₦airaland Forum

OANDO now @ N7:35k with no bid.

When i keep saying that STOCK MARKET is one the most organized gambling platform some keep arguing now we can all see for ourselves.

May GOD give those in that bus the fortitude to bear the loss.

[http://nationalmirroronline.net/new/world-bank-raises-alarm-over-nigerias-economy/]

ranks nation 169th globally

Mauritius, Uganda, Benin, Senegal among best

Despite sustained efforts by the federal government to improve Nigeria’s business environment, indications showed that most of the efforts had not impacted positively on the nation’s business climate with its ranking at the 169th position among the 189 countries assessed on economic reforms implementation.

The International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) and other central banks in Africa to allow their currencies to depreciate in order to absorb shocks to their economies.


The multilateral donor agency pointed out that resisting currency pressure depletes foreign exchange reserves and results in weaker imports.

According to the IMF, in a few highly dollarised economies on the continent, the recent exchange rate depreciation could also increase financial sector vulnerabilities.


It also noted that the recent depreciation of some currencies on the continent would increase the value in local currency of dollar-denominated liabilities, and hence the debt service burden for unhedged borrowers.


This would potentially expose banks to losses—even though banks themselves generally have only limited currency, it stated further.

[http://www.thisdaylive.com/articles/again-imf-urges-cbn-others-to-weaken-currencies-to-absorb-shocks/223957/]

Oil has fallen to a six-month low, and hopes of a quick rebound are fading as demand heads into an autumn swoon.

Brent crude tumbled below $50 on Monday for the first time since January. Gasoline fell the most in almost three years.

The slump may have further to go. U.S. refineries, which turned a record amount of crude into gasoline during July,
typically slow down from August through October for maintenance.

“We still have a lot of global oversupply,” Michael Wittner, head of oil-market research at Société Générale in New York, said on Bloomberg TV Monday.

“We’ are getting close to the autumn, [when] demand for crude and products hits a seasonal low point, so it’s hard to see where the uplift is going to come from.”

Also, demand for gasoline typically eases after summer as the seasonal workforce shrinks and families stop vacationing.

Hedge funds are growing more pessimistic. Money managers cut bets on rising Brent prices last week by the most in more than a year and are the least bullish on U.S. crude since 2010.

http://bloom.bg/1g1lybB

Some food for thought

This is the performance of First Bank from 2000 to date.

100k will buy 20,000 units of FBN shares in 2000.


Year Bonus Units
2000 20,000
2001 1 for 4 25,000
2002 1 for 5 30,000
2003 1 for 6 35,000
2004 1 for 8 39,375
2005 1 for 4 49,218
2006 1 for 25 51,186 ( Special distribution)
2006 1 for 1 102,372
2007 1 for 6 119,433
2008 1 for 4 149,291
2009 1 for 6 174,171
2010 1 for 8 195,000 units


Valued at over N3.8 million Naira

This post was made by our pa ewunmi over 2 years ago, when FBNH was 17 naira. At 5.47 naira, this same quantity is now worth just over 1.2 million naira (excluding dividends). All of a sudden is the investment made in year 2000 worth it??

Lesson: Buy and Hold may not always be the best

Culled.

Mpeace:
Monkey for sale.Gospel according to WT says pls endure one more quarter of loss. https://www.thecable.ng/tinubu-explains-oandos-loss-blames-oil-prices-naira-weakness. Wale Tinubu, group chief executive of Oando
Plc, has blamed the company’s record loss on
falling crude oil prices and the weakness on the
naira.
Tinubu said his company was brave enough to
let out its financials with the needed integrity, a
virtue he believes will help the company recover
after one more quarter of loss.
Speaking in an interview with CNBC Africa,
Tinubu said what his company did was to ensure
financial integrity, while preparing for the future.
“We see it as a means of ensuring that the
integrity in our finance is kept at ultimate
priority, we seek towards creating a platform to
deal with the challenging future, which we see
would occur in the next couple of months as a
result of weak oil price and dwindling exchange
rate and an increase in interest rate,” he said.
He added that the impairment experienced by
the company does not in any way affect the
company’s recent acquisition, Conoco Phillips,
which was bought for $1.5bn, one of largest
acquisitions in the history of Nigeria’s oil and gas
sector.
“The impairments do not affect in anyway our
acquisition of the Conoco Phillips portfolio,
impairment relate primarily to legacy asset,” he
said.
He said with the oil price recently gaining
stability, Oando is seeing renewed interest from
investors, adding that his firm recently signed a
contract with Chevron to deploy one of its rigs at
$80,000 a day, to go onshore next week.
Speaking to the thoughts of investors at such a
critical time, Tinubu said the company’s focus
remains on exploring the right assets with
dwindling oil prices in mind.
“The positive story going forward is that we as a
country that has integrity in its financial, has
been brave enough to do what is right…when the
future of the oil price is uncertain, such that
everything that it keeps on its books is
generating at a cash policy of profitable nature.
“We have also done a successfully done a major
acquisition a year ago for $1.5bn, and we have
generated over $600m a year in cash flows from
that operation and we have paid down over
$400m of debts, thus reducing by close to 50
percent, the acquisition cost of that investment
in one year.
“We look forward to being able to pay off a five
year facility in two and half years. That’s our
focus as a company, to buy the right assets,
develop the right asset, produce the right assets
and pay whatever finacnicil leverage we take in
the acquisition and be focused on things that are
cash generating.
“The oil price is volatile, the interest rates are
high, the exchange rate is devaluing and
companies like us are taking the appropriate
steps to protect the future.”
He said Oando would come back to profitability
after one more quarter of loss.
Oando had a record loss of N183.9bn in the
2014 fiscal year , with N35bn loss in the first half
of 2015.

