Agbalowomeri:


Na so una bait PeTEr enter trap Lol 😂

How is #16.50k a bait

On 2 occasions TRANSCORP GROUP has met a FIRM BRICK WALL at circa #20 but this time around we have join the TRAIN 🚂 to help BREAK that STUBBORN #20 BARRIER.

If you miss the ball (TRANSPOWER)
Don't miss the leg (TRANSGROUP)


BARGAIN HUNTERS TAKE NOTE!

PETERiCHY:



HEAVY DEMANDS for TRANSCORP POWER is really DESTABILIZING the MARKET but it's for the ADVANTAGE of SMART TRADERS

BARGAIN HUNTERS TAKE NOTE!

TRANSCORP GROUP one of the FACTORS DISTORTING the MARKET is now on full offer.

Market PARTICIPANTS be READY to feel the IMPACT.

Those in OANDO bus PREPARE for a RALLY.


BARGAIN HUNTERS TAKE NOTE!

Agbalowomeri:
I just siddon here dey drink my garri Ijebu. Una go meet me for carpark after una don finish dealing one another blow😂

You are badt guy why not allow us enjoy the dead cat bounce in peace

WantsandMore:

https://nairametrics.com/2024/03/05/transcorp-power-market-cap-hits-n2-2-trillion-as-demand-skyrockets/
Maybe

HEAVY DEMANDS for TRANSCORP POWER is really DESTABILIZING the MARKET but it's for the ADVANTAGE of SMART TRADERS

BARGAIN HUNTERS TAKE NOTE!

Locotrader:


A total of 6,788,540 units of champion cooling head in my portfolio now.Not for sale till target met.I even pray for buy out offer self.

No need to show pics again.
Some go begin throw me big stones on my bald head.

Whom the gods would destroy, they first make mad-Reverend William Anderson Scott.



LOCO I wonder why you aren't talking about champion brewery again well the above adage says it all

BARGAIN HUNTERS TAKE NOTE!

WantsandMore:
Bro you're just analyzing this without any feeling of how much poorer people will become if it goes below ipo price?

Mr MARKET has no EMOTIONS
If you CAN'T take the HEAT better STAY out of KITCHEN.

yMcy56:
OANDO from N9 is sighted back @10.45
Battle for the soul of OANDO.....
Peter will come and tell us how he exited the ones he bought at 10.95 and reloaded @9.

GTB seems to have turned it's back against the bear.......true or false? We'll know as market progresses.....
.

OANDO sighted @t #10.50

Sista Mercy as you can see some bargain hunters were able to bail out at 11.60k waiting to reenter at circa #9.

Back in the days O & O nearly sucked us dry now it's our turn to suck the hell out of it.

BARGAIN HUNTERS TAKE NOTE!

Dangsugar sighted at #53
Honestly some market participants are going through hell


BARGAIN HUNTERS TAKE NOTE!

Those blaming Tony what were they thinking about a stock that rise from #1 to #20 within 12months


Well bargain hunters this KENNY ROGERS GAMBLERS song is for your listening pleasure


https://www.youtube.com/watch?v=ImAO-I1cJnE?si=MbH8b5frjbjeGADb



On a warm summer's evening
On a train bound for nowhere
I met up with the gambler
We were both too tired to sleep
So we took turns a-starin'
Out the window at the darkness
The boredom overtook us
And he began to speak
He said, "Son, I've made a life
Out of readin' people's faces
Knowin' what the cards were
By the way they held their eyes
So if you don't mind my sayin'
I can see you're out of aces
For a taste of your whiskey
I'll give you some advice"
So I handed him my bottle
And he drank down my last swallow
Then he bummed a cigarette
And asked me for a light
And the night got deathly quiet
And his face lost all expression
Said, "If you're gonna play the game, boy
You gotta learn to play it right
You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
And know when to run
You never count your money
When you're sittin' at the table
There'll be time enough for countin'
When the dealin's done
Every gambler knows
That the secret to survivin'
Is knowin' what to throw away
And knowin' what to keep
'Cause every hand's a winner
And every hand's a loser
And the best that you can hope for
Is to die in your sleep"
And when he'd finished speakin'
He turned back toward the window
Crushed out his cigarette
Faded off to sleep
And somewhere in the darkness
The gambler he broke even
But in his final words
I found an ace that I could keep
You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
And know when to run
You never count your money
When you're sittin' at the table
There'll be time enough for countin'
When the dealin's done
You've got to know when to hold 'em (when to hold 'em)
Know when to fold 'em (when to fold 'em)
Know when to walk away
And know when to run
You never count your money
When you're sittin' at the table
There'll be time enough for countin'
When the dealin's done
You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
And know when to run
You never count your money
When you're sittin' at the table
There'll be time enough for countin'
When the dealin's done

