₦airaland Forum

Kukutenla:
Working hard does not mean I can't express my opinion on how my country is being governed. Don't gaslight me. I didn't cry to you that I'm poor. Even if you work hard from here till you die, the chances of becoming rich like the aforementioned are not guaranteed. It takes much more than just working hard.

But since you have such high sounding advice to give, why did you jump in to argue in defense of fraud in the first place?

I think you're a confused person. Learn to get your head in the right place pls.

Yes. You are very correct. Very Perfect. I may be confused. But my head is surely in the right place.
God can bless you to be rich like anyone of them; God can also bless me to be rich like anyone of them. Stop talking as if you know the end from the beginning. You don't know it all, so be circumspect in your utterances.
You have no evidence of fraud, so you cannot say that fraud has been committed. And if fraud has been committed, you know where to go: EFCC or ICPC or you write to the Italian govt or to the board of Afreximbank.

For now, your accusations against Oando, NNPC, Wale Tinubu, Bola Tinubu etc are all baseless

Kukutenla:
But I didn't call you into the noise did I?
Or did I seek your advice?
When did it become a crime to call out corporate fraud?
You've been defending all this while with wild assumptions and offpoint claims. Maybe I should call your defence here useless. Oh, it actually is

Okay. You are correct. Very correct. Very perfect.
My defence of Oando here is useless. Your accusations here against Oando too are also useless! Case closed.

You and I should both go and work hard and become rich like Wale Tinubu, Bola Tinubu, Peter Obi, Atiku and Mele Kyari.

Kukutenla:
I'm beginning to lose my patience with you. When did Afreximbank loan become cash call? What kind of nonsense do you keep writing?

I never knew that your account in a bank is used to give out loans on your behalf. You're writing rubbish up and down. The Project Gazelle is being paid back with crude oil yet you're calling it cash call. Stop writing nonsense my friend.

The loan is Afreximbank loan of $3.3bn with a part of it syndicated. Stop writing rubbish of "they can they can they can". Go and read up on the project gazelle. Haba!!

Now you're saying Oando can't give $500m to NNPC without it going through a bank. What then is a cash call? Oga stop typing nonsense!!

Okay. I agree with you. You are right, Very right. Very perfect.
Go and do the following so that you can deal with Oando and NNPC very well!
Go and file a petition against them to EFCC and ICPC so that Wale Tinubu, Bola Tinubu and Mele Kyari can all go to jail! Then you will be very happy with yourself, your party or your tribe people.

You noise here is totally useless!

IGBOPROMISE1:
The same SEPLAT that the evil Buhari gov't refused to give the go-ahead for their acquisition of Mobils onshore assets!? The entire affair dragged on for more than a year, and has only just been signed off by this present gov't because they had designs on TOTAL! The 'crime' of SEPLAT was that it was founded and had majority Igbo interests! The vile bigot sees Ndigbo as '3rd class' citizens...a 'conquered' people who are not deserving to be placed on the same pedestal (politically and economically) with the Yoruba and his Fulani, and before he fcked off he engineered the removal of Dr Orjiakor and Avuru from their positions while others like Wale Tinubu were left alone in peace!

Through good management, SEPLAT grew organically over the years to become the leading indigenous player in the oil and gas sector! They are not one of those emergency oil and gas coys that were quickly formed and gifted prolific yielding oil blocks! The 'crime' of SEPLAT was having a majority Igbo interest which was bound to attract envy and sabotage from the usual suspects who control the executive, and by extension the ministry of petroleum! Given the success of SEPLAT over the years, should anyone really be surprised they had the capacity to buy MOBIL? Juxtapose their position with that of OANDO that was plagued by all manner of corporate, boardroom and capital market troubles during the Buhari era, only for them to 'miraculously' recover when Tinubu became president...to the point of being able to buy ALL of TOTAL! If you can't smell a rat in all this then there's something wrong with your sense of smell!

If we interrogate that Renaissance group (which i've done), you'd still find a slant towards a certain ethnicity! Should anyone be surprised they emerged AFTER May 29, 2023? One would be naive not to know this Reanaissance set up is a proxy for a certain greedy man, his family and network of friends/associates!

