₦airaland Forum

My condolences. May his soul rest in perfect peace and may Allah accept his soul with open arms.

Also, Alhaji Dahiru Mangal is not a Director in Oando. Interesting you felt the need to share false information about someone and not even respect him enough to research, while he is grieving.

Members of the Pragmatic Shareholders Association of Nigeria join Oando PLC, its management team and Board of Directors in calling the Securities and Exchange Commission (SEC) out for not availing our company with a fair hearing.

Like with Oando, SEC engaged an auditor to conduct a forensic audit into Ecobank Transnational Incorporated (ETI). However, there are major differences that show a lack of due process and fair hearing. We ask SEC to share Deloitte’s forensic audit to enable our company review and defend accordingly. A fair hearing is paramount.

See comparison photo below:

If I remember correctly, the news at the time of the Conoco deal was that Oando used a consortium of local and international banks to finance a large portion of this deal. So the figures being thrown about are slightly confusing.

InvertedHammer:
/
No more subsidy freebies.

They can't even survive normal business operation.

Take away government patronage/scam, most of the industries in Nigeria will pack up. Every change of tenure in Nigeria usually leads to demise of some corporations. Go figure.
/

Err really? subsidy freebies? Sorry are you living in this same country where oil marketers are not being paid their subsidy money? Do you know what that means for them now that oil prices have fallen? They borrowed money to buy crude at $100 per barrel and the government has promised that at least 70% of that will be handled by them, then they bring in the oil, not only do they not get paid, for companies like Oando in the upstream, they keep making losses that should ideally be pumped back into the business.

macaranta:
seriously....more job cuts expected .

You are forgetting that the poor results are last year’s result and there has been no announcement of salary cuts, so what will be the point now th in 2015 when they have performed much better?

Oando performed better in 2015, and has never performed this badly before. This just goes to show that all the problems caused by low oil prices, non-subsidy payments and the NNPC’s misappropriation of funds has had a negative impact on them. In the end of the day, all this people relating it back to others, how does that make sense when they did not ask prices to fall; what's their own? This is just timing, it could have been anyone.