₦airaland Forum

OBAGADAFFI:
For lawyers to insert such clause in the agreement, it means Wale owned less that 10% of the funds used in running Oando.

but that is how most of d Nigerian coy is it is only if u look well that u wld truly see beneficial owners

OBAGADAFFI:
Ansbury claimed ownership of 61.9 per cent of the British Virgin Island-based company, Ocean and Oil Development Partners Ltd (OODP BVI) while the remaining 38.10 per cent is owned by Withmore. The two companies control 99.99 per cent of Ocean and Oil Development Partners Nigeria Ltd (OODP Nigeria). OODP Nigeria controls 55.96 per cent of Oando Plc. So, indirectly Ansbury Investment Incorporated owns 55.96 per cent of Oando jointly with Withmore Nigeria

This is what happens when Ponzi child jam Ponzi father.

What was Wale thinking when he signed this agreements?

i thought so too (i.e. Wale thinking) however it might be his thinking is what he implemented within last two- three years (i.e. Company / Asset striping) or mayb there is a poisoned chalice (lawyer them knows how to insert this in agreements) in the OODP structure or combination of both. (remember the non voting right / voting right structure in the divesture of Oando Marketing)

But i am sure he is not that daft for the arrangement to be as plain and as portrayed by this write up.

That is why i said more drama ahead.. and dont expect this to go soon, might drag on for some couple of months cos it is going to be protracted except Wale believe he has had his fill as per the company / asset striping (which i doubt) and just walk away from it all

Chibuking81:
http://www.tribuneonlineng.com/major-shareholders-move-sack-oandos-board-management/

Major shareholders of Oando Plc, a major oil and gas company in Nigeria, are making moves to oust the company’s board as well as the management led by Mr Wale Tinubu.



The major shareholders, Ansbury Investment Incorporated and Alhaji Dairu Manga, made their intention known in separate petitions to the Securities and Exchange Commission (SEC).

Oando, in a statement issued last week, confirmed the petitions and said the SEC was already investigating the matter.

Both Ansbury and Manga allege gross abuse of corporate governance and financial mismanagement, their reasons for calling for the removal of the management team and sack of all board members.

Mangu, who is said to own about 17.9 per cent share of the company, expressed his displeasure about the management of the company, especially the handling of the ConocoPhillips transaction.

Ansbury, on the other hand, had raised serious concerns about the capacity of the management team to effectively run the company.

Ansbury claimed ownership of 61.9 per cent of the British Virgin Island-based company, Ocean and Oil Development Partners Ltd (OODP BVI) while the remaining 38.10 per cent is owned by Withmore. The two companies control 99.99 per cent of Ocean and Oil Development Partners Nigeria Ltd (OODP Nigeria). OODP Nigeria controls 55.96 per cent of Oando Plc. So, indirectly Ansbury Investment Incorporated owns 55.96 per cent of Oando jointly with Withmore Nigeria

if truly ansbury holds 62% in OODP then Wale is done for (cos as stated in quote it is true as per last audited statement that OODP owns 56% of Oando).. recall that ansbury is one of the petitioner as stated by Oando itself, so it is like d majority shareholder of a company petitioning its own company.

if u add to the mix the recent company (asset) striping by current mgt of Oando (wale and co) within the last two-three year, all in the name of using proceed for these striping to pay down debt. Then everything is beginning to become clearer.

seems what ansbury & co is saying is that since wale had moved all other asset / company away from Oando to supposedly buyers (fronts) he shld leave the upstream asset for them.


more drama ahead

PharmAlfred:
Officially out of recession. Let's see how that impacts the market and other businesses. We are equally moving closer to the earning season and speculations will really be strong.

All eyes wide open.

kindly correct if i am wrong

i think two consecutive quarters of positive growth needed to be out of recession? (just as two consecutive negative growth also for slipping into recession)

kolaish:
Market has gone on early sallah holiday in annoyance to the bleeding witnessed yesterday

my oga u took it out of my mouth

mayb the NSE mgt use that to let the market take a breather so that the bear does not knock it out

u know how some referee in boxing match sometime help a thoroughly beaten boxer to prolong or avoid hitting the canvas

Manonamission:
Other than beer??

