₦airaland Forum

yMcy56:
You didn't get the gist but rather, you expected OANDO to resume on full bid but when it wasn't so, you decided to make excuse for the few offers still available!
Don't worry yourself, the Oando will still respond positively, if not to this news, it will respond to another soon coming one.
Don't play a smart trick here.
We can never say, it may even still end on full bid or closed higher than previous price.
I just decided not to include this comment in my first post with you in copy.

Haba, madam! When did you start reading people's mind online?
I never had any expectations about a full bid or full offer because as far as I am concerned, the Oando-ENI deal is done and sealed because NUPRC said so.
I have no reason to come here and be playing games of pretense. Who would I be deceiving and for what gain?
Rather I am looking forward to ProphetUtuocha and others who may have some additional positive news to share about Oando, and any other stocks

Kingsnairaland:
He tried but he must accept Palestinians to have their own nation and be independent and free this dream of killing everyone is not possible in today's world

Must Palestinians have their own nation in the Land of Israel and deprive Israelis of their historic heritage?

Why cant the so-called Palestinians go to another land and have their nation there? Why didn't the Palestinians ask for their own separate nation when they were being ruled by Jordan?

KarlTom:
That does not make the announcement by the parties involved irrelevant or old.
It is fresh news...

Regulatory approval simply means that they are allowed to enter a deal. Completion of the deal is the signing of ALL agreements and paperwork which I believe just happened yesterday.

Frankly, the bottom line is the same. There is no fundamental changes/additions in the Oando-ENI deal announcements from what we had known several weeks ago.

zendi:
My people want a new bull. We want one bull for the NUPRC approval, one for the OANDO Press Release and yet another for the Reuters Reporting of the same news.

Lol! Now I get the gist/trick! 😊
Frankly, the bottom line is the same. There is no fundamental changes/additions in the Oando-ENI deal announcements from what we had known several weeks ago.

yMcy56:
@mikeapollo
Here's OANDO news, and its just been published on NGX
* Instead of confirming it, youre busy arguing old stuff.

https://doclib.ngxgroup.com/Financial_NewsDocs/41757_OANDO_PLC-OANDO_PRESS_RELEASE__CORPORATE_ACTIONS_JULY_2024.pdf

The regulator that decides, NUPRC, had announced officially on July 3, that the deal is 100% complete. This carries more weight in my estimation.
What Oando and ENI are saying does not add anything new to what NUPRC had said 3 weeks earlier.
Hence, this is still old news.

yMcy56:
Why did you say it's old news?
Any link to show this?
because Punch and few other media just reported it as well.
It has to do with NUPRC approval now.......it's new development again.

https://punchng.com/eni-gets-approval-to-sell-agip-to-oando/

It is old news because It stills refers to an approval from NUPRC which had already been given. NURPC itself announced about 3 weeks ago, that the transaction has been completed.
This is just ENI's own communication to the public about the deal; but it is not saying anything new.

Part of the article reads...''On July 3, the NUPRC announced that Oando had completed the acquisition of 100 percent shares of Eni in its subsidiary, NAOC, adding that an announcement was imminent.''

If NUPRC announced on July 3 (3 weeks ago) that Oando had completed the acquisition of 100% of ENI shares in NAOC, then it necessarily means that regulatory approval had already been given to both parties by NUPRC.

ENI is only making its official release or publication now.
Oando has always been the one communicating to the public on the deal, apparently to boost investor confidence because of their difficult recent history.

KarlTom:
'Finally'...

https://www.reuters.com/business/energy/eni-gets-approval-sell-nigerian-unit-naoc-oando-2024-07-24/

This is old news, because it is referring to the approval from NUPRC to ENI to sell their shares to Oando.
This had been done sometime ago, but being reported by Reuters now.

SonofElElyonRet:
Who says i was joking? There has been spiritual analysis (S.A.) of stocks here... just wanted to know which one we are talking about

Spiritual analysis? You go kill me with laughter😊
Which ''spiritual'' formula, was applied: Christian prophecy, Islamic talisman, Babalawo or Amadioha etc?
Oando stocks is in trouble! It must pay guys by all means.

yMcy56:
Market generally responding to the hike in MPR.....
Stabilization expected after one or two days....
God save us from insensitive people at the helm of affairs and corridor of power...

This Tinubu government is just totally clueless, incompetent and useless!
A ''trial and error'', nepotistic government.