Princkez:
Dear Sir/Ma,

We are delighted to announce that the Facts Behind the Listing and Closing Gong Ceremony of Transcorp Power Plc to commemorate the Listing by Introduction of 7,500,000,000 Ordinary Shares of 50 kobo each at N240.00 per share on Nigerian Exchange Limited is scheduled for Monday, 04 March 2024

Please see details of the event:

Date: Monday, 04 March 2024
Time: 2:00 PM - 3:35 PM (WAT)
Venue: 8th Floor (Trading Floor) and 20th Floor (Event Center)

This document is classified as: DC3 - Authorised Use Only – CONFIDENTIAL

Regards,

Broker Dealer Regulation Department
NGX Regulation Limited
Nigerian Exchange Group House
2 - 4 Customs Street
Marina, Lagos
Nigeria.

TRANSCORP POWER iis the REAL DEAL 🤝
SHARPEN your CUTLASS, KEEP your FUNDS on STANDBY and don't be DISTRACTED.

BARGAIN HUNTERS TAKE NOTE!

*ThE OcToPuS* 🦑🐙

yMcy56:
OANDO from N9 is sighted back @10.45
Battle for the soul of OANDO.....
Peter will come and tell us how he exited the ones he bought at 10.95 and reloaded @9.

GTB seems to have turned it's back against the bear.......true or false? We'll know as market progresses.....
.

OANDO sighted at #11.80

What else do you have to say

BARGAIN HUNTERS TAKE NOTE!

PETERiCHY:
FOOD 4 THOUGHT

Put a frog into a vessel fill with water and start heating the water.

As the temperature of the water begins to rise, the frog adjust its body temperature accordingly.

The frog keeps adjusting its body temperature with the increasing temperature of the water. Just when the water is about to reach boiling point, the frog cannot adjust anymore.

At this point the frog decides to jump out. The frog tries to jump but it is unable to do so because it has lost all its strength in adjusting with the rising water temperature.

Very soon the frog dies.
What killed the frog?
Think about it!
I know many of us will say the boiling water.

But the truth about what killed the frog was its own inability to decide when to jump out.

We all need to adjust with people & situations, but we need to be sure when we need to adjust & when we need to move on.

There are times when we need to face the situation and take appropriate actions.

If we allow people to exploit us physically, emotionally, financially, spiritually or mentally they will continue to do so.

Let us decide when to jump!
Let's jump while we still have the strength.

*ThE OcToPuS*

Indeed there is fire 🔥🔥🔥 in KATANGA Generational low gang RightNow

PETERiCHY:


Go and Appease the gods you no gree now see as Wale don do you strong thing.

Well like we said earlier OANDO will go PLACES but not on a platter of Gold.

Some of us saw the HAND WRITING on the wall and carry our KAYA @#15.15 junction and quickly alerted BARGAIN HUNTERS to take cover.

We will reposition few days to their court case on April 17th 2024 by they will definitely dig up one positive news that cause another rally

For now we are on our ARMCHAIR observing and ENJOYING our LOOTS.

*ThE OcToPuS*

We have START to REPURCHASE the units of OANDO we Sold at #15.15k

LOCO & BARGAIN HUNTERS TAKE NOTE

yMcy56:
Meanwhile, SUGAR and SALT met at same price junction earlier.....intra-day.....@61

Both now parting ways again.........
SUGAR @64+ intra-day
SALT @60....

I think SUGAR is cheaper when we compared the two ahead of the Merger.....

The merger just putting people in suspense anyhow....let them do something about it soonest jorr.....the waiting is becoming frustrating.
*Bargain hunters won't like this*

Sista Mercy You forgot to add OANDO on full offer at #11.05k


BARGAIN HUNTERS TAKE NOTE!

PETERiCHY:
FOOD 4 THOUGHT

Put a frog into a vessel fill with water and start heating the water.

As the temperature of the water begins to rise, the frog adjust its body temperature accordingly.

The frog keeps adjusting its body temperature with the increasing temperature of the water. Just when the water is about to reach boiling point, the frog cannot adjust anymore.