This just confirmed my july 2016 re-entrance assertion. that's if they are still on ground.

Imagine Mr. Audacious this time around openly telling his shareholders to prepare their mind and be ready for another WORLD RECORD BREAKING 2015 F/Y LOSS result while we are still in October.

About 42 million Oando shares were on full offer on Tuesday as investors lined up to off load the stocks amidst the historical loss recently reported by the company.The company in its 9 months results released earlier reported another loss before tax of about N52billion adding to the woes incurred by shareholders.

The share price closed at N8.13 representing a 9.6% drop. Oando has now lost 49.5% year to date.
The company had its earnings call yesterday (Monday) as investors listened in keenly to what the management had to say regarding the results.

The call by our estimates was one of the most anticipated earnings call lasting about an hour and a half. Investors seem not convinced by all the positive vibes coming from the CEO as the shares remained on full offer all through trading on Tuesday. Out of the 42 million shares on offer only about 309, 250 volumes were treated.


[http://nairametrics.com/no-buyer-42-million-oando-shares-on-full-offer/]

ihedioramma:
JAH BLESS . what i know well is that i have not lost any thing in oando the time i will know is if i sell below the price i buy .

The kind of debts and fine that OANDO is owning I dont think Federal Government can afford it.

I bite the bullet on first week of Sept but I'm better off now.

Dont worry by july 2016 when they are through with their share reconstruction couple with all their yeye forward looking statements we go come back.

The U.S. plans to sell millions of barrels of crude oil from its Strategic Petroleum Reserve from 2018 until 2025 under a budget deal reached on Monday night by the White House and top lawmakers from both parties.
The proposed sale, included in a bill posted on the White House website, equates to more than 8 percent of the 695 million barrels of reserves, held in four sites along the Gulf of Mexico coast. Sales are due to start in 2018 at an annual rate of 5 million barrels, rising to 10 million by 2023 and totaling 58 million barrels by the end of the period. The proceeds will be “deposited into the general fund of the Treasury,” according to the bill.


http://www.bloomberg.com/news/articles/2015-10-27/u-s-plans-to-sell-down-strategic-oil-reserve-to-raise-cash

DOUBLE WAHALA FOR DEAD BODY AND THE OWNER OF DEAD BODY -Fela Anikulapo Kuti.

lancee:
confusion everywhere

Caused by WALE and his GANGS.

Though GOD saved Somebody if not by now that person self for don run away like Pst. MYJOY .

Better sell all your oil and banking stocks and move the proceeds to some cumsumer good and agricultural stocks a stitch in time saves nine.e.i FLOURMILL

*ThE OcToPuS*

manie:
I gave instruction for the purchase of FBN when it gets to N5.00. If FBN touches N4.00, I may consider selling one of my cars, sell a plot of land and even get a loan to buy more.

I said this sometime ago I foresee the ELEPHANT drinking the same bitter water UBN drank in 2009.

Above all STOCK MARKET of the 1990 analog era is far different from this current digital mago-mago era in other words thinking of selling your property to invest in stock without a first hand insider information is a GROSS idea.

*ThE OcToPuS*

jideflash:
But Oando, why do this to me.

