you want the loan and ENI deal to be cancelled so that Oando can collapse and the workers and shareholders go home with nothing so that you can be happy because you don't like Tinubu? I just don't understand your anger and pain that Oando got the facility and deal.
Bank loans are also meant to assist companies (or individuals) that may be struggling to overcome their liquidity and cashflow challenges. The CBN is doing a similar thing for Unity Bank as we speak.

3. If the external auditors said in the 2021 audit report that the company was tending towards technical bankruptcy in 2021, then what about 2022 and 2023 reports? Why are you fixated on the 2021 audit report alone when that of 2022 has been released and the one for 2023 is due at end of September 2024?
Don't you know that a company can undergo turnaround and its fortunes can change? Or you just want Oando to fold up and be buried because the auditors made that comment in 2021 report?

4. The NNPC Retail - OVH deal is a merger, not an acquisition.
When one company acquires another, the acquirer must provide some consideration (cash or shares etc.) to the acquired company. There is no exchange of consideration between NNPC Retail and OVH, hence their arrangement is a merger. You can confirm this from your Accountant friends or any Accounting textbook.

5. You cannot say one entity was granted accelerated approval ''relative'' to another entity if you cannot provide the dates and timelines. The word ''relative'' means you are comparing two or more events. The only way you can establish ''relativity'' in this case is to compare the dates and timelines. There is no other way. You cannot just say ''relative'' without providing the dates and timelines.

6. . There is nothing like ''your boss knows you better'' in Nigerian politics. It all depends on the interests at play.
OBJ and Atiku are both politicians.
In Nigerian politics, your boss will like and reward you when you are licking his ass and doing what he wants, no matter how terrible you are as a person. And he will come after you to destroy you the day you start antagonizing him. The one that holds the higher power uses that power to intimidate everyone into silence and have his way.
For example, why did the same OBJ support Atiku over Buhari in 2023 elections? OBJ even went as far as recommending Atiku to the US embassy for visa to travel to US. Yet, it was the same OBJ govt that lied by telling us that Atiku could never travel to US because he was wanted by FBI for corruption and crime.
Also, Ribadu (as EFCC Chairman) said that Tinubu (as Lagos governor) was corrupt (just to please OBJ who was president at the time). Today, the same Ribadu has rushed to accept appointment from ''corrupt'' Tinubu as president.
Governor Fubara was the darling boy of Governor Wike when he was always taking Wike's instructions. Today, you know the story. It is not because Fubara is a bad person. It is because of clash of interests!
Atiku would not be making the noise he is making today if he and Tinubu were to be in the same political party! That is a fact!

You would have yourself to blame if you just trust a Nigerian politician without fact-checking and verifying what they say or tell you.!

politicoNG:
https://blueprint.ng/happening-now-dangote-bill-gates-join-shettima-others-in-nec-meeting/

This is totally wrong. NEC meeting is a serious govt meeting to dis uss nationalisdues and should not allow these people in
. No wonder we are not respected internationally.
A very clueless and incompetent government.

megawealth01:
I have decided never to mention that name again ever because it has made people to talk to me both directly and indirectly as if I hate their progress...

My contributions here will definitely be to point out matters affecting Nigeria as it relates to its economy and maybe seldom drop signals...

Na jokes and observations I go dey do mainly henceforth

Don't be too offended; this is a faceless platform.
And those who might have talked or typed harsh words to you may even be your very good friends or colleagues or acquittances in the physical world when you identify or meet them.

Ojuntana:
It is you who needs to read carefully because you keep mixing things up
Regulatory compliance is a serious issue. Stop trying to trivialize it under "so many companies do it". It is not for nothing we are known as a fantastically corrupt country. Any company sanctioned is fraudulent. Worse when your own shareholders take you to court!

No one is tagging anyone unfairly. A company that is bankrupt suddenly gets an uptick in business at the time when a member of the owner's family gets into public office. And the uptick is not due to any fantastic operational succss byt simply deals left, right and centre. Don't be an ostrich man.