At this point the frog decides to jump out. The frog tries to jump but it is unable to do so because it has lost all its strength in adjusting with the rising water temperature.

Very soon the frog dies.
What killed the frog?
Think about it!
I know many of us will say the boiling water.

But the truth about what killed the frog was its own inability to decide when to jump out.

We all need to adjust with people & situations, but we need to be sure when we need to adjust & when we need to move on.

There are times when we need to face the situation and take appropriate actions.

If we allow people to exploit us physically, emotionally, financially, spiritually or mentally they will continue to do so.

Let us decide when to jump!
Let's jump while we still have the strength.

*ThE OcToPuS*

Based on EXPERIENCE some of us QUIETLY CONVERTED our PAPER PROFIT to CASH by last week of January when the ovation was loudest and made the ABOVE post on Feb 7th.Today the forum has turned GRAVEYRAD.

Well for those looking for SAVE HAVEN to HIDE their LOOT.

CADBURY is there for your taking. It will definitely OUTPERFORM both DangSugar & Nascon put together on the LONG RUN.

BARGAIN HUNTERS TAKE NOTE!

*ThE OcToPuS*

Mpeace:
Pls check on him. Yesterday was something else. The Eagle refused to fly past the elephant

Now that NSE is upside don't you know that LOCO has gone back to his hostel business abi you want make Mr. Market collect the profit he made

BARGAIN HUNTERS TAKE NOTE!

Kingchuks:


Atimes, these claimed need to be supported by redacted contract note. Otherwise, the attempt to claim mastery of market direction is really needless

With SCREENSHOT of our TRADE ALERT are you now CONVINCED or you still want ARGUE with 24ys of NIGERIAN STOCK MARKET experience

Locotrader:


My brother,I can never trade on oando again except Wale is removed as the CEO.
Why should you trade on a stock one person controls?
No one has mouth to say anything even the regulatory bodies.

After reading some posts of our members yesterday,I decided to walk away.

Go and Appease the gods you no gree now see as Wale don do you strong thing.

Well like we said earlier OANDO will go PLACES but not on a platter of Gold.

Some of us saw the HAND WRITING on the wall and carry our KAYA @#15.15 junction and quickly alerted BARGAIN HUNTERS to take cover.

We will reposition few days to their court case on April 17th 2024 by they will definitely dig up one positive news that cause another rally

For now we are on our ARMCHAIR observing and ENJOYING our LOOTS.

*ThE OcToPuS*

PETERiCHY:
FOOD 4 THOUGHT

Put a frog into a vessel fill with water and start heating the water.

As the temperature of the water begins to rise, the frog adjust its body temperature accordingly.

The frog keeps adjusting its body temperature with the increasing temperature of the water. Just when the water is about to reach boiling point, the frog cannot adjust anymore.

At this point the frog decides to jump out. The frog tries to jump but it is unable to do so because it has lost all its strength in adjusting with the rising water temperature.

Very soon the frog dies.
What killed the frog?
Think about it!
I know many of us will say the boiling water.

But the truth about what killed the frog was its own inability to decide when to jump out.

We all need to adjust with people & situations, but we need to be sure when we need to adjust & when we need to move on.

There are times when we need to face the situation and take appropriate actions.

If we allow people to exploit us physically, emotionally, financially, spiritually or mentally they will continue to do so.

Let us decide when to jump!
Let's jump while we still have the strength.

*ThE OcToPuS*

SOFT REMINDER 🎗️

BARGAIN HUNTERS TAKE NOTE

FOOD 4 THOUGHT

Put a frog into a vessel fill with water and start heating the water.

As the temperature of the water begins to rise, the frog adjust its body temperature accordingly.

The frog keeps adjusting its body temperature with the increasing temperature of the water. Just when the water is about to reach boiling point, the frog cannot adjust anymore.

At this point the frog decides to jump out. The frog tries to jump but it is unable to do so because it has lost all its strength in adjusting with the rising water temperature.

Very soon the frog dies.
What killed the frog?
Think about it!
I know many of us will say the boiling water.

But the truth about what killed the frog was its own inability to decide when to jump out.

We all need to adjust with people & situations, but we need to be sure when we need to adjust & when we need to move on.

There are times when we need to face the situation and take appropriate actions.

If we allow people to exploit us physically, emotionally, financially, spiritually or mentally they will continue to do so.

Let us decide when to jump!
Let's jump while we still have the strength.