Stop being a tribal bigot and stick to objective facts!
Truth is, SEPLAT bought the assets of Exxon Mobil under the Tinubu govt.
Do you think all the management and staff working in SEPLAT are Igbo or all the management and staff working in Oando are Yoruba? Is that how you think so myopically with no depth?

Oando was already operating a JV with ENI(AGIP) and NNPC. The sharing formula was Oando 20%; ENI 20% and NNPC 60%. (Oando had acquired the 20% when they bought the assets of Conoco Phillips in 2014). So it was natural for Oando to offer to buy ENI's 20% when ENI decided to leave the onshore sector because of the various crises in the sector due to oil theft, riots in Niger Delta etc. That is why Oando's new ratio in the new JV becomes 40%.

By the way, the Igbos in SEPLAT or the Yoruba in Oando are not necessarily the best or the worst in the oil and gas sector. Every company goes through different phases in their lifecycle, so don't come here to paint the picture as some people are better than others in management. Companies owned or managed by Igbo or Yoruba people can experience problems, and fail or recover at anytime.
Stop being tribal and shallow in your thoughts!

Kukutenla:
You just enjoy writing rubbish claiming education
So you mean all JV partners to NNPC give loans to NNPC? Can you list the loans given by other JV partners?
That is besides the point that the loan is given through Afreximbank, a bank Oando is indebted to. NNPC meanwhile is a profitable enterprise now owing Oando a loss making enterprise
Oga stop defending nonsense

Ignorant noise maker!
The JV partners all give advance cash calls to NNPC at different points in time in history. Oando not the first and will not be the last. If you never knew about it in the past, it is because you were not in the sector or industry.

Stop being fixated with Afreximbank loan and talking like an illiterate. Oando can operate an account with Afreximbank and still obtain a loan from them. So they may have a normal account with some money and jthen borrow the $800m just for the AGIP transaction which will be in a separate loan account.
And they can advance their $500m loan to NNPC through their own normal account domiciled at Afreximbank or adopt the processes for granting international loans through a bank that acts as witness or facilitator, especially if Nigeria (CBN or NNPC) has an account at Afreximbank. Or do you expect Oando to carry $500m cash to give NNPC?

Kukutenla:
Where did I blame afreximbank for giving a loan to Oando?
Stop making things up and pinning it on me abeg.
How did Oando acquire Phillips oil? Did they declare profits afterwards and even started borrowing money to NNPCL?
Anyone with half a brain will know there's something shady going on when a loss making company is accessing million dollars worth of loans and even having enough money to lend to a profit making company in the same industry.
How does that make financial sense to you?

Stop killing yourself because of Oando.
Oando now receives almost all its revenues in US dollars because they now sell crude oil to international customers; that is why they were able to give $500m payment in advance to NNPCL. They are now significant JV partners to NNPC
In 2014 when Oando bought Conocco Phillips, they were still operating in the downstream sector selling refined petroleum at filling stations and receiving payments naira; they were not significant JV partners to NNPC so there would be no need to give such loan to NNPC.

Please learn and educate yourself about the transactions that happen in the oil and gas JV arrangements before you say things that are not true and draw wrong conclusions.

MrBrownJay1:
Oando's crime started the day it was acquired by the presido's family duh!!! President Tinubu settled a decade long lawsuit that the Nigerian gov had against SHELL/ENI (about oil prospecting licenses)... and mysteriously, after Tinubu put his children/family in charge of Oando Plc, that same Oando company now acquired all the onshore assets of Eni (Eni, the exact same company and assets that the Nigerian gov had a lawsuit against). so Tinubu becomes president, settles a lawsuit against a company and the next day acquires all the assets of that company in Nigeria?!!?!?!?! and now that same Oando company (covered by the presido's blessing) is making moves in Nigeria to set themselves up for the next century!

bro, if you dont see whats wrong in this picture, and rather focus of some other bastard politician named Obi, then no wonder Nigeria as a country will NEVER EVER propsper. the problem is not Tinubu, the problem is all you people who see nothing wrong with the above.

have a fantastic day!

