₦airaland Forum

Bagwa:
Summary of Oando PLC’s 46th Annual General Meeting Notice (August 11, 2025):

Date & Format:

Scheduled for Monday, August 11, 2025, at 10:00 am.

To be held virtually via https://www.oandoplc.com/meetings.

Ordinary Business:
Presentation of 2024 audited financial statements and related reports.

Re-appointment of BDO Professional Services as external auditors for 2026.

Re-election of three directors:

Mrs. Nana Fatima Mede, OON

Mrs. Ronke Sokefun

Dr. Ainojie Irune

Election of new directors:

Mr. Cosmas Iwueze (from December 16, 2024)

Ms. Ayotola Jagun (from May 20, 2025)

Election of members to the Statutory Audit Committee.

Disclosure of management remuneration.

Special Business:
Directors’ Remuneration:

Approval of Non-Executive Directors’ pay.

Related Party Transactions Mandate:

Authorization for the company to transact with related parties under standard commercial terms.

Capital Raise and Restructuring:

Authorization to raise up to ₦500 billion (or foreign equivalent) via shares, debt, or other instruments.

Conversion of up to US$300 million RBL debt into equity.

Establishment of a US$1.5 billion multi-instrument issuance programme.

Acceptance of oversubscription funds.

Board empowered to execute necessary agreements for the above.

Share Capital Adjustment:

Approval to increase share capital as required for fundraising.

Authorization to cancel unallotted shares if necessary.

Company Constitution Amendment:

Update Memorandum and Articles of Association to reflect new issued share capital post-capital raise.

Administrative Notes:
Accreditation starts August 8, 2025.

Shareholders can appoint proxies (except related parties, who must abstain from voting on related resolutions).

Closure of members' register: July 28–30, 2025.

Audit Committee nominations must be submitted at least 21 days before the AGM.

Shareholders can submit questions in advance.

2024 Annual Report is available online.

Information on unclaimed dividends and director profiles available via company’s website.

This is what Emma has been saying all along.
OandO needs new capital injection if they must survive.

Agbalowomeri:
Massive overhead supply

Broke out on volume though

The seller really tried.

Streetinvestor2:
From next yr na my house go become my bank...lol

Lol 😂 FIRS has already put down your name including all the billionaires and multimillionaires on this forum

Sunrisepebble:
Exited about 50% of my holdings at 60% return in the bolded.
DYOR

You are a good man

Mankind2024:
The Federal Government of Nigeria kept to its promise that there would be a new undertaker in the country(NRS). The undertaker was proposed to take the wealth of the rich for the poor. In the whole universe, the rich are not known to be victims of tax undertakers. They devise several legal means of rendering the tax undertakers powerless; in the end, the poor are the real victims of tax undertakers(NRS)

What NSEMPA forum investors must do to render the new undertaker(NRS) a toothless bulldog:

1. Be a sole proprietor; register your business.
2. Borrow to invest; use your portfolio as collateral at a great bargain. No one pays tax on borrowed funds.
3. As the CEO (the Tony Elumelu of your company), the business takes care of you and your family's day-to-day expenditures, including business retreats to Rwanda and London. Same way our resources take care of the politicians and all goverment workers.
4. Any good thing you see in any well-furnished bank or government office also qualifies to be in your business office and home by virtue of being a director.
5. Consider an offshore current account in the Isle of Jersey for a family investment corporation; this would grant you access to all the free brokers in the US. An alternative to this is citizenship by investment in selected overseas countries. This would counter their Panama choice, since Nigerian pastors and politicians and Panama are numbers 5, 6, and 7.
6. As a director, all your family members' responsibilities and those over 18 years are qualified for non-taxable minimum wage.
7. A company accountant or bookkeeper is necessary for documenting all expenditures.
8. A small room in your house is needed for the purpose of transferring all domestic expenditures to the registered business. As a matter of fact, the registered business address should be your house. No more electricity bills, petrol, or diesel for running generators from your pocket.
9. At the end of the day, the new tax undertaker(NRS) would need to refund you year in and year out since you are only expected to pay tax after profit. Directors earn zero salary; only non-taxable allowances.
10. Finally, year 1: capital loss; year 2: VAT refunds from all brokerage commissions, purchases and bank charges. Yes, here we come. The undertaker is effectively buried.☠️💀😵

I find it unamusing that you wrote all this on a public forum not only to let people know you are not going to pay tax but to also discourage others from paying.

BullBearMkt:
Oga pluto09, you are one of the people I really respect their FA on this platform. Kudos bros!

Welcome back Sir. I have been waiting to hear from you.
Your TA insights will be well appreciated at this point in time in the market.

HesInMe:
This market is making me nervous. I'm usually a contrarian investor, buying out-of-favour, high-quality stocks when the market is focused elsewhere. I don't like it when I buy a stock and it jumps the next day.