My heart really bleeds for those that couldn't read the hand writing on the wall.

You can imagine a result that even Myjoy of all people saw and ran away

manie:
I also experienced what you guys suffered, I guess investors are now wise. I hope to join the train, if it touches N4 and below.

Wait till July 2016 before getting into any oil stock.

*ThE OcToPuS *

angrybull:
I think oando will need to restructure and try to dispose some of their asses to pay their debt. This result has been cooked the best they can I believe, only future will tell.

They should as well consider coming to mkt to raise fund and might also need share reconstruction to reduce their over bloated share volume of about 12b outstanding shares which I consider very huge in comparison with its peers

[http://nairametrics.com/oando-losses-continue-posts-n47-billion-q32015-loss/]

Oando released its interim financial statements for the third quarter of 2014 and 2015.
The result showed that gross profit fell 36% in the third quarter of 2015 to N41 billion from N64 billion in the third quarter of 2014.
Profit before tax fell by 1717% from a positive position of N3.2 billion in 2014, down to a negative N52 billion in 2015.

angelo82:
That Wale na criminal...............Na so the guy dey travel to everywhere with his wife and entourage every time and he has houses in London and USA.............Wale's maid dey travel join oh.................

Na today you know say WALE and gangs na high-end crooks.

What actually kept everybody waiting was the benefit of COP-deal that was sealed last yr July.

From my calculation whatever they are cooking should be ready this year August which is exactly 1yr.

Mehn after no result came in august I sensed they wants to play a fast one on the ordinary shareholders.

Earlier last month I had no choice but to bite the bullet and rearranged my portfolio.

Even the lastyr N1:00k dividend I'm yet to get mine.

Now let me see the nonsense explanation they want give the shareholders that the $1.5Billion that took them over 3yrs to raise has technically been lost within 11mths (MAD)

#WaleMustVomitShareholdersFund#

[http://www.cnbcafrica.com/video/?bctid=4578354040001]


http://www.cnbcafrica.com/video/?bctid=4578354041001


OANDO FY LOSS SHOCK MARKET
Mon, 26 Oct 2015 08:11:23 GMT
Oil and Gas player Oando shocked the market on Friday when it reported one of the largest full year losses recorded by an NSE listed company, adding up to over a billion US dollars. The diversified energy group reported a full year loss after tax of 183 billion naira and a subsequent half year loss of 35 billion naira. CNBC Africa's Wole Famurewa, Didi Akinyelure and Temilade Esho, Equity analyst, Renaissance Capital, analyse what went wrong with Oando.

The 10 Biggest Energy Company Bankruptcies

Running a multi-billion dollar energy company isn’t easy. Just ask the executives in the corner suites of some of the energy companies that have gone bust over the years. Some, like Enron, were brought down because of insider malfeasance. A few, like ATP, blamed damaging government policies, while others went off the rails due to market forces that left the company and its shareholders flat-footed, deep in debt, and eventually broke. Here are the bankruptcies that will be etched into the tombstones of failed energy fortunes for time immemorial.

1. Enron. Bankrupt December 2, 2001. Assets $65.5 billion
Enron grew from a simple pipeline company into the world’s largest energy trader by using the Internet to buy and sell natural gas and electric power to help utilities and industrial power users hedge against price fluctuations. By 2000, Enron was worth an astonishing $68 billion, but when the U.S. Securities and Exchange Commission started investigating, it was revealed that much of the money was based on shady accounting practices and un-recorded losses. In one year, Enron’s stock price plummeted from more than $90 to less than $1, resulting in $11 billion in shareholder losses. The subsequent bankruptcy remains the largest in U.S. history. CEO Kenneth Lay and fellow Enron executive Jeffrey Skilling were convicted in 2006 of fraud and conspiracy. Lay died from a heart attack while awaiting sentencing. Skilling is still in prison.

2. Energy Future Holdings. Bankrupt April 29, 2014. Assets $36.4 billion
Energy Future Holdings became the largest power producer in Texas in 2007 after a $45 billion buyout of TXU Corp. But the company struggled under the weight of $40 billion in debt after revenues plunged due to lower prices for natural gas and electricity. Energy Future Holdings was broken up in April under the terms of a restructuring deal.