*ThE OcToPuS*

PETERiCHY:
Come what may don't be caught in the NSE in MAY 2024. It gonna be very bloody ☠️☠️☠️💀💀💀

BARGAIN HUNTERS TAKE NOTE!

*ThE OcToPuS*

We made the ABOVE post on 10th November 2023.

I rest my Case!

BARGAIN HUNTERS TAKE NOTE!

essentialone:
Yours truly have finally jumped out of the aeroplane of Wale's Oando, even at a loss. We gain some, and we lose some.

I wish those who are still in it a safe flight, to its uncertain destination.

You crash out at #13.80
Don't worry we will remind you when it get to #500 since you don't know that OANDO now run the affairs of NNPCL

BARGAIN HUNTERS TAKE NOTE!

https://westernpost.ng/breaking-president-tinubu-moves-revenue-from-crude-oil-sales-to-cbn/


PBAT is a GAME CHANGER.

Firstly he moved CBN down to LAGOS now he hands over the AFFAIRS of NNPC to CBN 🤣🤣🤣

If you don't get it forget it.....

PETERiCHY:



OANDO currently on FULL BID @#13.80k 🎉
DESTINATION = #500
TIME FRAME = 12mths
USD = #1420
Meanwhile 98% of OANDO earnings is in USD

BARGAIN HUNTERS TAKE NOTE

USD sighted @#1451

BARGAIN HUNTERS TAKE NOTE!

PETERiCHY:


Finally WE are BREAKING the #16.50k BARRIER 🚧. WATCHOUT 👀 for BREAKOUTS.

BARGAIN HUNTERS TAKE NOTE

OANDO currently on FULL BID @#13.80k 🎉
DESTINATION = #500
TIME FRAME = 12mths
USD = #1420
Meanwhile 98% of OANDO earnings is in USD

BARGAIN HUNTERS TAKE NOTE

yak:
https://nairametrics.com/2024/01/28/record-breaking-ngx-a-stockfish-market/


Hmmmmm!

This guy is really pained he missed the historical BULL just like the GENERATIONAL LOW GANGS

He better tag along with the so called OLIGARCHY STOCKS because they aren't coming down anytime SOON.

BARGAIN HUNTERS TAKE NOTE!

megawealth01:
Where's PETERICHY? Hope you are good?

Any sincere update about the market?

We are patiently waiting for Feb 5th

BARGAIN HUNTERS TAKE NOTE!

yak:



whicch stock please?

https://www.premiumtimesng.com/news/top-news/606922-exclusive-nnpcls-secret-deal-with-ovh-leaves-workers-angry-disillusioned.html

EXCLUSIVE: NNPCL’s secret deal with OVH leaves workers angry, disillusioned.

NNPC says it acquired OVH Energy, however, it now appears to workers of NNPC Retail that it was OVH Energy that did the acquisition.

A wave of excitement filled the atmosphere when the Nigerian National Petroleum Corporation Limited (NNPCL), last October, announced the acquisition of OVH Energy Marketing Limited, the company behind the Oando Retail brand in West African countries. The then board chairperson of NNPC Limited, Margret Okadigbo, said the acquisition would strengthen NNPC’s downstream business portfolio and enhance national energy security and profitability.

NNPCL had the intention to have 1,500 filling stations, Ms Okadigbo said, and the acquisition would bring over 380 additional filling stations operated by OVH Energy under the NNPC Retail brand in Nigeria and Togo.

“We will be Africa’s largest petroleum product retail network,” she was quoted as saying in an NNPCL statement.

Although the news was exciting, the events trailing the acquisition of OVH Energy are disillusioning. Despite a Freedom Of Information request, NNPCL kept details of the acquisition under wraps with many alleging shadiness. However, PREMIUM TIMES found that the acquisition of OVH Energy has turned NNPC Retail into a toxic workspace with officials of the former taking over the running of the latter, and causing anger and disillusionment among staff.

The OVH Energy acquisition
The narrative that trailed the acquisition of OVH Energy by NNPCL was that the Africa-focused downstream company is highly lucrative with over 300 filling stations across the country and above. The simple interpretation of this is that with the acquisition of OVH Energy, NNPC Retail would take over all its filling stations, turning it into the largest downstream company in Africa.

To be clear, in 2015, Oando PLC, then Nigeria’s leading indigenous energy group, announced a $210 million deal to change the capital structure of its corporations by merging with HV Investments II B.V., an Africa-focused private investment firm, and the Vitol Group (“Vitol”), then known as the world’s largest independent trader of energy commodities.