Why don't you talk about the assets of Exxon Mobil that were acquired by SEPLAT owned by someone that is not from Tinubu's family?
Why don't you talk about the assets of SHELL that were acquired by Renaissance Group(ND Western, Aradel, First E&P etc.) owned by people that are not from Tinubu's family?

Hypocrites

Bizibi:
like I said the presidency is the leverage,they borrowed money on a deal in 2015 and that deal didn't work out then they sold off all oando outlets before the election. Go check the debts and the operation costs on their results that was released......

The company will survive because of the ties to the presidency, companies do it in every administration so it is not new,now it is oando's turn to get the privileges.

That means Tinubu was the same leverage when:
1. SHELL sold its onshore assets to Renaissance Group (comprising of ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin).

2. EXXONMOBIL sold its onshore assets to SEPLAT.

Please confirm

ShinnBet:
So when I said Oando is heavily invested in both upstream and downstream sector , why did you counter it by saying Oando is no longer operating within the downstream sector?

Oando does not operate or own filling stations anymore. They have all been sold off since 2022.
Even if you see any filling station with the ''Oando'' colours or symbol, it still does not belong to Oando in real legal and commercial sense.

ShinnBet:
Oando filling stations all over the place are what to you ?

Read my post once again;
Filling stations are in the downstream sector!

ShinnBet:
So all those Oando filling stations are down stream operations ?

Yes;
i. filling stations are in the downstream
ii. refineries are in the midstream
iii. oil rigs and wells (producing crude oil and gas) are in the upstream (this is where Oando operates now)

ShinnBet:
Oando, being a major player in both the upstream and downstream oil sector decides to acquire AGIP, a partly foriegn state owned oil company.

Is AGIP now NNPC ?

And fyi, IOCs are pulling out of Nigeria owing to series of challenges. Here are just a few :

1. Western countries are heavily demonising hydrocarbon exploitation and use. AGIP gets taxed heavily in their native country of Italy.

2. Climate change policies has seen to a drastic cut in institutional investors and banks investing in hydrocarbon extraction .

3. Insurance cover for these IOCs has astronomically risen owing to oil theft, vandalism and other security challenges in the Niger Delta.

4. AGIP like every other IOC have been given tax breaks and govt subsidies to invest in so-called renewable energy.

With the above, all IOCs in Nigeria are scaling back or existing Nigeria all together.

I don't even know why a local player taking over assets of an IOC is a problem. For one, the capital flight by IOCs will be over just as most of you see Dangote refinery as a relief from importing refined crude products from Europe.

Another thing to ponder on is that the acquisition by Oando of AGIP was not done in secrecy. Before such a deal will go through, both the regulatory bodies and shareholders in both companies must agree to such a deal. Once that is done, it is required by law to deposit the details of such acquisition/merger in a Federal High Court and a pre announcement given of the deal. This is to ensure that anybody not in support of the deal can approach the courts to halt the acquisition. Same similar scenario is playing out in First Bank over the governing board decided to issue additional shares. Some shareholders have taken the management and shareholder board to court to stop the issuance of additional shares on the Nigeria stock market.

Now with all this in play , can you tell me what wrong Oando committed ?

Can Oando a private company be barred from acquiring another private venture?

If you want to complain, then let's look at how Obi used state funds to invest in his own company. Now that there is the real corruption.

Obi did not even innugurate a State Investment Board. Rather only him oversaw the collective wealth of Anambra state directly into businesses he held substantial shares in.

Oando does not operate in the oil and gas downstream sector any more

Kukutenla:
KKK. I accept your claim that you are not a Tinubu supporter. But at least you should have read and understood before attacking me.

You disappoint me really. Look at what I wrote up there. Pure facts and now you're referring me to Eni management. What is Eni management's business with what Oando does. Is Eni a regulator for Oando?

And you take it further by saying Tinubu is not a member of Eni. Are you sure you have not begun to confuse issues?

Rest abeg if you don't understand anything. Don't just be jumping into things you don't have an idea of and accusing the other person of ignorance!!

