₦airaland Forum

SAK:
Where is that prophet? Let him say something now ! Abi he doesn't see something again ?

Even if the prophet says something positive about OANDO per seconds on this thread, still nay sayers and doubting Thomases will have their say. That's the beauty of this thread. The prophet has said his own, let others have their say too.

KarlTom:
Another one from ACCESS

https://doclib.ngxgroup.com/Listings-site/corporate-disclosure-site/Documents/Access_Holdings_-_SCB_Acquisition.pdf

Now that they have acquired Standard Chartered Bank Angola and Sierra Leone, Standard Chartered Bank Nigeria may be next
Perhaps that may be too big for them or too significant for the Standard Chartered group.

Picky1:
Please who is Aradel Registrar?
SEPLAT landed quietly - great guys....nothing from Aradel yet though haven't filled their E-mandate form!

It is coronation regiatrar.l have received mine

Aradel div. just landed.

Picky1:
Please who is Aradel Registrar?
SEPLAT landed quietly - great guys....nothing from Aradel yet though haven't filled their E-mandate form!

I just my access account and ARADEL dividend was already sleeping inside... No form filled with the registrar

BabsO2:
Now that they have acquired Standard Chartered Bank Angola and Sierra Leone, Standard Chartered Bank Nigeria may be next
Perhaps that may be too big for them or too significant for the Standard Chartered group.

I think they are already in discussion to acquire it or part of it....if am not mistaken!

sterlingD:
It is coronation regiatrar.l have received mine

Yeah, checked and it was there even without filling the e-div form! Coronation Registrars have improved a lot

Debts and Payables to Oando Group

Oando Group's financial position highlights a diverse range of debts, payables, and obligations owed to the company by various entities. These debts span across subsidiaries, related parties, and external obligations, revealing the intricate financial structure of the group. Below is a detailed analysis:

Key Debtors and Agreements

OES Integrated Services Limited:
As of December 31, 2023, this entity owes Oando a total of ₦12,485,094,736.70. The debt originates from a Convertible Note Purchase Agreement dated October 22, 2018, which was part of a Management Buyout arrangement.

OODP BVI:
OODP BVI owes $2.6 million to Oando Servco Nigeria Limited. This loan, issued on February 10, 2023, was intended for "general corporate purposes."


Trade and Other Receivables

As of June 30, 2024, Oando Group reports ₦1,096,288,198 in trade receivables. These represent outstanding payments from customers for goods or services already provided. This figure underscores a significant portion of the group’s short-term financial assets.

Obligations from Related Parties

Several related entities owe Oando Group varying amounts:

Churchill C-300 Finance Limited: ₦2,388,035,000

XRS II: ₦2,069,077,000

Oando E&P Holdings Limited: ₦7,039,434,000

Oando Equator Holdings: ₦12,782,860,000

Equator Exploration Ltd (BVI): ₦19,578,178,000

Calabar Power Ltd: ₦63,405,340,000

Oando Exploration & Production Limited: ₦33,709,104,000

Oando Petroleum and Natural Gas Limited: ₦67,454,000

Road Bits Limited: ₦392,705,000

XRS I: ₦16,746,000

Lakel Afrik Petroleum: ₦525,000

Bitumen Resources Limited: ₦520,026,000

Oando Resources Limited: ₦50,748,456,000


Impaired Receivables

Certain receivables have been classified as impaired, meaning their recovery is doubtful. For example, Oando Servco Nigeria Limited has impaired its receivables from Oando PLC. These impairments highlight potential financial risks and reduce the expected net receivables.

Other Financial Obligations

Guarantees:
Oando PLC has issued ₦733.3 billion in financial guarantees to third parties. These guarantees represent contingent liabilities, exposing Oando to risk if the guaranteed parties fail to meet their obligations.

Up to you to verify the numbers.

The shares resulting from Oando PLC's debt-to-equity swap will not be directly transferred to shareholders. Instead, they will first be added to the company’s assets. This approach stems from the fact that Oando PLC is the entity owed the debt and will receive the shares as settlement. Below is an explanation of the process based on available information:

Step-by-Step Breakdown

1. Acceleration and Novation of Receivables:
Oando PLC will accelerate (make immediately due) and novate (transfer) the receivables owed to its subsidiaries by related entities. This step consolidates the debts under Oando PLC, positioning it as the sole creditor.


2. Debt Settlement with Shares:
The related entities will settle their debts by issuing shares to Oando PLC. These shares are transferred as a settlement for the outstanding receivables.


3. Increase in Oando’s Assets:
The shares received will be recorded as assets on Oando’s balance sheet, reflecting an increase in the company’s asset base.

ositadima1:
Up to you to verify the numbers.

