₦airaland Forum

Locotrader:
I got only 500k units at reasonable prices today.The other 1.5m is at today's highest price.If I target 3.75,the rain fit fall on me but I no think rain go fall tomorrow.

Wetin go happen be say I go carry rain gauge for hand from tomorrow and next.

Na gamble. I know the cycle na for #3.50 make some insider they offload mostly I no trust the guys who did equity conversion. They whr forced against any other option

Locotrader:
I go buy more but make I return from this one way ticket you and your master bought for me

Jesus is my only master .. na today today you buy 2 million units after previous unfailing daily bashing of Ellah.. confess that the interview of Chuka propelled you although you talk say na jijo you dey do... We no go cane you

If you are able to pick HONEYWELL at 18+ or lower, you can as well mop up every available unit on the floor. Keep for long term...

This should be my last insight into HONEYWELL... If you didn't get in when I first called it out at sub 4

For NB don't sell your gold yet. Remember I told you to enter it with patient funds. Those who bought at my call on sub 30. Take it as investment if you so love what the future holds. As for ethical investors make una no vex as the last time a lot really bashed NB because of their faith

This is your CHANCE to make fortunes. Don't miss it

DYOR

megawealth01:
If you are able to pick HONEYWELL at 18+ or lower, you can as well mop up every available unit on the floor. Keep for long term...

This should be my last insight into HONEYWELL... If you didn't get in when I first called it out at sub 4

For NB don't sell your gold yet. Remember I told you to enter it with patient funds. Those who bought at my call on sub 30. Take it as investment if you so love what the future holds. As for ethical investors make una no vex as the last time a lot really bashed NB because of their faith

This is your CHANCE to make fortunes. Don't miss it

DYOR

I have stake in NB. Is it okay to increase my units at this current price?

I don’t ever sell my stocks. I am between averaging down on Access (current avg is 24), Increase my stake in Aradel or NB.

Someone who is well respected here said ARADEL would still come down to 460, so ama as well wait.

nosa2:
Guys, I have just updated my spreadsheet and I am wondering what is wrong with Access Bank?

The bank currently has the lowest Price to book and Forward PE ratios amongst the banks I am covering. what gives?

Plus their Return on Equity seems decent as well.

Is the return on equity more than 20%?

nosa2:
ROE is like 16. Not that bad when you see how much of a discount it is trading to it's book value

Very poor

Agbalowomeri:
It is because of the poor ROE, that is why the market has priced it like that. There is always a premium on ROE. ACCESS price can only be helped when they start paying good dividend. You can't have a poor ROE and you are still stingy with dividends. Double punishment

My minimum Return on Equity for stocks on NGX is 25% or Return on Invested Capital of 20%.

Debts can make a stock to have a high Return on Equity

HesInMe:
So, for this supposedly farming operation, buyers also bore Ellah's expenses for:

- Raw materials and other inputs (seed, feed, fresh fruit bunches for mill, fertilizer, pest control, crop insurance, etc.)
- Direct labour
- Overhead costs attributable to sales (e.g., facility costs, electricity, equipment depreciation)

Sales straight out of thin air... And we thought Oando's financial engineering was next level.

Una neva see.

They don't understand the meaning of cost of sale

HesInMe:
So, for this supposedly farming operation, buyers also bore Ellah's expenses for:

- Raw materials and other inputs (seed, feed, fresh fruit bunches for mill, fertilizer, pest control, crop insurance, etc.)
- Direct labour
- Overhead costs attributable to sales (e.g., facility costs, electricity, equipment depreciation)

Sales straight out of thin air... And we thought Oando's financial engineering was next level.

Una neva see.

Zero cost of sales?

https://doclib.ngxgroup.com/Financial_NewsDocs/44214_OANDO_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2024_FINANCIAL_STATEMENTS_JUNE_2025.pdf

Streetinvestor,see am

Auditors are not happy oooo.
They are shouting losses upon losses for 3 consecutive years

Then pointing at negative retain earning.

No matter what oando is doing,Auditors worths listening to.

"Young people shldnt go into farming, .. Farming is difficult"
For a supposed young man
(by Naija farming standard) whos into farming?

probably shows the headache/ scalability the company is giving you.

Locotrader:
https://doclib.ngxgroup.com/Financial_NewsDocs/44214_OANDO_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2024_FINANCIAL_STATEMENTS_JUNE_2025.pdf

Streetinvestor,see am

Auditors are not happy oooo.
They are shouting losses upon losses for 3 consecutive years

Then pointing at negative retain earning.