[quote author=yMcy56 post=131120795]Market generally responding to the hike in MPR.....
Stabilization expected after one or two days....
God save us from insensitive people at the helm of affairs and corridor of power...
[/quo
This Tinubu government is just totally clueless, incompetent and useless!
A trial and error, nepotistic government.

KarlTom:
Let's refresh our memories.

OandO CP on Jan 02,2024 was NGN10.85...

Lol😊
You must have been giving ProphetUtuocha some ''close marking'' on this Oando matter.

SonofElElyonRet:
Ìs this based on spiritual analysis or positive news

Jokes aside, a lot of the things ProphetUtuocha said/predicted about Oando has come to pass.
I think he deserves some credit and he seems to have some ''insider'' knowledge of things happening in Oando.
But he should not be putting us in suspense and hoard info about the stocks.
Whatever would be would be eventually!

ProphetUtuocha:
Folks should keep an eye on Oando. Interesting developments soon.
I won't talk much!

Hi Prophet, thanks for the heads up.
These are my own feelings/suspicions/expectations about Oando in the near term:
i. capital raise e.g. public offer, rights issue, OR
ii. bonus issue to shareholders (as compensation in lieu of dividend due to the negative retained earnings)

CyrusVI:


Is Dele Momodu a PDP cheiftain? If Yes, then that political party is second largest congregation of dullards anywhere in the world

Lagos is by far the most industrialized State in Nigeria, The population is like 1/10th of the total Nigerian Population which makes it the best sample size to experiment whatever hypothesis and project u believe in


If a former Lagos designer should fail, then there's no hope for one Adamawa tourist with a golf-club head

He's done it before in Lagos, He will do it again in Nigeria

You are misguided in your comments. Just compare the cabinet members under PDP (OBJ, Yar'dua and GEJ) to this watery cabinet under Tinubu. Tinubu's cabinet is the worst. No pedigree whatsoever!

Feelings79:
if Tinubu would come out clear against the cabals whosever they may be,we wouldn't be here suspecting him of siding with them.You don't lead a people and this is happening and you can't be maintaining silence and expect not to be condemned, especially given its a sector your relatives have an economic interest in.l watched Trust TV this morning and everyone seems to be calling him out.l came to my office here in cross river state and it's the main topic of discussion with him been blamed for the most.You said you dislike his policies,l love them from deregulation of the oil sector to liberalization of the forex. With experts like Edun by his side,he seems to be running the government based on time tested economic principles, unlike PMB that was running his on garrison ideas.He just have to come clean on this Dangote thing

Look, Tinubu's government is totally clueless and incompetent!
Dont even use Buhari as a yardstick, because he too was a failure.
If you compare the caliber of people in Obasanjo and Goodluck's cabinets, you would agree that Tinubu's government is just empty!
The people Tinunu has assembled are not the people who could man up and tell him some hard truth. That is why the Dangote refinery issue is causing a problem. The cabinet he appointed cannot man up and call the cabal in NNPC to order. By now, I expect them to draft a policy (at least, if not a bill) to ensure that the refinery is encouraged and supported in order to ease the pressure on forex and reduce the suffering due to high pump prices.
Tinubu's incompetence and cluelessness is what will be creating issues and problems for his cousin's Oando and Dangote's refinery.

Feelings79:
he owns Oando,the MD is Wale Tinubu.They are Nigeria's leading importer of oil.Allowing Dangote start means killing their business

Let us stop this kind of petty talk based on nothing but ignorance and envy.
I dislike Tinubu's government and his bad policies. His government is a failure as far as I am concerned.
But Oando has been in existence and doing business long before Tinubu became president. We cannot say he owns Oando just like that without evidence. The fact that his cousin or nephew owns Oando does not mean that Tinubu owns it, even though they may be related.
There are also many other companies that import fuel, including the NNPC which is the main culprit in the subsidy scam!
Today, Oando operates in the u[stream sector and sells crude oil in dollars to foreign buyers. They don't need the fuel importation business to survive.

nairavsdollars:
Prof. Itse Sagay (SAN), a renowned constitutional lawyer on Monday says the constitution allows the federal government to take over the Dangote Refinery and then sell the products at the prices Nigerians can afford.