No one cares about the date. The fact which all parties have not denied is that the Seplat and Renaissance deals were started before that of Oando. And stop all the bullshit about countries of origin. Shell was involved in Malabu scandal as well as Eni. Eni was even accused of bribing Nigerian officials. Mobil has had its own issues too in Nigeria. So don't make it sound like IOCs are Angels in hell.
And it was approved AFTER Atiku raised the alarm. Stop trying to hide under one finger bros.
NNPC did not decide to merge OVH and NNPC Retail. The court order was an asset transfer from NNPC Retail to OVH. Go and read and stop making assumptions to defend fraud. To all intents and purposes, OVH now owns NNPC Retail as per the court order

You are using words that have serious legal implications, which you seem not to be aware of:
Regulatory sanctions/fines and fraud:
Regulatory sanctions/fines are not good but not uncommon. What is not acceptable is for you to be fined repeatedly for similar or same offence. Such sanctions do not necessarily mean fraud.
A company can be sanctioned for administrative lapses e.g. because it did not file the annual returns or pay some administrative fees, or comply with a regulation. Not every sanction is fraud-related

Bankrupt company: which company is bankrupt? And do you know the process to declare a company ''bankrupt''?
When and where did Oando declare for bankruptcy? Or you are the one declaring them bankrupt from the comfort of your laptop or android phone? These words are not cheap words to use on a corporate entity.

Oando's renewed prospects may look too coincidental for your comfort. But if they could pay and buy ConocoPhillips for $1.5b in 2014, I would not kill myself if they now obtain a loan to buy AGIP for $783m ten years after. At least there are hundreds of families that are working and earning their living in Oando and AGIP. Maybe you want those people to lose their jobs so that you can be happy because of your dislike or hatred for Tinubu.

For your information, the Mobil deal has not been approved yet, it is still in process (to the best of my knowledge). It does not matter whether Atiku talked about it or not. The Equinor Chappal Energies deal was approved in Nov 2023 even though Atiku did nor know jack about it!

NNPC Limited owns OVH and NNPC Retail. And it was NNPC Limited that approached the Court to grant them the legal leeway to merge NNPC Retail into OVH, and everything still remains under NNPC Limited. (the court did not just wake up by itself to give an order without someone file an application in court).

You cannot be serious talking about ''accelerated'' approval for ENI-Oando if you cannot mention the dates that the companies submitted their applications. Mobil and Shell have not issued any statement to show that they are being delayed.
It is Atiku (a politician who is playing the usual politics to discredit his opponent) that made the allegation. And Tinubu and his camp too are also saying whatever they need to say to discredit Atiku.
But my own is to address the official facts as they are.

Have you forgotten the lies that were said about Atiku himself when he was in power as VP when OBJ was looking for ways to destroy him? I did the same I am doing now - to defend Atiku at that time because I could see the lies against him.

There is nobody being denied or delayed in the approval process because of Oando.
ENI was probably more eager to sell off their assets so they submitted their bids and complied with the requirements faster than others.
Let those who feel they are denied or delayed speak for themselves. Is Atiku now the spokesperson for Mobil and Shell? All politics!

GeeKudi:
It does appear that if some people have the power, they would deliberately crash Oando SP just to prove a point or get at whoever they consider as enemies.

Unfortunately, this thing is bigger than them

One of the surest ways to become the ''enemy'' of the typical average Nigerian is to become very rich and highly blessed beyond their imagination.
To most Nigerians, every rich man is a criminal and corrupt.
Ask them to mention just one very rich Nigerian that has not suffered from the lies, absolutely ridiculous rumours, conspiracy theories, baseless stories and other shenanigans of Nigerians:.
Dangote; Atiku; Adenuga; Otedola, Maduka, Iwuanyanwu, (RIP); Abiola (RIP) etc.

I am not saying that every rich man is clean and innocent, but you need to speak to facts, not just lies borne out of ignorance, politics, tribalism, etc.

Ojuntana:
Ok. You do not believe Atiku but you believe TInubu's govt and their defence abi
Anyways, What you claimed is wrong. Atiku said Oando's deal enjoyed accelerated approval relative to the Seplat and Renaissance deals. He did not talk about days or PIA. You see how you allowed Tinubu and his minions to deceive you? Seplat and Renaissance deals were already on the table before that of Oando. Yet Oando's was approved before theirs. I even recall you claimed the Seplat deal had been approved and I called you out on that only for you to blame the press for misleading you.

1. SEC will not sanction a company for a poor transaction Sir. They will sanction a company for shady deals. No one can take a company to court for poor transactions either.