Intendy:
stock with new 52 week lows

Mobil #165.11k

no new 52 week highs

hmmmmm signal

Tread carefully

nio68:
I hope you too would not be going on vacation to South Africa soon

wicked man

pluto09:
I need to see improvement in Guinness balance sheet before I can consider putting my money into it. I am not swayed by the sentiment of white superiority in management.
Profit is the koko

God Bless you sir as per bolded

in fact bar any other thing u ve made my day with this statement

robobo:
Hello Chief

if the index breaks below 36k what other indicator / sign can one rely on to finally confirm that it is reversal and not retracement.

wld appr8 ur response.

in addition kindly note that there is 3 black crow already if u take monday into consideration, so this is looking like a more like a reversal than a retracement

Thank you Oga fxuser.

i wld appr8 if u respond to this enquiries i raised some days back

cos u still feel this is a retracement while it is looking like a reversal

fxuser:
Entries

- 2 types : buying pull backs or breakouts
- if u like pull backs , this is your season
- if u like breakouts , come back when prices break recent highs

For d pull backs team
- we are about 11 weeks into this pull back from recent highs , generally speaking
- stocks with a 50% retracement from their recent high shud be on your radar (use Fibs)
- u have to be patient with d pull back to gain good a good avg support entry
- be very patient , avoid itchy fingers loll

my oga bolded refer 11 weeks? i can only count 3 /4 from the high of 38198 in first week august

kindly shed more light here, u knw im a baby on this technical thing

wld appr8

kolaish:
Thanks @robobo. I want to let you know that I am not the one that is posting bad news about Oando. My position is that any stock that is full of problems is a sign for any discerning investors to simply be cautious about such stocks. Some may still buy and make gain but the "caveat" must be taken seriously. No stock go down outrightly without showing signs of trouble for those that cares, remember Oceanic, Finbank and co.

I am not annoyed at all with Oando because It is not possible for me to keep gaining and not loose. if Warren Buffet and other notable investors have one time or the other lost, why wouldnt I. But I will fail in my responsibility as a member of this forum not to say my mind about the stock.

My opinion please.

My Oga i feel u. and appreciate a good citizen u have been on this forum.

in this game/ market we win some we lose some. the important thing is for the win to outweigh the loss.

Shalom

Zhirinovsky:
best of luck sir!

Oga check my epistle on this issue since abt 3 days ago and you would understand where most (not all cos Wale is truely a bad guy) of the bad news is coming from.

you cant blame Oga Kolaish he is only reporting what was in the press and not the author of the news. couple with the fact that he lost a sizable sum of money to Wales shananigan you would understand where he is coming from and why he decide not to touch Oando with a long pole

i lost considerable fortune to Wale shananigan and megalomaniac also, i am only able to look at oando dispassionately now because i had moved on (was very bitter before now also) and see if i can profit from his shananigan (a la jijo) instead of holding the bitterness against someone who doesn't know i exist.

so dont blame oga kolaish (you cant know how the shoe pinches until u wear it no matter the level of description given to you)

Manonamission:
We don't have the facts yet but I suspect the source is referring to direct holdings. His indirect holdings via Ocean and Oil (I think), will still be very much intact. Ocean and Oil holds nothing less than 30% most likely.
That would be the vehicle used for all the alleged fleecing going on.

Disclaimer: My comment is based on unverified information already in the public domain. Hence you might need to do your own independent verification.

based on 2016 audited result

OOIL Ocean and Oil Investment own 1.33% of Oando (this coy is owned by Wale and Boyo)



OODP Ocean and Oil Development Partners Limited owns 55.96% of Oando ( Wale own 22.38 of OODP while Boyo own 11.19, it wasnt stated who own the rest of OODP but it was stated that Francescco Cuzzocrea was a former director of OODP who resigned from the board of OODP in February 2016).

no mention was made of Gabriel Volpi (the italian guy who eventually salvaged the conocophillips deal) at all on Oando but i guess his front is Francescco Cuzzocrea an italian investment banker who use to be also on the board of Heritage bank.

of interest is also that the Gabriel Volpi tie in with Atiku as per intel ownership

so as siad earlier the person who would decide the winner between Mangal and Wale is the italians.

i guess the War has moved to media while the regulator angle continue to burn.

i pray they shld move to the market next

boldwet:
http://independent.ng/oando-shareholders-set-sack-wale-tinubu-board/

.