Speaking in an exclusive chat with TheScrutinyNG on Monday, Sagay, former chairman of the Presidential Advisory Committee Against Corruption (PACAC) added that the FG can pay a compensation to the owner, Aliko Dangote and then returned the refinery back to him after the other local refineries have started production.

Dangote has been having a running battle with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over the quality of petroleum products at his refinery, as the CEO, Farouk Ahmed, claimed that petroleum products from his refinery are substandard.

In his reaction, the business tycoon made an offer to sell the Dangote Refinery to the Nigerian National Petroleum Corporation Limited.

Speaking with our correspondent, Sagay said Dangote does not mean well for the suffering masses but only concerned about making maximum profits from the refinery.

“Honestly, we are going through a sort of emergency right now. Under section 305, the Nigerian government has power to take over the refinery and pay appropriate compensation to the owner”.

“The way I see Dangote and the way he operates, he is waiting to maximise the price. I also think the reason Dangote is not happy is because the price has not risen up to N1,000 per litre. He was waiting for that to happen but it is not happening”.

“They were still importing and keeping the price down to N600 per litre that is why Dangote is frustrated. It is not that he loves Nigerians and want to help us or anything. He wants the maximum price. That is the cause of this conflict between him and the federal government”.

“Of course, he also wants monopoly because if they don’t import now and there is no other local source of production, he will total monopoly and can dictate the price. That is really frightening”.

“We are in a state of emergency. The cost of living in Nigeria now is too high. Anything that can be done to bring down the cost of living will calm the mood of the people. The suffering is just too much”.

“So, it is within the powers of the federal government to take over the refinery. They can then sell at the price that Nigerians can afford and then pay him compensation. They can then hand it over back to him when other refineries in Nigeria, like the one in Port Harcourt, Warri and Kaduna have started producing. He can then continue as a private operator and sell at any price he deems fit”.



https://thescrutinyng.com/2024/07/22/constitution-empowers-fg-to-take-over-dangote-refinery-pay-him-compensation-sagay/

Sagay is wrong on this!
What has the FG that owns refineries done to help the Nigerians to reduce the price of refined products?
A shameless govt that is still importing refined fuel when there is a local refinery that can refine and give you what you want.
All what is required is for the government to give Dangote a quota of crude oil and agree on the quantity and prices of the refined products that must be supplied and sold by him. And he must not violate the agreement. Period!
But the government officials themselves have interests in the fuel importation business! That is the problem!

I don't even understand the noise of monopoly when the FG already says its refineries are going to start producing refined products very soon
Sometimes, monopoly can be used to achieve some positive results, even if in the short term. The Dangote refinery maybe used as case study in the interim to learn a few things and issues in the industry, and then other refineries can also come on boar to fill in the gap where necessary. We should stop demonizing people who take risks to invest in the country.

drlateef:
You are talking like a devil. So, because he was running helter skelta, it then means he should kill Nigerians because he wants to be the biggest billionaire in the world? You think government has no responsibility to the welfare of the people?

How has Dangote killing or killed Nigerians?
What has the FG that owns 4 refineries done to help the Nigerians you talk about?
A shameless govt that is still importing refined fuel when there is a local refinery that can refine and give you what you want.
All what is required is for the government to give Dangote a quota of crude oil and agree on the prices the refined products must be sold by him. And he must not violate the agreement. Period!
But the government officials themselves have interests in the fuel importation business! That is the problem!

Thevoicetman:
Wizkid and Burna Boy spotted as they party Together in a night club In London

Watch video

https://www.youtube.com/watch?v=oXohTE885Rk

That boy Wizkid is destroying himself and dying gradually from drug use.
Hos family and loved ones should start helping him before he gets to point of no return!

KarlTom:
UCAP. 40.55
OANDO. 18.25
CUTIX. 5.99

I am expecting Oando to drop further.
Reason: In recent times, there seems to be some forces that pull back the price so they can mop up as much as possible.
I also want to buy, so the lesser it gets (in the shortest time), the better for bargain hunters like me.

Lavor234:
But he campaigned for fuel subsidy removal

Not the foolish, clueless way it was done by the dullard Tinubu.

Akhaz024:
Isreal ask for it.
You can't create multiples enemies and expect peace in your domain.
Those that were encouraging netanyahu to be aggressive in his doing especially the folks on NL will not pray to be in Israel at the moment.