2. Why ask Afreximbank why they gave the loan? Why not ask Oando how it was able to give a loan to NNPC via Afreximbank when it is bankrupt according to its books. Why not ask Oando what they used as collateral in the interest of their shareholders whom they are trying to shoo out the door? I remember you lied by claiming they might have used the assets they intended to acquire as collateral. You had no evidence that's what happened but you still lied at leas to defend them.

3. You see how you keep confusing yourself just in a bid to defend. Was there any deal between NNPC retail and OVH? NNPC acquired OVH. Stop trying to claim there was a merger. A company you acquire becomes yours. If you decide to merge it with another arm of your business, it's an internal business decision. Stop trying to paint it as if NNPC retail arm and OVH entered into a merger. OVH was no longer an existing entity by the time it was merged into NNPC Retail. It was to all intent and purposes a part of the NNPC by then. So the question now is who controls who now? How come OVH which was acquired is now the one controlling NNPC Retail that acquired it? Or are you unaware that Stockman who is now head of NNPC Retail was Head of OVH before the acquisition?

4. Has JIm Ovia resigned as Chairman of Zenith Bank?

Please read my post clearly:
So many companies have been fined for different reasons by regulatory bodies, including big banks, telecom companies, oil and gas etc. It is not good for the corporate image of a company, but it is not peculiar to Oando alone.

I cannot just believe Atiku or Tinubu anyhow. I have no reason to even listen to Tinubu.
I am only saying that Oando as a corporate entity cannot always be linked to the personae of a Tinubu!
Atiku's relatives also have businesses and companies, and it would be wrong to tag those businesses unfairly just because of Atiku!

Do you know that the responsibility to comply with the requirements and submit an application to NUPRC lies squarely with the seller of the oil well (e.g. Mobil, Shell, ENI) and not with the buyer (Seplat, Rennaisance, Oando)?
So tell me, what date did Mobil, Shell and ENI submit their applications to NUPRC for approval?
These things cannot be messed up easily because the oil industry is a global one and serious inter-government diplomatic problems could arise when these companies are frustrated by the government.
How can the FGN favour ENI (Italian) and frustrate a company like Mobil (American) and Shell (UK)?
Also, have you read from any where that Mobil or Shell had complied with all the requirements and the FGN still refused to approve their deal?. There was even a court case on the Mobil oil well until just recently.
Do you know that Equinor (from Norway) also sold its oil well to Chappal Energies (owned by an easterner) in November 2023 and it has been approved? Why was that not frustrated too or delayed because of Oando?

OVH and NNPC Retail are both subsidiaries of NNPC Limited.
NNPC Limited has decided to merge OVH and NNPC Retail together into a single company.

I don't know if Jim Ovia has resigned from Zenith.. But the Oando director has resigned and that is the proper thing to do.

Beremx:
https://gazettengr.com/we-wont-allow-anyone-to-ridicule-iyaloja-stool-in-computer-village-or-other-lagos-markets-yoruba-council/


Previous thread https://www.nairaland.com/8201777/lagos-computer-village-traders-vs

What nonsense!
The Iyaloja installed by Oba Akiolu is for Lagos Island. Ikeja has its own Oba and it is not under Lagos Island.
The traders must not allow this extortion. Thank God they have a good lawyer like Falana handling their case.

Ojuntana:
No Sir. You are not objective.
Where is the rumour? Even former VP Atiku has called attention to the unholy favours being extended to Oando. Is he also a conspiracy theorist or rumour monger? All his public interventions on the Tinubu govt have been proven right till now.

1. You keep hammering on ConocoPhillips deal which was done in 2014 and not 2011. The deal was also shady and led to massive losses and liabilites for Oando since then. It led to their technical bankruptcy and inability to pay dividends. Their share prices plummeted scandalously untill recently. Only Afreximbank can explain what made them give out the loan to Oando. But Oando as an entity is synonymous with sharp practices as testified by no less an agency as SEC.

2. Again, as i corrected you before. The loan is not given as partnership between NNPC and Oando. The loan is from Afreximbank. Go and read up on these things. You just keep defending from an angle of ignorance which is nauseating to say the least.