On 30 June 2015, a new company was formed to hold interests in Oando Marketing Limited and its subsidiaries by merging the two companies. Oando PLC would then retain 49 per cent shareholding in the newly formed downstream firm, with the Consortium owning 49 per cent, while Residual, a local entity, owned just 2 per cent. The recapitalised corporations would be renamed OVH Energy (“OVH”), reflecting its ownership structure and the commitment of its new shareholders.

In 2022, NNPCL announced the outright acquisition of OVH Energy. By this acquisition, OVH Energy would be merged with NNPC Retail, a subsidiary of NNPC Limited.

“Our acquisition of OVH brings more NNPC branded fuel stations under the NNPC Retail Limited umbrella, providing wider access for our customers, an enriched supply chain and product availability across our different locations,” the Group Chief Executive Officer of NNPCL, Mele Kyari, said in a statement to Nigerians.

However, those with vast knowledge of the NNPC’s inner workings told PREMIUM TIMES that exciting claims made to justify the acquisition of OVH Energy were exaggerated. They accused the NNPC of deliberately pushing inaccurate narratives to deceive the public about the purchase of OVH Energy. The insiders would not want to be named over the fear of victimisation by the Mr Kyari-led management.
“Only about 94 stations are OVH owned; over 100 stations were leased while others are affiliations,” a senior NNPCL official with access to the information, told PREMIUM TIMES. His view was corroborated by at least two other officials with all of them saying that NNPC’s claim of owning 300 new stations by acquiring OVH was false.

“This is one of the most shady deals ever in the oil industry globally. Not even the executive vice presidents of the NNPC know the details of the acquisition,” one other senior NNPCL official said.

OVH Energy takes over NNPC Retail
In the eyes of the public, the NNPC has taken over OVH Energy by acquiring it. But in operational terms, it is OVH Emergy that has taken over the affairs of NNPC Retail in what one NNPC Retail official described as “the worst possible acquisition deal ever”.

Upon the acquisition of OVH Energy and its incorporation into NNPC Retail, a new Managing Director was to be appointed. Senior officials of NNPC Retail expected that one of them would be appointed the managing director. This was a given, they thought. After all, it was an acquisition, with the larger and more profitable NNPC buying the smaller and loss-making OVH.

They were wrong.


First, the Mr Kyari-led management team appointed Huub Stoksman, an expatriate and former Chief Executive Officer of OVH Energy, as the new Managing Director of the NNPC Retail. Mr Kyari also appointed the former Chief Operating Officer (COO) of OVH Energy, Mumuni Dangazau, as his Special Adviser Downstream.

Many officials of the NNPCL, including senior staff, believe Mr Dangazau’s appointment effectively sidelined the Executive Vice President (EVP) Downstream of the NNPC whose office ordinarily oversees NNPC Retail.

?


“The EVP has no say any more in NNPC Retail. It’s between Stoksman, Dangazau and Kyari. He is not even on the board of NNPC Retail,” one official said.

findings show that the EVP Downstream used to be a member of the board of NNPC Retail until the Petroleum Industry Act was signed into law after which a new board was constituted.

Our findings show that the appointments of Messrs Dangazau and Stoksman by Mr Kyari stirred controversy among the staff of NNPC Retail. Here is why.

In March 2022, Mr Dangazau became a director at Nueoil Energy Limited, a Nigerian oil company. Before then, he had been the COO of OVH Energy, which is now integrated into NNPC Retail. In September 2022, Nueoil acquired OVH Energy. And by October 2022, NNPCL announced the acquisition of OVH Energy. The role Mr Dangazau played in the acquisition of OVH remains unclear for now but NNPCL officials say he was central to the deal.

For Mr Stoksman’s appointment, officials wondered why Mr Kyari felt no Nigerian was good enough to lead NNPC Retail after the acquisition. They expressed worry that none of the NNPC Retail management team, who had ensured the subsidiary remained profitable compared to some other NNPCL subsidiaries, was good enough to be appointed the managing director. The officials were curious about why Mr Stoksman, an expatriate that led OVH, a loss-making organisation, was appointed MD of a profit-making NNPC Retail despite the existence of competent hands within the NNPCL.