A bull market is clearly brewing, and people get careless in bull markets, calling zero-revenue companies the next unicorn. Beware.

It is not out of order for a contrarian investor to be nervous in bull markets.
The market is entering a new gear but the problem with this kind of bull is that nobody knows how short or long it will last.

aj8:
Common Sense Target for Cadbury N69.96-93.28
I applied a 75% penalty because of the huge Retained loss. Target probably into 2026 Q1 especially if considering N93.28
Please do your research. Purely based on the current trajectory if maintained or surpassed. Not likely to turn the corner to positive till Q2 2026. Now is the front-row seat I guess. Current price N39.25

What is the 321 for? The 321 you added to eps of 262.

wanaj0:
The same FY2024 that the external auditor stated clearly that the going concern of OandO is in doubt?

I don't want you to go back into hibernation mode again sir.
Your position on OandO will open you up for a serious attack.
People who don't know you will start saying you are badmouthing the company so that the price can fall for you to buy OandO at cheaper price.

Agbalowomeri:
I come dey wonder whether Renaissance get agenda Lol

The way it was dragging others and propping GTCO&STANBIC get as e be

I don't think it is an agenda.
From all indications,I want to believe those two banks are in far better position than others concerning the issues raised by the cbn.
It is only GTB bank that has said they don't have any forbearance loan while others only indicated they planned to exit at a future date.

HesInMe:
Does anyone have a clearer understanding of the provisioning for these forbearance loans by the banks? Specifically, are we now talking about a complete write-off -- as in, total, non-recoverable loans -- or just a partial impairment with possible future recovery?

I looked at a previous Nairametrics article on GTCO's struggles with the Aiteo loans, but can't make sense of it. This is why banks trade at a P/E discount to the market, by the way; their accounting can be smoke and mirrors.

https://nairametrics.com/2024/09/14/gtco-to-write-off-aiteo-loan-and-switch-to-aggressive-recovery-plan/

From the information released so far by the banks,I can only say that FCMB provided more clarity about the issues raised by the cbn.
Others have been evasive to say the least.
We might have to wait until after they release the 1/2 year audited results before we know more details.

Sunrisepebble:
I find it funny that people really think they’d issue the circular just so they can buy at lower prices. Really, over 10-15% gain?
The issues have existed since Meffy and with a new sheriff in town who is by the book, he’s exposing a lot of the nonsense that was going on there. I think that relationship with Meffy is why Zenith have such a huge Stage 2 exposure, was probably letting them get away with a lot of things.

I am equally surprised that many will think the cbn has taken this noble action that will eventually lead to stronger banks just because they wanted to crash banks share prices.

megawealth01:
CBN knows the game they are playing... The smart ones are positioning themselves in the banks or places they see value

I don't see it as a game.
The cbn in my own opinion is doing her job.
What they are doing will surely make the banks stronger in the long run.

Raider76:
Zenith has responded.............................. ........

This is what the market need.
Each bank should respond officially so people can know where they all stand.

https://nairametrics.com/2025/06/17/fcmb-reassures-investors-on-forbearance-loans-outlines-plan-to-sustain-dividends/

One down, who is next?

wanaj0:
My oga, trying to survive in this Tinubu economy.

Since the guru's and guguru's ask we newbies to keep quiet when the experts are talking na so I go back to nursery school to go and learn o.

Hope people are paying better school fees as everything done cost

I remain loyal ooo

My oga at the top, we have really missed you o.
As for the guru's and guguru's ,it is not unexpected since the market has maintained its bullish momentum.

Olaide1295:
Mehn. Investment One messed me up today. So sad.
My money is stuck, stocks are now moving back up.
I don't recommend that app to anyone. USELESS.

There is no need to fret if your interest is in banking stocks.
It will be a long journey.

SonofElElyonRet:
Investors should be able to sue CBN for loss of income. It's not only about the banks. CBN doesn't regulate my right to income

lol.
It is better we look at the issues raised by the cbn objectively rather than judging them based on the premise that we are exposed to the banks as shareholders.
The regulator is more interested in protecting depositors.

EDUECO:
Written by SpringnewsNG Media Limited – June 14, 2025

The Central Bank of Nigeria (CBN) has issued a directive instructing Nigerian banks operating under regulatory forbearance to suspend all dividend and bonus payments to their foreign subsidiaries and offshore ventures

Note this: to their foreign subsidiaries and offshore ventures.

Didn't you read the circular posted here by yourself?
Dividend to shareholders was specifically mentioned.
What is not yet clear is the banks that are affected.

wanaj0:
E ku market ooo

I throway salute to all the guru's here.

Make you give us hints for the week.

Where have you been sir wanaj0?
You are welcome o.

chimex38:
They are doing well.
but have bloated amount of receivables and payables..
Hence low payout.

Be like the business is more of trade by barter rather than cash transactions.

Maybe wrong though.

Your analysis was spot on.
That is my major concern with the company.
The size of their receivable needs some clarification.