3. Pacific Gas & Electric Company. Bankrupt April 6, 2001. Assets $36.1 billion
California’s largest publicly-owned utility went bust after deregulation led the company to incur billions in debt. After selling its gas power plants, the company had to buy power from other energy companies. Buying at fluctuating prices and selling at fixed prices led to losses and eventual bankruptcy. But accordingto Time, wholesale prices eventually dropped, and the day the company emerged from bankruptcy in 2004, its stock was worth three times as much as when it filed for protection.
Related: The Biggest Energy Trading Disaster In History

4. Texaco. Bankrupt April 12, 1987. Assets $34.9 billion
Texaco started out in 1901 as the Texas Fuel Company and was independent for 100 years before merging with Chevron in 2001. However, in the 1980s, Texaco became embroiled in a legal battle with Pennzoil, and ended up owing the company $10.5 billion. That led to Texaco filing for bankruptcy, which at the time, was the largest in U.S. history.

5. Calpine Corporation. Bankrupt December 20, 2005. Assets $26.6 billion
In the mid-2000s, Calpine was the biggest owner of natural gas-fired plants in the U.S. But soaring fuel costs led the company to incur more than $22.5 billion in debt. The subsequent bankruptcy filing followed the ouster of top executives after they lost a fight with bondholders to use proceeds from asset sales to buy fuel. The company received $2 billion in financing to allow it to keep its plants supplying customers.

6. ATP Oil & Gas.Bankrupt April 17, 2012. Assets $3.6 billion
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In 2009, ATP Oil & Gas, an offshore oil producer, refinanced $1.5 billion in debt, with the goal of doubling its production to 50,000 barrels a day. Then came the BP Deepwater Horizon disaster. A 2010 moratorium on deepwater operations in the Gulf of Mexico meant ATP was not able to complete wells on its Titan production platform. Forced to spin off Titan and borrow $350 million, ATP spiralled downward, crushed by $2.7 billion in debt obligations. In a Forbes article, ATP’s CEO blamed the Obama Administration and “its illegal ban on deepwater drilling in the wake of the BP disaster,” for the implosion of the company.

7. Patriot Coal.Bankrupt July 9, 2012. Assets $3.6 billion
As the largest producer of thermal coal in the eastern U.S., Patriot Coal was particularly vulnerable to low coal prices, competition from cheap natural gas, a slowing U.S. economy and tougher environmental rules. Patriot Coal lost money every year since 2010, and in 2012 recorded a loss of $198.5 million. To stay afloat during the Chapter 11 bankruptcy process, the company received $802 million from three major banks.

8. James River Coal.Bankrupt April 8, 2014. Assets $1 billion.
Another victim of the U.S. coal downturn, James River Coal declared itself bankrupt in April, 2014, having emerged from a previous bankruptcy in 2004. The company listed $818.7 million in debt after being forced to close a dozen mines. James River Coal was granted a $110-million loan to keep operating under court protection. At the time of the bankruptcy, the company's stock was trading for 36 cents, compared to $60 a share in 2008.
Related: How Rising Interest Rates Could Spell the End of the U.S. Energy Boom

9. OGX.Bankrupt Oct. 30, 2013. Debts $5.1 billion
Darling of Brazilian billionaire Eike Batista, OGX Petróleo e Gas Participações SA filed for bankruptcy protection after failing to reach an agreement with creditors to negotiate part of its $5.1 billion debt. The bankruptcy was the largest in Latin America. The blow to Batista’s mining and oil and gas empire came after disappointing output from offshore wells set off a crisis of investor confidence.

10. Suntech.Bankrupt March 20, 2013. Debts $1.6 billion
The Chinese solar panel manufacturer, one of the world’s biggest, was forced into bankruptcy court after the company missed a $541 million payment to bondholders. The company’s misfortunes were blamed on a glut in the market for solar panels, which collapsed prices. Another solar industry giant, Germany’s Q-Cells, was caught in the downturn the year earlier.


http://oilprice.com/Energy/Energy-General/The-10-Biggest-Energy-Company-Bankruptcies.html

LONDON Oct 23 (Reuters) - West African crude oil differentials stayed weak on Friday, as cargoes for December export competed with a large overhang of supply from November that had failed to attract buyers.

There were still more than 20 million barrels of Nigerian and Angolan crude due for export in November available, with nearly all of the December cargoes already on the market, traders said.
Traders said activity was particularly quiet as traders were waiting for the results of a number of tenders due next week before committing to selling certain vessels.

Freight rates have fallen this week, which could make West African cargoes more competitive for Asian buyers.

However a rising premium of Brent crude, against which West African oil is benchmarked, to both Dubai and U.S. crudes is acting as a deterrent from buyers from both East and West DUB-EFS-1M CL-LCO1=R.
Weak refining margins in Europe, particularly for diesel, were seen as limiting demand for crude oil in the run-up to the Christmas break in the region.