Profitable NNPC Retail ‘consumed’ by OVH Energy
Since his appointment as the Managing Director, Mr Stoksman has ensured a virtual takeover of NNPC REtail by OVH, this newspaper found. First, he set up a management team for NNPC Retail, made up of about 75 per cent of OVH staff. This led to grumblings by serving officials of the NNPC Retail. As of Monday, of the 12 management team members of NNPC Retail, including Mr Stoksman, none was from the old NNPC Retail, three from NNPCL and nine from OVH.

“Did we acquire them or did they acquire us, how come they are now the ones in the management,” one NNPC Retail staff pondered.

Also, on 5 June, Mr Stoksman summoned a staff meeting and announced that the headquarters of the NNPC Retail would be moved to Lagos, where OVH is headquartered.

“I could not believe my ears when he said that,” an NNPC Retail staff who attended the Abuja virtual meeting told PREMIUM TIMES. “Only God knows what deal Kyari signed with them, perhaps they are the ones that bought NNPC Retail.”

On Monday, PREMIUM TIMES contacted the spokesperson of the NNPCL, Garba-Deen Muhammad, on our findings contained in this story. Mr Muhammad did not pick up our calls but responded to a text message in which he said he would get back to our reporter. He has yet to do so at the time of this report.

NNPC Retail has been profitable since 2017, an independent verification by PREMIUM TIMES, based on reviews of the financial details of the two companies, showed.

?
PREMIUM TIMES reviewed the financial details of the two companies prior to the acquisition.

In 2021, the NNPC Retail said it sold N283.6 billion worth of petrol, diesel, kerosene, gas and lubricants across its 550 stations. An increase of N83.3 billion compared to the N200.3 billion worth of products it sold in 2020, according to its audited statement for the 2021 fiscal year.

NNPC Retail was established in 2002 as a strategic unit of NNPC Limited, Nigeria’s mother petroleum body. In 2009, it became a limited liability company and a subsidiary of NNPC Limited with just a retail station acquired from defunct Texaco Nigeria at Ikoyi, Lagos.

In 2021, the NNPC Retail stations grew from two in 2002 to 550 stations.

In terms of profitability, NNPC Retail, with an average market share of 10 per cent, made a Profit After Tax of N2.8 billion in 2019, N1.5 billion in 2020 and N4.9 billion in 2021. OVH, on the other hand, with an average market share of 5 per cent, made a Profit After Tax of N500 million in 2019, a loss after tax of N1.5 billion in 2020 and a loss after tax of N7.4 billion in 2021.


We won’t provide details of the acquisition — NNPC
On 9 January, PREMIUM TIMES sent a Freedom of Information (FOI) request to the NNPC seeking details of the acquisition of OVH Energy and asking salient questions about the integration of the company into the NNPC Retail. A few weeks later, on 27 January, an attorney of the NNPC, Tunde Adejumo, responded, saying the company was no longer compelled to reveal the details requested to the public.

In his response, Mr Adejumo noted that “with the coming to effect of Sections 53 and 54 of the Petroleum Industry Act 2021, the Nigerian National Petroleum Commission (NNPC), which was a public institution, has transited to the NNPC Limited, following the later’s registration as a limited liability company under the Companies and Allied Matters Act 2020”.

In other words, the NNPCL, through its attorney, said it rejected PREMIUM TIMES’ inquiries on the ground that NNPCL is no longer a public institution. “It is given the above-stated reasons that we are unable to accede to your request for information sought,” the NNPC attorney said. “Your request is at this moment denied and we hope you understand our client’s constraints.”

However, contrary to Mr Adejumo’s claim, section 53 (3) of the Petroleum Industry Act (PIA) noted that “the ownership of all shares in the NNPC Limited shall be vested in the government at Incorporation and held by the Ministry of Finance Incorporated and the Ministry of Petroleum Incorporated in equal portions on behalf of the Federation”.

NNPC filling station Central Area Abuja
NNPC filling station Central Area Abuja
Therefore NNPCL, contrary to the claim of its lawyer, is still owned by the Nigerian Federation and thus bound by the FOI law. Also, the board of NNPCL was among those instantly dissolved by a presidential proclamation last week.

Also, Section 2 (7) of the FOI law states that “companies in which government has a controlling interest” are among the institutions bound by the FOI law.

“Public institutions are all authorities whether executive, legislative or judicial agencies, ministries, and extra-ministerial departments of the government, together with all corporations established by law and all companies in which government has a controlling interest, and private companies utilizing public funds, providing public services or performing public functions,” the law states.