You also cannot blame Afreximbank for giving $800m loan to Oando.
If you are not satisfied, then you can petition their management or sue them to court accordingly.
None of us can sit in our houses/offices and determine which company Afreximbank (or any bank) should give loans to.
Oando acquired assets of Conocco Phillips for $1.5b in 2014.
Was that too done because Bola Tinubu was the president?

Kukutenla:
I always say it that the luckiest people on earth are Nigerian politicians especially those of the APC persuasion. To have so many mugus defending you daily while you are profitting from their miseries.

My friend, point out where I said a bank's decision to grant loans is solely based on if you can pay dividends or not. Are you aware that as at 2022, Oando had an asset to liabilities ratio of over 89% and declared a loss of over 52%? That is the company that Afreximbank gave a $800m loan to.

As if that is not enough, same "broke company" that SEC suspended since 2017 based on criminal infractions in its books is suddenly bouyant enough to give our NNPC a loan of $500m!!

Are you aware that Oando posted a profit of over N74bn after tax last year from its previous loss making years and the profit is not due to any operations but simply forex based assets.

In other words, while hungry people like you were whining from the naira devaluation and attendant inflation, the policy aka floating the currency was massively favouring Tinubu and his family.

Yet you are here to defend him. They even got folks like you to blame the banks for the naira losses which was their gain, and Tinubu in return brought up a windfall tax of a whopping 75% for the banks to pay while his own Oando is borrowing Nigeria money from the largesse!

Oh God!! I envy Tinubu. Just imagine having so many mugus to defend your family heist.

And for your info, NNPC enters into JVs with IOCs only and not indigenous oil firms. Oando is an indigenous oil firm and by virtue of PIA 2021, it is a competitor to NNPC in the upstream sector so stop running your mouth on what you don't know.

And you are claiming I'm ignorant when project gazelle is backed with crude oil not cash. I swear, Tinubu is one lucky dude. I only pray for his kind of grace. So many zombies

Bola Tinubu is not a member of ENI Management team

These are things you need to do if not satisfied with the ENI management that sold AGIP to Oando.
i. File a petition to ENI management in Nigeria to explain headquarters in Italy
ii. File a petition to ENI management in Italy
iii. File a petition in Court against ENI in Nigeria and Italy
iv. File a petition in court against Oando in Nigeria

You must have a very myopic view to believe that everybody that says something to defend Oando is a fan of Tinubu or an APC supporter.
You would have a better view if you had studied Corporate Governance to an appreciable level

NB:
Bola Tinubu is a failure and his government is totally useless.
But I am not so stupid to just attack Oando or any other business just because the owner bears the same surname with Bola Tinubu. If I dislike someone, it does not mean I must tell useless lies against the person

Payunsin:
It seems Oando will cast the caster

I like the way you captioned it ....'' Oando will cast the caster'' .....unless the ''malicious caster'' runs for cover.

Kukutenla:
I can't believe you are still not getting it.
Are you serious or acting?
Oando a technically broke company who can't pay dividend to shareholders obtain a loan from afreximbank totalling $800m to buy off lucrative Agip shares.
According to you, the loan is collaterized with the assets being purchased never wonder how ridiculous that sounds.
Few months later, same company is lending NNPCL, a company that's been declaring profits in the same industry year after year a princely sum of $500m through same Afeximbank it borrowed from and yet to liquidate.
Meanwhile Oando is ostensibly a competitor to NNPCL in the same industry and the collateral for the NNPCL loan is same oil production you said it used earlier.
I hope you understand the shadiness of the whole deal now.

Stop making noise while wallowing in ignorance.
Ability to pay dividends is not the sole factor to decide whether a bank can give you loan or not. What matters is the business case(or business case) viability and feasibility of your business projections. Oando got loan from Afrexim Bank because the bank understands the potential impact of the acquisition of ENI assets in Nigeria.

Oando has crude oil reserves of about 1 billion barrels. How much is that if crude oil is selling at $70 per barrel (or even $50 per barrel)?. Then compare that to a loan of $800m from Afrexim Bank! So why wouldn't the bank accept the reserves as collateral and give a loan that is not even up to $1billion?