No matter what oando is doing,Auditors worths listening to.

Maybe you go leave Ellah small and redirect your venom at Oando

This report has just confirmed that OANDO is a walking corpse!

My exit strategy is to allow the management pump the price ahead of their planned equity raise and exit my investment in the moribund company….

Those going concern issues raised by their external auditors cannot and should never be ignored. The truth is, the company has been badly managed and the entire management needs to go.

Ire o.

OANDO
N224bn Profit After Tax in 2024 FYE
Compared to N62bn in 2023 FYE

* Q1 is expected after the release of this one.
* Over to Mr. Market and not those willing to load much cheaper by sighting only the losses without reference to the profits made...

https://doclib.ngxgroup.com/Financial_NewsDocs/44214_OANDO_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2024_FINANCIAL_STATEMENTS_JUNE_2025.pdf

Coolcash1:
This report has just confirmed that OANDO is a walking corpse!

My exit strategy is to allow the management pump the price ahead of their planned equity raise and exit my investment in the moribund company….

Those going concern issues raised by their external auditors cannot and should never be ignored. The truth is, the company has been badly managed and the entire management needs to go.

Ire o.

You should have kept your strategy to yourself, now everybody will want to do the same thing and your strategy won't work again

emmanuelewumi:
You should have kept your strategy to yourself, now everybody will want to do the same thing and your strategy won't work again

Trust anyone at your peril. People here adopt different gaslighting strategies.

yMcy56:
OANDO
224bn Profit After Tax in 2024 FYE
Compared to 62bn in 2023 FYE

* Q1 is expected after the release of this one.
* Over to Mr. Market and not those willing to load much cheaper by sighting only the losses without reference to the profits made...

https://doclib.ngxgroup.com/Financial_NewsDocs/44214_OANDO_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2024_FINANCIAL_STATEMENTS_JUNE_2025.pdf

Your external Auditor claims you are making losses and you are saying otherwise.
If you are making profit,why is the negative retained earnings not encouraging?

Aby na only profit after tax you dey see?
I know say oando no dey listen to anybody.They do their things the way they like.
See the time they are releasing their own result and no sanctions by the regulators.Sometimes I like to ride with this type of company that is above the law but it always end at premium tears.

Just make your short term money and leave Wale & sons Enterprises their kaya to carry or you carry their empty cans with lots of regrets

I have immense respect for Agbalowomeri, who I suspect is a chartered accountant. He was the first member of this forum to spot the red flags in Chuka Mordi &Sons management of Ellah Lake farm. I sought further insight and received a response from Grok, the keeper of odd knowledge which shed more light on the matter.
A listed company, especially an integrated agricultural farm, declaring profit with *zero cost of sales* (COS) raises red flags and warrants scrutiny. Here’s a concise analysis to help you assess whether you should be concerned:

### Key Considerations:
1. **Nature of Cost of Sales in Agriculture**:
- For an integrated agricultural farm producing fresh fruit bunches (FFB) of palm fruits, COS typically includes costs like:
- Labor (harvesting, farm maintenance)
- Fertilizers, pesticides, and other inputs
- Irrigation and utilities
- Depreciation of farm equipment or land improvements
- Transportation of FFB to buyers
- A *zero* COS implies that none of these costs were incurred or recorded, which is highly unusual for an operational farm, as agricultural production inherently involves such expenses.

2. **Possible Explanations**:
- **Accounting Manipulation**: The company might be misclassifying or omitting COS to inflate profits. For example, costs may be shifted to other expense categories (e.g., administrative or operating expenses) or capitalized improperly (e.g., as assets on the balance sheet).
- **Non-Operational Income**: If the profit comes from non-core activities (e.g., selling assets, subsidies, or revaluation gains) rather than FFB sales, it could explain zero COS but would still be concerning if misrepresented as operational profit.
- **Biological Assets**: Under accounting standards like IAS 41, agricultural produce (e.g., FFB) may be valued at fair value less costs to sell, with gains recognized as revenue. However, COS should still reflect harvesting and related costs, not zero.
- **Inventory Write-Offs or Errors**: If the company used previously expensed inventory (e.g., from prior harvests), it might report zero COS temporarily. However, this should be clearly disclosed, and it’s unsustainable.