KarlTom:
Material Uncertainty Related To Going Concern. Pg 11 AFS '24

"As stated in the note, if the planned actions including ₦360 billion equity raise are successful, it will only address 11.4% and 8.4% of the Group's projected funding gap for the year ending 31 December 2025 and 2026 respectively. Management however has additional plans to address the 88.6% and 91.6% of the projected working capital deficiency for the two years through vendor financing until such a time that profit and healthy cash flows from profitable operations will be achieved. Management is also currently making efforts to sign a binding agreement with each prospective equity provider.

[b]The Directors/majority shareholders of Oando PLC had given a Letter of Guarantee to inject additional capital through Rights issue, and Public offer in addition to commitment to convene an Extraordinary General Meeting of the shareholders to address the urgent capital requirement [/b]in line with the Provision of Section 137 of Companies and Allied Matters Act. 2020 and the Directors fiduciary responsibilities and commitment to address the financial conditions of the Company.

However, there is material uncertainty about the success and timing of the additional plans including the bond and equity raises given that the projected funding gap continues to worsen over the years..."

The auditing firm hates o and o too much

Xidget:
Aside from being illiquid, do you think it's undervalued at current price?

This is the first time bua cement will be making sense to me in terms of value since it was listed.
They have an outstanding q1 which I think is too good to be replicated in the remaining quarters of the year. If they can continue in this direction, price will have no other way to go but up. The big question however is when.

leo1234:
My research is limited 😁

The current financial report is not convincing to me.

Except there is something in the pipeline which I don't know about.

If you are looking for stocks to buy based on good financials, you have to know the people who give recommendations for such on this forum.
People recommend stocks for all kinds of reasons.

megawealth01:
I pity those who lost their fidelity position because of what I call "media noise"

What is in the open is not media noise o.
The jury is still out on the amount fidelity bank is to pay...

GeneralDae:
We have to increase revenue tremendously for the borrowing to slow down. In my opinion, we should have increased VAT from 7.5% to 10% as proposed by tax reforms but law makers turned it down. Our VAT rate is one of the lowest in the world if not the lowest.

This Government has done more of domestic borrowing. In terms of external debts, they have only increased it by approximately 2 Billion USD to 45 Billion USD at the end of 2024 from 43 Billion USD in May 2023. It seems they are yet to access majority of those World Bank loans approved in 2024.

But, the optics is bad with some wasteful spending and the NASS keep padding budgets like they’ve always done since 1999.

I actually think the taxes to be raised should be the ones that will benefit the federal government than the states and LG.
As at today the sharing formula for VAT doesn't favor the fg. Most states are actually doing better now in terms of fiscal management than the fg as a result of increase revenue from VAT and they have better revenue to debt ratio than the government at the center.
The current revenue to debt ratio for the fg is not sustainable and something needs to be done about it ASAP.

KarlTom:
Ding

MTN has done over 2b naira in just 5 minutes of trade....

ndept:
The Fidelity Bank Palava:
1. Parties Involved:
☞ Fidelity Bank (absorbed FSB International Bank in 2005)
☞ G. Cappa
☞ Sagecom Concepts

2. What Went Wrong?
☞ G. Cappa borrowed money from FSB International Bank but defaulted. The loan was backed by a property in Ikoyi.

3. What FSB Did
☞ FSB sold the property to Sagecom Concepts after winning a legal dispute allowing the sale, but the Federal High Court did not order G. Cappa to vacate. Instead, the court referred the matter of eviction to the Lagos State High Court. G. Cappa continued occupying the property.

4. The Legal Battle
☞ Sagecom Concepts sued Fidelity Bank (FSB’s successor) over possession of the property. In 2018, the Lagos State High Court ruled in favor of Sagecom. Fidelity Bank challenged this at the Supreme Court.

5. Settlement Issues
Fidelity Bank now agrees to settle Sagecom, but confusion exists over how much Fidelity should pay, due to currency valuation differences:
2005 exchange rate: $130 million = ₦14 billion.
2018 exchange rate (when the trial began): ₦31 billion.
Current exchange rate (~₦1,600/$): ₦220 billion+ (not applicable according to Fidelity Bank).

6. Current Situation:
Based on legal precedent, Fidelity Bank argues that the 2018 rate (₦31bn) is appropriate. The bank has requested that the court clarify the exact applicable amount. The issue remains in court.

7. Fidelity Bank’s numbers (FY 2024)
☞ Total Assets: ₦8.8 trillion
☞ Cash Position: ₦700 billion+
☞ Net Assets: ₦793 billion
☞ Gross Earnings: ₦1.1 trillion
☞ Profit After Tax: ₦278 billion

culled from another platform

What I still cannot understand is why the disputed money is being quoted in dollar.
Since they are going to pay in 2025, I want to believe fidelity will pay more than they are quoting.
They are not in the position to determine the date for the exchange rate.