This is surely getting messier and sweet

this story tie in the recent Intels Court Judgment of N4b against Oando (Atiku own substantial / controling interest in intels and that is his cash cow / war money machine).

its also potrays the italian guy i mentioned earlier (Volpi) as not on the side of Wale (which cld be disastrous for Wale) though i doubt this story as he (the italian) has a kind of Cross shares in O and O which is Wales major vehicle in Oando and the fact that this story from independent story hinted of a court case in UK (possibly instituted by Ansbury i.e. Mangal baby) forbiding the italian from voting in upcoming AGM

as said earlier Mangal is brutal and has ethnic alignment in his favour

what i sense is that Oando is about to turn profitable as partly evidenced by recent reports and signs oil prices has finally bottomed (between lower 40s and lower 50s) hence it is about to become a cash cow hence d dirty fight for control.

The decider wld be whose side the italian guy eventually takes.

Wale is about to have the fight of his life (this fight would eventually welcome him into the comity of men if he survives it,unfortunately this set of pple are not ojora's / unipetrol board that he rode roughshod over way back)

As said earlier my prayer is that they fight dirty on the stock exchange, so that we commoners / retailers can reap some benefit from the War.

N.B whenever the war spill over to market it might first be in form of dumping (a la Dangote Vs Otedola AP/ Forte oil war of recent memory) before it would eventually turn to bidding war (a la same AP/Forte oil rise back to abt 300 or as experienced in Caphotel i.e. the Ibru.

N.B im very heavy here and ready for any eventuality (up or down) cos most of the cost had been provisioned for on my balance sheet so whoever reads this might want to exercise caution

DeRuggedProf:
I have been severally tempted in my dreams to set up something, but my experience has shown me to restrict myself to financial markets, till I haven't genuine need for money again. Alike on my mind.
My work experience in multinationals has given me an omni-directional view into the limitless destructive capacity of MOST megalomania possessed and cancerous mismanagement talents.
I will never be deceived to disguise charity, as 'my company' or 'start-up'. NEVER!!!
It is sad. Very sad when I reflect on some experiences.

.

same reason i have restricted mysef to financial market (and some tit bits of real estate)

in Nigeria if you cant run it ursef (a coy / biz) then dont dabble into it

most workers (particularly SME type of workers) mentality is that a coy promoter is there ticket to eldorado

DeRuggedProf:
I have been severally tempted in my dreams to set up something, but my experience has shown me to restrict myself to financial markets, till I haven't genuine need for money again. Alike on my mind.
My work experience in multinationals has given me an omni-directional view into the limitless destructive capacity of MOST megalomania possessed and cancerous mismanagement talents.
I will never be deceived to disguise charity, as 'my company' or 'start-up'. NEVER!!!
It is sad. Very sad when I reflect on some experiences.

chai Prof a u speaking to Wale in bolded (a la his mantra of leading African Intergrated Energy Company)

u wicked ooooooo

emmanuelewumi:
That is why we should be informed about happenings in our companies, such inter companies loans are usually approved at AGM nothing stops interested retail investors to grant such loans if they are comfortable with the terms and conditions of the loan.

What were our institutional investors doing when NB was selling for N40 in 2008. The foreign investors were mopping up shares during the bear. It appears apart from Dangote, a larger chunk of shares on NSE are in the hands of foreign investors.