Adding to the bearish tone, China, one of West Africa's biggest buyers of crude oil, cut its interest rate in a bid to jump start its stuttering economy, underlining its fragile demand situation


[http://af.reuters.com/article/angolaNews/idAFL8N12N3M620151023]

[http://www.reuters.com/article/2015/10/26/us-markets-oil-idUSKCN0SK02O20151026]

Crude oil prices remained weak on Monday as a slowing demand outlook implied oversupply will remain in place for months, prompting speculators to cut their bets on rising prices.

Front-month U.S. crude futures were trading at $44.62 per barrel at 2.59 a.m. ET, a mere 2 cents above their last close but more than 12 percent below their October peak.
International benchmark Brent was down 1 cent at $47.98 a barrel, and over 11 percent below this month's high.

Goldman Sachs said that oil prices could drop "sharply lower" as refined product storage sites come close to filling, stoking a glut that has already seen crude prices fall by more than half since June 2014.
ANZ said it expected prices to remain low for the rest of this year, due to slowing demand and as speculators were cutting bets on higher prices.
On the demand side,

Energy Aspects said that it "forecast a sharp slowdown in global oil demand across Q4 15 at 0.8 million barrels per day, which marks the slowest pace of growth in five quarters."
Energy Aspects said ongoing oversupply in crude oil was starting to spill into the market for refined products, with a product stock-build of 0.6 million barrels per day seen in the third quarter.
Rising inventories as well as a mild winter expected for Europe and North America as a result of an El Nino weather event would likely lead to reduced refinery production and lower use of crude oil by refiners, it said.

Global oil markets were "still some way from rebalancing", the research agency added.
Due to the low oil prices, investment in the sector in 2016 will likely decline further after sliding this year by more than a fifth,

Fatih Birol, the executive director of the International Energy Agency (IEA), said on Monday.

FASTEST
FINGERS
FIRST

And the time starts now

Last month when i sold my FBN N6:20 with cool 13% profit and some fellas that dont know NSE is a gambling machine called "THE MORE YOU LOOK THE LESS YOU SEE "were laughing and waiting to sell theirs N10.

Well i'm now patiently waiting for it at @ subN4 as for UBA its either cowboy Tony give it to me @Sub N2 or nothing.

Above all that must be after DEVALUATION else make una and Pa Bubu and Emeliefe dey buy dey sell dey make all the profit e no concern me.

“We arrested Nweke Pauline Osita with 65 debit cards and Egesiokwu Frank Chukwudi with twenty-four (24) debit cards during screening of passengers on an Ethiopian airline flight to China,” the statement quoted chairman of NDLEA Ahmadu Giade as saying.

The National Drug Law Enforcement Agency (NDLEA) has arrested two suspects in connection with smuggling of Automated Teller Machine (ATM) cards through the Murtala Mohammed International Airport (MMIA), Lagos.

A statement by the NDLEA’s spokesman Ofoyeju Mitchell said Nweke Pauline Osita, 40 years old and Egesiokwu Frank Chukwudi, 41 years old were arrested at the weekend with ATM cards of different banks.

“We arrested Nweke Pauline Osita with 65 debit cards and Egesiokwu Frank Chukwudi with twenty-four (24) debit cards during screening of passengers on an Ethiopian airline flight to China,” the statement quoted chairman of NDLEA Ahmadu Giade as saying.

Giade said that the suspects conspired with others to evade scrutiny from government agencies by opening various bank accounts with the aim of using the debit cards for daily withdrawals abroad.

The director of Assets and Financial Investigation of the agency, Mrs. Victoria Egbase said that the statements of the suspects had been taken under caution and that preliminary investigation points to the fact that the various bank accounts were opened to facilitate withdrawal of money outside the country.

Nweke Pauline Osita, an Onitsha based trader who was caught with 65 debit cards said that the cards belong to friends and business partners.
“I am a trader. I sell men clothes at Onitsha. I was on my way to China to buy goods when NDLEA officers arrested me with 65 debit cards. The cards belong to my friends, relatives and business partners” Nweke stated. He hails from Enugu State and married with two children.

The second suspect, Egesiokwu Frank Chukwudi who has a boutique at Aba, Abia State was found in possession of 24 debit cards. The NDLEA chairman has directed that the suspects be transferred to the Economic and Financial Crime Commission (EFCC) for further Investigation.