Oando is NOT a competitor to NNPC! There is no oil and gas company in the upstream sector in Nigeria that is a competitor to NNPC. They can only be partners to NNPC because NNPC is the national oil company and all oil and gas resources are vested in the national oil company (on behalf of the citizens) The other companies therefore collaborate with NNPC in the industry. They cannot exist without the NNPC!

The $500m loan that Oando gave to NNPC is an advance payment of the fees, charges, etc. that Oando would normally pay for crude oil that it would drill in Nigeria in the future. It is a loan that NNPC will repay in cash;

megawealth01:
You speculate tire... Sha help me move it to $1

My man, Mega! You want folks to move Oando to $1 and help you make money; but how do you decide you will not join in the efforts?
You even mock folks saying '' you go explain tire'', ''you speculate tire''!
I tire for you oo!

brotherly:
Infact I was hoping it would cast today as someone predicted so that I can load more units.

How do you mean by ''it would cast today....''!
''Cast'' to me, means something that has gone totally bad or wrong!
Oando may experience fall in price temporarily, just like any other stocks.
Oando is doing well and cannot go totally bad, at least for now.

KarlTom:
Good Morning @Bagwa

OANDO FULL BID?

Them don start again, this morning!
These Oando gang would not listen to advice!

Raider76:
All da talk say Oando 3 digits and #150 de sweet my belle well well. If dat happen I don land be dat.

You don land ke? Are you not supposed to be flying high and higher and higher? Wetin be land again? Lol
Oando will surely hit the 3 digits; it is just a matter of some months from now.

KarlTom:
How so?

It is better some statements are ignored. Twenty years is too long a time for anyone to predict.
Oando could pay dividend in a year or two; at most 3 years from now.

BabsO2:
See a snap of key relevant highlights of the last AGM transcript. In the Picture below. You may want to double check it with timings on the video

https://www.youtube.com/watch?v=98wb79Zyrzc

Thanks

BabsO2:
In the last AGM Wale was proud to say he doesn't see paying Naira dividends being a biggie, once he completes the Oando turnaround for investors since earnings are in $$$'s

Really? Did he say that? I only remember him saying almost all the revenues of Oando are now in dollars.
Kindly assist with the full statement or video if you still have it.
This is big news if it is true. An indication that Oando could be competing with Seplat in the next few years or so.

thesicilian:
Naturally people will blame the federal and state government without taking a look at the school administrators who keep embezzling funds meant for facility renovations and upgrades

How much exactly did the school administrators embezzle? Provide the evidence so they can be sued in court

megawealth01:
FBN and OANDO not same sha

Your scepticism about Oando (because of Wale) is beyond words!
Wale must go for some core deliverance, otherwise he is finished here!

KarlTom:
CUTIX, OANDO

You these Oando guys cannot even keep a secret secret! Lol😊
Cant you close your eyes, ears, keep quiet and act as if nothing dey happen?
I don't know for you ooo. Very soon, somebory go come spoil the party with bad news say your Oando don cast and you go dey vex.

Baxilexi:
Those clamoring for private entities to buy the refineries, you’re doing the governments bidding. A government official who claims government cannot adequately manage a business hands the same business over to his proxy and it’s all good and well, CC Alphabeta, remitta.

There are countries that run profitable government owned industries. Our laws are just too feeble and it takes only one good man to change the narrative.

How many other companies operate in the Saudi upstream or downstream sector? Or in Russian oil and gas?

For the protesters, this is something that deserves both NLC and others at large, the only thing holding local refining back isn’t technical setbacks but corruption.

Citing an example
Oando has recorded consistent losses for almost a decade, on the eve or wee hours of someone’s election victory, they secure an $800 million loan and purchases ENI assets. Who loans an unworthy creditor money?
https://www.financialnigeria.com/nigerian-bourse-probes-oando-s-record-loss-sustainable-photovideo-details-193.html
https://www.thepointng.com/oando-records-17-drop-in-turnover-n141bn-loss-after-tax-in-fy-2020/
https://nairametrics.com/2023/11/15/oando-secures-800-million-afreximbank-commitment-for-asset-acquisition/?amp=1
https://doclib.ngxgroup.com/Financial_NewsDocs/37920_OANDO_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2021_FINANCIAL_STATEMENTS_MARCH_2023.pdf


Please push them to manage it better and not sell off, this is our cash cow. In the foreseeable future only the government should operate in oil and gas.