Thanks for this detailed analysis....
Makes the search so easier.....

Make the indebted companies no be stockfish head. Make una dey pray.

Technically, yes. As in: Say Oando acquires Company X, and before the acquisition, Company X had made sales to other customers but was still expecting to be paid cash. But I'm not really sure why that matters. Oando is still owed money, and is having difficulty getting that money back.

Raider76:
Just want to ask a question. Someone here mentioned that the ARs could come as a result of the acquisitions that Oando made, and not from sales. Is that possible from accounting principles?

I'm not an accountant, but this sound like funny business o. Have you forgotten that accounts receivables (current assets) go down? At best, assets stay constant. Most likely, total assets will go down.

You are assuming Oando will value the so-called equity they will get as much as the AR they are foregoing. If my company owes you N1 billion, and couldn't pay you cash as promised because my business is struggling, and so then I offered you N1 billion worth of shares in my struggling business, would you take that deal?

ositadima1:
3. Increase in Oando’s Assets:
The shares received will be recorded as assets on Oando’s balance sheet, reflecting an increase in the company’s asset base.

HesInMe:
I'm not an accountant, but this sound like funny business o. Have you forgotten that accounts receivables (current assets) go down? At best, assets stay constant. Most likely, total assets will go down.

You are assuming Oando will value the so-called equity they will get as much as the AR they are foregoing. If my company owes you N1 billion, and couldn't pay you cash as promised because my business is struggling, and so then I offered you N1 billion worth of shares in my struggling business, would you take that deal?

It depends; shares may become more valuable than the debt over time. Nonetheless, you made a good point.

This may be because servicing the debt is likely suffocating the company. Once the debt is cleared, they might be able to return to profitability—a scenario that occurs frequently in similar situations.

Because my cost base is so low I can afford to overlook the drama. Even if I sold now, I'd me making a killing. I am just hoping for the true value in Oando to materialize (maybe). It's not all this funny accounting. We all know what it is.

This is why you should be careful about taking advise from people here. Nobody tells you how much they bought the shares for.

Princkez:
but why didn't you sell then sir

Mfunkynation:
I just my access account and ARADEL dividend was already sleeping inside... No form filled with the registrar

Do you want to reject it? I can help you 😂

SAK:
Where is that prophet? Let him say something now ! Abi he doesn't see something again ?

Prophet don high

Oju ti dirty

HesInMe:
I'm not an accountant, but this sound like funny business o. Have you forgotten that accounts receivables (current assets) go down? At best, assets stay constant. Most likely, total assets will go down.

You are assuming Oando will value the so-called equity they will get as much as the AR they are foregoing. If my company owes you N1 billion, and couldn't pay you cash as promised because my business is struggling, and so then I offered you N1 billion worth of shares in my struggling business, would you take that deal?

Oando would likely change the receivables (current assets) to Investments when they receive shares (equity) from the related parties. These investments may be later revalued or kept at same value, and then be liquidated and distributed to existing shareholders pro rata via cash or additional shares from the unissued or unalliotted share capital, if it exists in the boos of Oando.
This is an internal book keeping in order to avoid huge bad debt write-offs in the P/L that could make the company to record huge losses. But this will still come back to bite them because their liquidity and solvency ratios will be affected negatively because the current asset (receivables) would reduce by the original value of those receivables now eliminated.

Person owe you money and no fit pay and you want to collect the shares of that stock fish. They should sell thr shares and other assets and pay you.
This is another scam alert to me.The companies should first tell us why these guys can not pay the money. Some of this companies na still sub of oando. How about if na companies owned by wale and partners. Na the money we want we no need thr yeye shares unless na companies like aredel and seplet in the same line of business too. You want to give us shares of companies not listed anywhere. Na watin I wan take the shares do. I be street like too.How you wan play us local job.
They should tell us why this companies can not or have refused to pay.The current position of this companies and the people behind these companies. You just want us to vote blindly. Why is the wale guy never straight...haba jamaa

BabsO2:
Now that they have acquired Standard Chartered Bank Angola and Sierra Leone, Standard Chartered Bank Nigeria may be next
Perhaps that may be too big for them or too significant for the Standard Chartered group.

Smaller countries, smaller population, smaller rich people to sustain steep account opening barrier, hence sell-off

With Nigerias size, it probably has enough customers to sustain them.

On Seplat..

Does it pay dividend in dollars? If yes, does it mean my dividend mandate should be a domiciliary account [dollar bank account]?

gamaliel9:
On Seplat..

Does it pay dividend in dollars? If yes, does it mean my dividend mandate should be a domiciliary account [dollar bank account]?

it's converted to Naira and paid to you.