Recently, officials of the NDLEA had arrested a trader, Udeh Onuora Pascal who was travelling to China with 108 debit cards. “The arrests is an indication that smuggling of debit cards abroad is one of the latest money laundering techniques employed to evade financial regulations,” the NDLEA said.

http://www.dailytrust.com.ng/news/general/ndlea-arrests-2-china-bound-passengers-with-89-debit-cards/116291.html]

This what CBN over tightening policy is now pushing Nigerian businessmen into and they still want us to believe USD rate is rightly priced (MAD)

angelo82:
.............The small ''i'' is the problem in that name..............That must be the real symbol of our ''Guy''................

COMPARISON has been the major factor that drives alot into crimes which in turn lead to their early grave.

Why pray to be BIG for NOTHING when GOD have destined you to be SMALL but MIGHTY

Well CONTENTMENT is the KEY.

Mediate on that and have a BLISSFUL WEEK

*ThE OcToPuS*

Elai147:
I think the main reason Myjoy08 deactivated his account is very clear. He got a lot of warnings to desist or refrain from his over-optimism in order to protect his reputation in NSEMPA but he refused and attracted the interest of some gullible and naive followers, perhaps, unintentionally. He had to disappear just the same way he appeared in NSEMPA. The only advice I have for victims of his ever-optimistic posts is to avoid future shock by stop being over-reliant and rise to the challenge. @Myjoy08, please come back if possible. NSEMPANs will miss you.

@B2BR, is it possible to reactivate ones account after deactivation?

You meant he deactivated his account bcuz water don pass garri. Well It's all part of the learning process

I keep telling people in stock business the pessimists most have it than the optimists bcus It's much easier to lose 90% than to make 10%.

its all good more especially at this point OANDO is about filling for BANKRUPTCY.

I hope UCHESON company will be glad to acquire them at a give away price, nurture it as he normally say and bring them back to profitability in the future.

[http://www.proshareng.com/news/Investors%20NewsBeat/Shareholders-fund-on-steady-fall-Proshare/28970]


Numbers don’t lie. Obviously, the business of OANDO is not profitable for now, while the outlook indicates that the shareholders have been raped (un)knowingly if we are to go by performance of the bottom-line in the last six (6) quarters.

And most likely, things are likely to be worse than projected by the recent figures released while we advise a cautious trading of shares.

Apart from the poor numbers, we are less impressed with the constant unethical pattern employed/deployed by the firm in releasing its earnings reports in the recent years- this questions its corporate governance integrity.

We are of the opinion that delaying audited reports for 10months is like infringing on the rights of investors and breaching the mutual contract with the investing community at large- we remain worried why SEC and NSE treated this unethical act with less sense of responsibility.

This may continue to weigh on or deplete the feeble investors’ confidence in our opinion.

[http://nairametrics.com/record-loss-oando-beats-estimates-posts-record-n183-billion-loss-in-fy-2014/]

MONUMENTAL LOSS

manie:
There problem did not start today.

Yes like the saying goes everyday is for the thief but one day is for the owner.

It's been long WALE and the gangs have been short-charging their ordinary shareholders but this time around GOD have stepped in.

Now it's either they vomit those stolen funds to leverage or they forfeit OANDO. period.

Kagame:
Investors can be funny.Dem say fire dey burn and some people are still making exceptions,rationalizing and hoping its a strategy by Wale and co to mop up shares. Guys wake up,this is no strategy,Oando is in a deep mess.

I tire ooo upon all the warnings, sign languages and parables they still wan follow Myjoy voice.

[http://www.thisdaylive.com/articles/devalue-naira-remove-fuel-subsidy-sanusi-tells-buhari/223604/]

[http://www.vanguardngr.com/2015/10/naira-sanusi-backs-devaluation-says-cbn-in-denial-with-policies/]

Restriction of forex to 41 sectors hurting the economy Advises incoming ministers against flattery of the president
Obinna Chima

The Emir of Kano and a former Central Bank of Nigeria (CBN) Governor, Mallam Muhammad Sanusi II, has stressed the need for the federal government to completely remove fuel subsidy.
He also advised the CBN and the Presidency to reconsider their stance against naira devaluation, saying the country cannot continue to live “in denial.”

"It is wrong to think that you can keep the naira at a certain level when the price of oil is falling without depleting your reserves," Sanusi told CNBC television. "It does not speak well of us to pretend that the naira is appropriately priced."

OPARi