3. **Red Flags**:
- **Lack of Transparency**: If the company doesn’t explain why COS is zero, it could indicate poor financial reporting or intentional obfuscation.
- **Industry Norms**: In palm oil farming, COS typically ranges from 40-60% of revenue, depending on efficiency and scale. Zero COS defies industry standards.
- **Profit Margin Implausibility**: Selling FFB with zero COS suggests implausibly high margins, which could signal accounting irregularities or unsustainable practices.
- **Regulatory Risks**: Listed companies are subject to scrutiny by regulators (e.g., SEC or equivalent). Misreporting COS could lead to investigations, fines, or delisting risks.

4. **Steps to Investigate**:
- **Review Financial Statements**: Check the income statement, cash flow statement, and notes to accounts for details on revenue sources, COS breakdown, and accounting policies (e.g., IAS 41 for agriculture).
- **Compare Industry Peers**: Look at competitors in the palm oil sector to see their COS as a percentage of revenue.
- **Check Auditor’s Report**: Look for qualifications or emphasis of matter in the auditor’s report that might highlight concerns about financial reporting.
- **Management Discussion**: Read management’s commentary in annual reports or investor presentations for explanations of zero COS.
- **X or News Search**: If you provide the company’s name, I can search X or the web for recent posts, articles, or analyst reports that might flag issues with the company’s financials.

5. **Should You Be Concerned?**:
- **Yes, you should be cautious**:
- Zero COS is highly irregular for an agricultural business and suggests potential accounting issues, misreporting, or unsustainable practices.
- It could impact the company’s credibility, stock valuation, and regulatory compliance.
- **Context Matters**: If the zero COS is a one-time anomaly (e.g., due to a specific accounting treatment or non-recurring event) and is well-explained, it may be less concerning. However, lack of clarity or recurring zero COS is a major concern.

### Recommendation:
- **Dig Deeper**: Request the company’s financial statements or point me to their name/ticker, and I can help analyze specific filings or search for relevant discussions on X or the web.
- **Engage Professionals**: If you’re an investor, consult a financial analyst or accountant to review the company’s books.
- **Monitor Developments**: Watch for regulatory filings, news, or shareholder activism that might highlight governance or financial issues.

If you share the company’s name or more details, I can provide a more tailored analysis, including checking X or web sources for red flags. Let me know!

@streetinvestor

Paragraph 2 under material uncertainty related to going concerns is all you need to understand better what karltom and sunrise pebble were saying about oando. Even after pledging their assets, auditors are saying they won't meet up if they don't raise additional capital as it only covers 11.8% and 8.4% funding gap of the business for this year and next. Make shareholders no expect anything till 2027.

They may start asset stripping soon

Locotrader:
Your external Auditor claims you are making losses and you are saying otherwise.
If you are making profit,why is the negative retained earnings not encouraging?

Aby na only profit after tax you dey see?
I know say oando no dey listen to anybody.They do their things the way they like.
See the time they are releasing their own result and no sanctions by the regulators.Sometimes I like to ride with this type of company that is above the law but it always end at premium tears.

Just make your short term money and leave Wale & sons Enterprises their kaya to carry or you carry their empty cans with lots of regrets

Lol.Though this is not the results I am waiting as we already had idea from the unaudited version of this results. I thought I saw 65 billion on the unaudited. Now I am seeing 220B on this audited. What was the retained earnings for 2023 fy against 2024 fy.
Then for auditors report. If we begin to gaslight that one on all stocks listed here.That means many stocks will be dead on arrival if the auditors becomes sincere and make comprehensive disclosure on that area.We they see companies that thr auditors they skip that part here..lol
OANDO is not digging deeper into the ground. The revenue alone doubled to start with.I want to see q1 2025 results based on production numbers since thr is target to hit 100k in three yrs

bastardson:
I have stake in NB. Is it okay to increase my units at this current price?

I don’t ever sell my stocks. I am between averaging down on Access (current avg is 24), Increase my stake in Aradel or NB.

Someone who is well respected here said ARADEL would still come down to 460, so ama as well wait.

it did already and even came down to 448, I don't see it coming down again.

debeey87:
@streetinvestor

Paragraph 2 under material uncertainty related to going concerns is all you need to understand better what karltom and sunrise pebble were saying about oando. Even after pledging their assets, auditors are saying they won't meet up if they don't raise additional capital as it only covers 11.8% and 8.4% funding gap of the business for this year and next. Make shareholders no expect anything till 2027.