This na kalo-kalo corporate finance o. As an investor in Oando, I don't want or need them to speculate in other companies on my behalf. If I want to gamble with my investment, I know where to find a bet9ja agent.

The bottom line is that this cannot be good news any way you slice it. People should stop posting lies.

ositadima1:
It depends; shares may become more valuable than the debt over time. Nonetheless, you made a good point.

To me it's a good sign Wale is giving something back and not buying us out
I celebrate the change in disposition and will not worry with conspiracy thinking of what not how not why. Waiting for the next AGM video.

The problem of this country is not just the leaders. It is equally from the followers. You will see the truth you will not want to say it because you hope to benefit or don't want to say it because it may hurt you.This guy man want a way to write off the debt he has acquired via back door.All he want is for us to vote so that it will look legal. It is high timed efcc invites this professional yahoo man.
What he want to do is trying to write off this monies as bad debt simply via yeye shares given in it place.why are the banks being owed by oando not asking for oando shares to relief debt on onado head.Na the money we want not any kind yeye shares.

ositadima1:
The shares resulting from Oando PLC's debt-to-equity swap will not be directly transferred to shareholders. Instead, they will first be added to the company’s assets. This approach stems from the fact that Oando PLC is the entity owed the debt and will receive the shares as settlement. Below is an explanation of the process based on available information:

Step-by-Step Breakdown

1. Acceleration and Novation of Receivables:
Oando PLC will accelerate (make immediately due) and novate (transfer) the receivables owed to its subsidiaries by related entities. This step consolidates the debts under Oando PLC, positioning it as the sole creditor.


2. Debt Settlement with Shares:
The related entities will settle their debts by issuing shares to Oando PLC. These shares are transferred as a settlement for the outstanding receivables.


3. Increase in Oando’s Assets:
The shares received will be recorded as assets on Oando’s balance sheet, reflecting an increase in the company’s asset base.

So, you mean they are playing Cowboyism when they clearly stated in item 3.1 (I) c, of Resolution 3, that there will be a distribution of the shares to shareholders?

Omooloriredade:
NGX Loco index

Next AGM will reveal more.
There are many companies out there. Some listed, some not listed.
More entrepreneurs & companies are still needed to pull this country & Africa out of the rut. Wale has done his bit. Others not happy with him should float their companies as we still need so many more companies to move from an under developed to a developed nation.

Una dey wyne Wale for him game?

ositadima1:
Debts and Payables to Oando Group

Oando Group's financial position highlights a diverse range of debts, payables, and obligations owed to the company by various entities. These debts span across subsidiaries, related parties, and external obligations, revealing the intricate financial structure of the group. Below is a detailed analysis:

Key Debtors and Agreements

OES Integrated Services Limited:
As of December 31, 2023, this entity owes Oando a total of ₦12,485,094,736.70. The debt originates from a Convertible Note Purchase Agreement dated October 22, 2018, which was part of a Management Buyout arrangement.

OODP BVI:
OODP BVI owes $2.6 million to Oando Servco Nigeria Limited. This loan, issued on February 10, 2023, was intended for "general corporate purposes."


Trade and Other Receivables

As of June 30, 2024, Oando Group reports ₦1,096,288,198 in trade receivables. These represent outstanding payments from customers for goods or services already provided. This figure underscores a significant portion of the group’s short-term financial assets.

Obligations from Related Parties

Several related entities owe Oando Group varying amounts:

Churchill C-300 Finance Limited: ₦2,388,035,000

XRS II: ₦2,069,077,000

Oando E&P Holdings Limited: ₦7,039,434,000

Oando Equator Holdings: ₦12,782,860,000

Equator Exploration Ltd (BVI): ₦19,578,178,000

Calabar Power Ltd: ₦63,405,340,000

Oando Exploration & Production Limited: ₦33,709,104,000

Oando Petroleum and Natural Gas Limited: ₦67,454,000

Road Bits Limited: ₦392,705,000

XRS I: ₦16,746,000

Lakel Afrik Petroleum: ₦525,000

Bitumen Resources Limited: ₦520,026,000

Oando Resources Limited: ₦50,748,456,000


Impaired Receivables

Certain receivables have been classified as impaired, meaning their recovery is doubtful. For example, Oando Servco Nigeria Limited has impaired its receivables from Oando PLC. These impairments highlight potential financial risks and reduce the expected net receivables.

Other Financial Obligations

Guarantees:
Oando PLC has issued ₦733.3 billion in financial guarantees to third parties. These guarantees represent contingent liabilities, exposing Oando to risk if the guaranteed parties fail to meet their obligations.

Picky1:
Please who is Aradel Registrar?
SEPLAT landed quietly - great guys....nothing from Aradel yet though haven't filled their E-mandate form!

My Aradel landed quiety this evening,