Appointing expatriates as heads of NNPC subsidiaries
The staff and management of the NNPC are concerned that Mr Stoksman, an expatriate, was appointed ahead of many qualified Nigerians. This is becoming a practice in NNPC Limited, officials said, causing disaffection and disillusion among the workers of the company.

In March, NNPC Limited appointed another expatriate, Jean-Marc Cordier, as the head of its oil trading arm, stirring controversies among experts and the industry’s enthusiasts.

“It is of concern to most Nigerians that at this time of our life, we are still having a foreigner in such a strategic business enterprise in this country,” said Bode Fadipe, a veteran energy expert and the Chief Executive Officer of Sage Consulting. “The question many people will ask is, don’t we have Nigerians who can manage that office? Are the expatriates now investors in the business or is it a joint venture that allows a foreigner to hold that kind of position?”

But Yemi Oke, a legal consultant and energy law advisor, held a different view on the issue, saying the growth of NNPC Limited — not the nationality of the person leading its subsidiaries — should be prioritised. Other Nigerian companies have expatriates as employees, Mr Oke told Punch.

“All they need is to comply with the expatriate quota and show that there’s no local manpower skilled enough to man that particular office, due to the technical nature of the position,” he said.

In the case of NNPC Retail, however, there were many Nigerians skilled enough to be managing directors of the company including those who led it to profitability since 2017.

Workers at the NNPC Retail accused their union of failing to challenge what they believe is the impropriety going on in the organisation. They allege compromise by the NNPC Retail chapter of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

Officials of the union including its secretary, Lumumba Okugbawa, however, declined to speak about the matter, giving different excuses. When PREMIUM TIMES first contacted Mr Okugbawa for comment in March, he said he was unavailable to speak. He said the same thing when contacted by phone twice this month.

President Bola Tinubu
President Bola Tinubu
President Tinubu must act now!
When President Bola Tinubu announced the dissolution of the boards of all government-owned institutions last week, there was jubilation among many officials of the NNPCL with some even telling PREMIUM TIMES that they expected Mr Kyari to also exit since he is a member of the board of NNPCL.

Although the NNPCL board was affected by the dissolution, Mr Kyari was not outrightly sacked as GCEO and thus remains in office. However, many NNPC officials say they want a thorough probe of the NNPC’s deals including the OVH acquisition.

“How much was OVH bought for? Under what conditions? How many filling stations did they truly own? Why are they taking over NNPC Retail? These are some of the things a probe will reveal,” one official said.

DeRuggedProf:
Ogogoro and Ogogoro, why do you want to walk in the shadow of The Corpse. Wny warm up to disgrace the Corpse?
Till N300 do us part in 2025...

From NOW till June my CRYSTAL BALL 🔮 is pointing @ #200.

BARGAIN HUNTERS TAKE NOTE!

*ThE OcTopuS* 🐙

PETERiCHY:


The last DIVIDEND I got from OANDO was in 2015.
30k +70k =#1.00k That's 8ys ago.

SOME of us have BEING in this GAME for almost 25ys and do PERCEIVE what will LIKELY HAPPEN from AFAR.

WALE TINUBU can't GIVE you ANYTHING on a PLATTER of GOLD in order words OANDO will go PLACES but not on a PLATTER of GOLD.

FOOD 4 THOUGHT only for those their THINKING FACULTY is still functioning PROPERLY .

As for the UNSCRUPULOUS ELEMENTS that wants to become RICH OVERNIGHT with their PEANUTS their case is IRREDEEMABLE.

"BARGAIN HUNTERS TAKE NOTE'!

Finally WE are BREAKING the #16.50k BARRIER 🚧. WATCHOUT 👀 for BREAKOUTS.

BARGAIN HUNTERS TAKE NOTE

megawealth01:


Welcome back THE OCTOPUS

What're the gods saying? Should we leave the market or continue with our looting?

Like we PREDICTED earlier
We are going to WITNESS a REPEAT 2007/2008 RALLY in 2023/2024.

DURING the 2007/2008 RALLY ALLSHARE INDEX PEAKED in Q1 of 2008 @circa 66k

LIKEWISE this time around ALLSHARE INDEX will peaked @ circa 100k within Q1 of 2024

AFTERWARDS there will be GNASHING of teeth and BLAME GAMES that will USHER in the much anticipated GENERATIONAL LOW.

BARGAIN HUNTERS TAKE NOTE!

*ThE OcToPuS* 🐙🐙🐙