Israel did not create enemies for itself!
The Arabs have an innate desire to eliminate Israel from the surface of the earth. The jealousy, hatred and anger towards Israel is more than 1000 years old, in history. It also has religious connections.

Bigsam99:
Israel is not killing Hamas but innocent civilians in Gaza, a total war crime. They have not even scratched the surface in trying to destroy hamas. Israel can kill 1 million people in the middle east today and they still won't be safe. Does that not tell you that violence is not the answer?

Another foolish post!
Who did Hamas kill and kidnap in Israel? Were they not innocent civilians too?
So why are you people shouting ''genocide in Gaza'' now?

Krismas:
is israel that made the drone for houthi? why do u think others don't have technology except YOUR CURSED ISRAEL?
Where is iron dome since hezbollah have been bombing israel ALMOST 9MONTHS?
Sotey, close to 300k israelis have runaway from their homes in galilee and golan, closing 62k businesses.
kontinue deceiving yursef

You can start jubilating and celebrating like you people and Aljazeera did on October 7th and 8th when Hamas attacked Israel.
Today, you people are shouting ''genocide in Gaza''

System202:
Idiot Israel that cannot eliminate hamas for 9months even will all the backing from Us. u Nigerian cristians are funny I swear

Foolish post! Did IDF tell you they would eliminate Hamas in 9 months or 1 year? Israel is ready to fight for as long as it takes to defeat and eliminate Hamas.
It is you people and the useless Aljazeera that are crying ''genocide in Gaza''

Omooloriredade:
Where did you read that Oando has a legal title to NAOC's assets in the JV? It will be handed over to Oando during the signing ceremony. I'm not suggesting it's not a done deal.

Signing ceremony is not for rice and poundo o. It's just a formality transactions of this nature undergo. NUPRC CEO simply said deal is completed, regulatory approvals granted, but docs still be be signed. They like to make a fanfare of deals of this nature. Just picture CEOs and government officials sitting across tables and passing some documents around and taking a few photos with Wale holding up a certificate. Think of it this way, you have graduated from Uni but you will have to wait for the convocation day to collect your Cert or degree.

"Acquisition status
According to him, the NAOC – Oando deal is completed and the signing ceremony is to be conducted in the coming days. "

https://nairametrics.com/2024/07/03/nuprc-announces-the-completion-of-oando-nigeria-agip-oil-company-acquisition-deal/

And where did you also read after the NUPRC statement that the legal title in NAOC assets has not been passed on to Oando?

The signing ceremony is just to formally announce the deal to the public (industry watchers) and take pictures for the records.
It is different from the legal status (substance) of the transaction, which is binding and the ultimate.
The signing ceremony takes place usually between the contracting parties (e.g. ENI/NAOC, Oando) and some stakeholders in the industry (e.g. regulator NUPRC, contractors, employee unions, press, analysts, banks etc.). Bodies like SEC, CAC, the Court, FCCPC may not be present at the signing ceremony, but they all would have had in their possession the executed (signed) agreement/deal with the binding legal status clearly spelt out.
So the signing ceremony is the not the deciding factor. It is only a form of announcement or communication to the industry.

In business contract transactions, what matters is the substance rather than the form.

OkpaNsukkaisBae:
Is like Israel has cancelled their plan for war with Hezbollah? Are they afraid of invading Lebanon to restore peace and order !?

That is how you people were typing rubbish when Hamas attacked Israel, saying that Israel cannot match Hamas in ground battle in Gaza! Now, you same people are shouting ''genocide in Gaza''.

When Israel start to unleash on these Arabs, you would start the usual silly noises again, backed by Aljazeera.
The UN and Arab world can keep rejoicing at the attack on Israel for now, until when Israel starts to retaliate

megawealth01:
Na gamble na until the needful done

My man, @Megawealth01, you are one of the people that I admire and have huge respect for on this platform, because your discussions and comments are always friendly, cordial and devoid of the usual shenanigans on this platform.

I would advise, if you allow me, that it may be too late to wait until the needful is done. You already know how the market operates.(the ''needful'' may not be done on time, so as to discourage people while others use the opportunity to amass more units)

So let me give you the advise that you gave me: use what you can plan with to take position in Oando now.