3. So what is the OVH/NNPC Retail deal? Is it a merger or an acquisition. If it is an acquisition, who acquired who?

4. It is not about the appointment but the leverages being extended to Oando by this govt. It is massive. You might claim they just got lucky or anything but to claim these leverages to a technically broke company are just mere coincidences is simply playing the ostrich.

5. Look at Dangote for example. His refinery is now more or less an arm of govt based on what he himself is saying will be the modalities for their entrance into the market. For him to agree to such, you think it is simply normal business?

Please take note:
Be careful of how you believe and trust whatever any politician (Tinubu, Atiku, Obi, Kwankwaso etc) tells you without verifying and crosschecking it properly.

Atiku Abubakar alleged that the ENI-Oando deal enjoyed an ''accelerated'' approval by the FGN.
When you describe something as ''accelerated'', you must have reference timelines.
What are the reference timelines for the approval of the ENI-Oando deal as stated by Atiku? Did he tell you when the project started and when it was approved at the end?
You must have read Atiku's allegation. Did you take time to read Oando's response which was published on Monday, 2 days ago?
The PIA law says that the approval must be given within 180 days after submission of the application. But it took NUPRC 248 days for the deal to be approved. What and where is the ''accelerated'' approval in that?

1. A poor business transaction can lead to losses, inability to pay dividends and bankruptcy; but it is not same as a shady deal. A shady deal means corruption is involved and proven beyond doubt.

2. If the loan is from Afreximbank, then we need to ask Afrexim bank for the technical details instead of spreading unfounded rumours and conspiracy theories.

3. The NNPC Retail deal is a merger with OVH. NNPC Limited (the Parent company) acquired OVH from Oando, and then merged OVH with NNPC Retail.

4. The law says that when a director of a public listed company is given a political appointment, such director must resign. The Oando director has resigned. There are several examples of such in all the companies listed on the Nigerian Stock Exchange!
Jim Ovia is/was a director in Zenith Bank and was recently appointed by Tinubu. Did people make this kind of noise?

Thank you for correcting me on the year of acquisition of Conocophillips by Oando

Namaster:
Bro, you don't know what you are talking about.

Issuing shares is NOT a surefire way to increase market capitilsation. In fact, it has the potential to dilute the value of the company's shares.

Issuing shares would REDUCE the Dividends per Share since MORE people would be partaking in the dividends than if the company did not issue the share.

As such, people may be tempted to SELL off their holdings rather than risk a reduction in income. That could result in a reduction in the PRICE per share.

As a result, issuing more shares could result in a REDUCTION of market capitalisation, ZERO change in market capitalisation or a MARGINAL increase in market capitalisation.

You DON'T magically increase your capitalisation by issuing MORE shares.

Oando was an OKAY company. But Oando does NOT have what it takes to SUDDENLY add #926 BILLION to its market value in just ONE year without Tinubu's CORRUPT influence.

A 1,000X LEAP in value is something that may be possible for TECH companies with CONSTANT CRAZY innovations NOT an energy company that does NOT know the first thing about INNOVATION.

I asked you before and I'll ask again:

Has Oando ever been worth ONE TRILLION NAIRA in its previous 67 years of existence?
Even when its shares were selling for #200 each?
Has it?

Your BULLSHIT will only fly when you're talking to financially-uneducated folks. Not me.

Please, I thought this would be an avenue to exchange ideas, not a platform for childish insults like ''bullshit'' etc.

Oando's 12billion shares had been issued and outstanding for some years now. It was not recently issued.
There are different valuation models for a company:
i. net asset valuation model,
ii. market capitalization model,
iii. dividend growth model,
iv. Price-Earnings Yield model etc.

What you said about dividend per share, profits etc. are only practically relevant to the other models of valuation which are basically more dependent on values derived from the companies profitability and financial performance.
But market capitalization is a bit different because it is mostly determined by the price dictated by ''market forces'' (supply and demand) which are mostly driven partly by perception of stock market players and usually outside the direct control of the company.
For instance, there are several companies in the stock market which have not made profits in recent years but you see their share price going up because there is some good news or expectation in the market.
For instance, a company's share price will start rising because there is news that Otedola or Tony Elumelu has acquired majority shares in the company, even though the company has not released any financial result to show increased profits. But the public perception alone can drive the share price because of the personality and reputation of the new investors. Once the market price per share goes up, the market capitalization will also increase based on the formula (i.e. market price x number of shares already issued)
Sometimes it has nothing to do with how profitable the company has been.
That is why market capitalization is never static. It changes everyday, and you can easily hear this during business news on television. For instance the market capitalization of Oando has already dropped and it is no longer N1trillion because the market price has reduced from N91 to N82.50 at end of trading today September 4, 2024.