What a warped and ridiculous logic! So you are pained that a bank like Afrexim bank gave a loan of USD800m to Oando even though they have been making losses for almost a decade.
So who should the bank give loans to? Only to companies that are making good profits and may not even need the loan?
It is like saying that a medical doctor should no longer give medication to a patient because the patient has been sick for a very long time.
For your information, banks do give loans to companies that are even moribund in order to resuscitate them. Banks also give loans to entirely new companies that are just getting established. What matters is the business case or plan that you have to convince the bank that you will be able to repay the loan.
So what is totally wrong with giving loan to a company that had made profits in the downstream sector but has now experienced losses in the early stages as an upstream company?
Banks gave Oando loans long before Tinubu became president. You cannot say everything that to comes to Oando now is purely because Bola Tinubu is now president.

By the way, I am not a fan of Bola Tinubu. His government is a disaster as far as I am concerned, but let us stop telling lies just because we do not like someone.

Nodogragra4me:
Oga this is not about politics and those who lost elections... If you are not a coward afraid to point at where all this is coming from you would have been bold to say... Possibly... Dangote...
Who told you about Malta, Atiku or Obi?

Who is receding neck pressing, presently in this oil sector? Obi or Atiku
F[b]or your information, Wale is part of NNPC structure so if NNPC brings in vessels it is Wale Tinubu..... His staffa have taken over marketing functions in NNPC[/b].
And I thank God it is so.. Dangote won't corner Nigeria through ethinc chauvinism... At least, Al though the reign of Tinubu.

The fulani person in NNPC are the doing soldiering on behalf of Nigerians who are ignorant and siding Dangote

Cowardice is not a Virtue

How would you say Wale Tinubu is part of NNPC structure just because NNPC acquired Oando filling stations? Do you understand Corporate Governance?

Nodogragra4me:
Oga this is not about politics and those who lost elections... If you are not a coward afraid to point at where all this is coming from you would have been bold to say... Possibly... Dangote...
Who told you about Malta, Atiku or Obi?

Who is receding neck pressing, presently in this oil sector? Obi or Atiku
F[b]or your information, Wale is part of NNPC structure so if NNPC brings in vessels it is Wale Tinubu..... His staffa have taken over marketing functions in NNPC[/b].
And I thank God it is so.. Dangote won't corner Nigeria through ethinc chauvinism... At least, Al though the reign of Tinubu.

The fulani person in NNPC are the doing soldiering on behalf of Nigerians who are ignorant and siding Dangote

Cowardice is not a Virtue

How would you say Wale Tinubu is part of NNPC structure? Do you understand Corporate Governance?

MARKETJJC:
but last last everyone is a fair weather cuz nobody here prophesied or trumpeted for OANDO two years ago or four years ago. All these John the Baptist came after the fog started clearing small small, including you yourself .

There are usually fore runners who would pick up before others once it is dawn that doesn't mean that they woke before others. John the Baptist was the lonely voice in the wilderness even though Christ has the spirit more than him .

OGG was the first person to sighted NAHCO with his telescope but Current price was the person that announced the appropriate time for departure

I have been in Oando for long, but decided to come and read about people's opinions here especially during the adjournments of the court case.
I have consistently believed in Oando's prospects, but people like ProphetUtuocha, especially made me believe more strongly because he seems to know much about what is happening in Oando. With the ENI deal sealed, and with the kind of resources and assets that Oando commands, I don't entertain much fears.
I can only wait until they release mid year 2025 results (about a year from now latest), then I will start to know my real level. My focus is long term but I know what I am targeting to make from Oando.
It is those who are running after short term gains that are doing the fair weather party!

SonofElElyonRet:
Oando analysts here are fair weather analysts.. excluding mercy and bagwa.. others are "obey the wind".. if your case is different you can signify or forever remain silent

That means the fair weather analysts of Oando include the OP himself?