They may start asset stripping soon

OK I will check it out by wkned. I want to understand this funding pattern. I was never equally expecting a quick turnaround for oando. I am not a trader.I am highly interested in 100k barrel target in 3 yrs

Streetinvestor2:
Lol.Though this is not the results I am waiting as we already had idea from the unaudited version of this results. I thought I saw 65 billion on the unaudited. Now I am seeing 220B on this audited. What was the retained earnings for 2023 fy against 2024 fy.
Then for auditors report. If we begin to gaslight that one on all stocks listed here.That means many stocks will be dead on arrival if the auditors becomes sincere and make comprehensive disclosure on that area.We they see companies that thr auditors they skip that part here..lol
OANDO is not digging deeper into the ground. The revenue alone doubled to start with.I want to see q1 2025 results based on production numbers since thr is target to hit 100k in three yrs

Oando and shareholders are 5&6.
If you can't beat them you join them.
To make money for oando,any where belle face,you must follow.Loco has nothing against oando

I dey for where belle face for Ellah and oando even though Ellah no get breast

Na this other operating income boost PAT

HesInMe:
So, for this supposedly farming operation, buyers also bore Ellah's expenses for:

- Raw materials and other inputs (seed, feed, fresh fruit bunches for mill, fertilizer, pest control, crop insurance, etc.)
- Direct labour
- Overhead costs attributable to sales (e.g., facility costs, electricity, equipment depreciation)

Sales straight out of thin air... And we thought Oando's financial engineering was next level.

Una neva see.

emmanuelewumi:
They don't understand the meaning of cost of sale

I’m speaking from a neutral standpoint here — neither in support nor against. A zero cost of sales is entirely possible. If you look at their financials again, you'll see they haven't sold any physical goods — no seedlings, no palm fruits — contrary to some claims that they’ve started selling farm produce. This suggests there was likely no initial investment in what’s generating revenue.

There are several ways a farm can generate revenue without incurring a direct cost of sales, such as:

Agricultural consulting services

Land leasing or rentals

Farm equipment leasing or rentals

Agricultural training

Brokerage or matchmaking services in agriculture

While none of these may be their main source of income, they also never claimed to be selling goods produced on the farm, yet. So yes, it is very possible. Let's be arguing with sense!

Locotrader:
Oando and shareholders are 5&6.
If you can't beat them you join them.
To make money for oando,any where belle face,you must follow.Loco has nothing against oando

I dey for where belle face for Ellah and oando even though Ellah no get breast

Lol.
For oando I am seeing signs of crawling out not running out
Then for ellahlakes na continues digging and not being sincere with financials.Too many lies and secrecy concerns

NAHCO

debeey87:
Na this other operating income boost PAT

Lol but na something must bring profits or loss.Nobe some people just buy dollars and kept to make profits. Many of our banks and businessmen did it.The other thing on the table which was even loudest is what I no sabi watin it really be.I guess it is from thr trading arm of other people products

Chuka Mordi's Arise TV interview is on YouTube. He attributed revenue to Fresh Fruit Bunches.


https://www.youtube.com/watch?v=nlJZtZbK8IE?si=H16dcfrv-8CzFYWF

ositadima1:
I’m speaking from a neutral standpoint here — neither in support nor against. A zero cost of sales is entirely possible. If you look at their financials again, you'll see they haven't sold any physical goods — no seedlings, no palm fruits — contrary to some claims that they’ve started selling farm produce. This suggests there was likely no initial investment in what’s generating revenue.

There are several ways a farm can generate revenue without incurring a direct cost of sales, such as:

Agricultural consulting services

Land leasing or rentals

Farm equipment leasing or rentals

Agricultural training

Brokerage or matchmaking services in agriculture

While none of these may be their main source of income, they also never claimed to be selling goods produced on the farm, yet. So yes, it is very possible. Let's be arguing with sense!

Sunrisepebble:
NAHCO

Nice one.Pls they should concentrate on nigeria agricultural produce though we never see enough chop.
The country needs to earn more in dollars to stabilize the naira and encourage more people into large scale farming.
The 300 billion by the company is achievedable with this kind diversification

Mankind2024:
Chuka Mordi's Arise TV interview is on YouTube. He attributed revenue to Fresh Fruit Bunches.


https://www.youtube.com/watch?v=nlJZtZbK8IE?si=H16dcfrv-8CzFYWF

I was wondering which now to believe oh as the results no indicate .
Abeg for people way dey read auditors concerns .This company get auditors concerns or worries..lol