I am suspecting that Oando would either come to the market soon to raise funds (through rights or public offer) or issue bonus shares to shareholders, which would make the price to skyrocket.

gbengafaro1986:
UCAP Trading N42 is wild

That is part of of the crazy things that happen in the stocks market, especially NGX

Omooloriredade:
Bro, in my opinion that is factually incorrect. My understanding of the situation is different.
Disclaimer: In the future, if it turns out I was wrong, I apologise now o

The process in no particular order is as follows:

* Development of scheme document - Achieved
* Submission of scheme document to SEC - Achieved
* Approval of scheme document by SEC or receipt of SEC "No objection" - Not approved yet
* Court sanction of scheme document - Not achieved yet
* Court ordered shareholder meeting - Not achieved yet
* Approval of scheme document by shareholders - Not achieved yet
* Commencement and completion of offer to shareholders - Not achieved yet
* Court sanction of transaction as per terms of scheme documents - Not achieved yet
* Delisting from NGX - Not achieved yet.

And NO, it doesn't depend on Wale either. Particularly, for him, it is a bit complicated. He has had a bitter clash with SEC in the past which was settled out of court eventually. Based on his antecedents, I don't believe SEC will approve the Scheme document as it stands especially not at such ridiculous terms. Literally, they were hell-bent on booting him out of office. SEC is the bottleneck in the whole process.

Refer to link below for the process and why he has not been able to produce the document the court requested. He doesn't have it yet. It is as simple as that. He is not the one stalling.

https://www.oandoplc.com/press_release/oando-plc-announces-proposed-scheme-of-arrangement/

"Consequently, we confirm that Oando has applied for the SEC’s ‘No Objection’ to the Scheme. Please note that the effectiveness of the Scheme is subject to the approval of the shareholders of Oando at the Court-Ordered Meeting of the Company, as well as the sanction of the Federal High Court. The terms and conditions of the Transaction will be provided in the Scheme Document which will be dispatched to all shareholders following the receipt of an order from the Federal High Court to convene a Court-Ordered Meeting. If the conditions of the Transaction are satisfied and same is sanctioned by the Federal High Court, the Company will be delisted from NGX and JSE and re-registered as a private company."

I hope the parties go back to the court and be like sorry oga judge, it's now a family matter. We will settle out of court.

My position on recent trading in the shares of Oando: I believe it's still a case of buying the rumour. News submitted to the NGX is the factual news not what is reported in the newspapers or online media. I'm not saying they are inaccurate but the market will attach more substance to news released on it's platform. Unfortunately, the signing ceremony for the NAOC deal is still pending so until then, completion of the deal can't be deemed official. I believe this is the reason Oando is yet to report this development. Same reason the JSE is yet to respond (no official news yet). This could be a major price catalyst once officially released.

ALL in my opinion

I agree with most of your opinions, but you got one fatally wrong.
As regards the bolded, I don't understand what you mean by ''....the signing ceremony for the NAOC deal is still pending, so until then, completion of the deal cant be deemed official....''. This is false.

It is not the signing ceremony that validates or invalidates a contract transaction between two parties. A ceremony is not a factor to determine the completion of a deal. Not every organization is given to the idea of having a funfair or public shows when signing a business deal.
Once the basic ingredients of a contract: valid offer and acceptance, passage of consideration, legal, regulatory and other stakeholders (e.g. employee labour unions) approvals etc. have been achieved, the deal is done and sealed. The offer, acceptance and consideration have already been acknowledged and signed by the parties to the contract at the highest level and delivered to regulatory bodies e.g. NUPRC, SEC, FCCPC etc. They do not have to perform a ceremony in public or for the press.

How can lack of a public ceremony undo or invalidate a deal that NUPRC (which regulates both NAOC and Oando in the Nigeria upstream sector) has approved and announced as complete? The NUPRC, SEC, etc. are already in possession of legal documents that have been signed and sealed by official representatives of both parties. It is not the publicity or press ceremony that would validate the contract.

megawealth01:
Plan with what you can spare/risk

For Oando, I have already spared/risked what I can plan with!

megawealth01:
If you plan on buying Oando or already in, please read this properly and be guided...

The game is still on

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.
https://nairametrics.com/2024/07/18/court-says-oando-minority-shareholders-cannot-be-forced-to-sell-their-shares/

This means that the Court was always adjourning because Oando still delayed and failed to produce a report of compliance with the order to submit its Scheme of Arrangement document to SEC and NGX for the delisting of the shares!

It seems the case was delayed and frustrated by Oando itself!