On financial education, I think it is better we accord each other some mutual respect as we both do not know each other. You may be the best professor of Finance in the world, so I would not describe your opinion as ''bullshit''. I hope you would be magnanimous enough to reciprocate same.
I don't carry hatred or ego in my mind against anyone when discussing issues online.

Ojuntana:
Lol. First you defended Oando's purchase of Agip/NNPC JV oilfields while broke
Next you defended Oando borrowing NNPC money while broke
Then you defended Oando taking over NNPC's retail arm
Now, you're defending Oando having a representative in the budget
Yet you claim you're not a fan of Tinubu
I'm sure if Oando purchases NNPC outright tomorrow, you'll still defend it

My friend; why should I disturb myself or be worried about things that are not within my business to query:
1. Why not ask the Afrexim bank why they had to give Oando USD800m loan to buy AGIP? It is not my business to query any of them.
Oando equally acquired Conoco Phillips for $1.5b in 2011. Are you also worried about that too or they should no longer be in business because Tinubu is president?

2. Oando (40%) is a partner to NNPC (60%) in the OML 60-63 and other OML/OPL being operated by Oando. Who am I to question the loan between the two when they are partners and my money or funds of the FGN is not involved or stolen?

3. Only those who do not understand merger and acquisition (takeover) will describe a merger of two entities as a takeover. The terms sound similar but they are not the same. NNPC Retail was merged into OVH but both entities are owned 100% by NNPC Ltd. Go to CAC website and confirm.

4. Anybody can be appointed or fired by whoever the president cares to so appoint. But are we sure nobody else appointed by the president is a director of any company in Nigeria? I don't actually care about this appointment, but we just seem to like to sensationalize simple things in Nigeria for parochial interests. Jim Ovia was recently given an appointment by the president. Is he a director of any company in Nigeria or not?

I repeat:
I am not a fan of an incompetent and clueless president like Tinubu.
My points are purely based on principles, facts and objectivity; not cheap politics, rumours, ignorance, useless conspiracy theories, tribal bigotry and other shenanigans.

D3rd:
One of their subsidiaries bought out all NNPCL' stations.

In other words, very soon you would see Oando's nameplate on all former NNPCL' filling stations.

My God! OVH is owned 100% by NNPC after Oando sold it to NNPC years ago.
There is:
a. NNPC Limited (the Group/Parent company)
b. NNPC Retail Limited (marketing division)
c. OVH (which NNPC Limited bought from Oando)

Both NNPC Retail Ltd and OVH are subsidiaries (babies) under the parent NNPC Limited.
NNPC Limited(parent) now decided to merge NNPC Retail Ltd into OVH, but everything is still owned 100% by NNPC Ltd. There various reasons for merging companies e.g. cost efficiency, economies of scale, logistics etc.

OVH is not owned by Oando

Namaster:
Save this NONSENSE for people who don't know how market valuation works.

When Oando shares were selling for #200 per unit, what was the number of shares it had issued?

Has Oando ever been worth ONE TRILLION in the previous 67 years of its existence before Tinubu's Presidency.

Also, does the SUDDEN #926 BILLION gain in just 12 months reflect some innovation or something else done by the company and NOT some ripple effect of Tinubu's interest in the company?

Save yourBULLSHIIT for someone else. Not me.

My brother, the more the number of shares issued, the bigger the chance of having a higher market capitalization.
Oando has 12b shares issued; market price N91

Market capitalization = market price (N91) x number of shares issued(12b) = N1 trillion.

Once the stock market can price (buy and sell) the shares at N91, the market cap will rise and you cannot blame the company or president for that. The same investors were buying it at N4-N5 a few months ago and you did not blame the company. Stock Investors and traders can even decide to buy/sell the shares at N150-N200 and the market capitalization will rise further. It is a market phenomenon.
You cannot blame the company or anybody for that!