Oga Emma please speak directly to the issue

Dont glorify one over another.

me and you know that retails investors cant possibly lend such money and we also know that at the point of lending the foreign managers wld never made mention of any conversion of the loan to shares at a future date all these always come about later

both are bad (foreign mangers using unsrupulous mean to corner coy / sitting (local) managers actively competing with coys they are suppose to lead)

when one of these moves pays us (possibly because we are inadvertently positioned) we shldnt glorify it

what wld you say to the example of (NBC / IHS cited above)

or so many other attempt by foreign owned coys trying to buy out minorty shareholders at ridiculously low price by unethical mean (e.g Mobil)


N.B i dont own any of the coys use for example (except oando)

BullBearMkt:
...that's another angle to view it, however, morally and legally, it is wrong. That is simply conflict of interest and I am sure such a fellow signed the conflict of interest paper with his employer. It is required that if you have such business interest, you should resign from your position and not corner your employer's customers using your position as MD wrongly...

my broda

dont get me wrong, it is totally wrong (conflict of interest) ethically, morally and legally and im not one to support such.

im just highlighting / throwing some perspective to the foreign manager / local managers thing so that it wld be clear no one side is completely good or completely bad.

there are always shades of gray and we shldnt see the issue from a strictly black or white perspective

Coolcash1:
This is wrong of Oando and its purely an attempt to scuttle the investigation process. The company should be sanctioned for the press release. You don't comment on matters of investigation until its concluded.

We are watching...

thought so too but they have been smart not to mention the basis of investigation (only alluding to the fact that they are cooperating) but only to out the person behind it so that their case might be in public court.

smart alec / lawyers them are (in oando).

one thing is sure though, from the couple of responses so far it seems Wale is truly shaken this time around which is good for his soul

BullBearMkt:
...it's all about greed & self-centred! Very regretful!!!

i dont agree

we only take side because we are at the receiving end (as minor / retail shareholders).

wht wld u say abt same foreign managers that use unscrupulous mean to take coy private or take more stake ( a la NBC, a la IHS and as presently might be going on in Guiness i.e. conversion of inter company loan to shares when the share price is seriousll depressed / challenged as a result of finance cost necessitated by same loan).

to me its just the shark world of captalism playing out. eat or ye shall be eaten


N.B: This is not to excuse mismanagers like Rufus Giwa / Bunmi Oni et al

fxuser:
Oando

http://www.nse.com.ng/Financial_NewsDocs/19432_OANDO_PLC_-_PRESS_RELEASE_CORPORATE_ACTIONS_AUGUST_2017.pdf


'' Alhaji Manga hostile take over uncovered by d cowboys ''

#GrabPoP-Corn

dont sound the trumpet yet

google Mangal and you wld know that he is brutal (Ask the Kaduna / Kano textile industry).

couple with the fact that he is from katsina (and we all know how ethnicity cld move levers in Nigeria).

i had an instinct (on thing getting awry) sme moons back when Wale and Co were collecting money from him when they were in the bind as per closing out on Conoco deal (that was before they were able to get the italian guy to come in which eventualy was the relief that enabled the conoco deal be closed)

kind of like dining with the devil then

my only prayer is that they shld fight dirty in the market (and not through regulator) just as did by the ibru on Capital Hotel which eventually shot the price of caphotel through the roof


N.B pls note im heavy here

emmanuelewumi:
Nothing much a Federal High Court in Port Harcourt only ordered the arrest and detention of 3 rigs belonging to Oando because of a small debt that should be less than N20 billion.

thank you for sharing

do you have an idea if teh creditors are banks?

if so which bank(s) is involve

BullBearMkt:
...lol!
Most of these things we already know them but implementation when the chips are down is the "wahala"

Oga Bullbear

please help with NSE and UBA technicals and chart

wld appr8

thank you

BullBearMkt:
...past 3 days, bulls have taken over the stock, a slight pullback to N7.10 tomorrow will be interesting for a short-term play to potentially N8.
WARNING: OANDO is a highly volatile stock and could reach your profit or loss price unexpectedly!

PLAN YOUR TRADE AND TRADE YOUR PLAN

wld appr8 same for NSE

Naturallyme:
No, on mainland. he is a Volvo expert.

Chief please where on the mainland

wld appr8 if you oblige with his detail

thank you

BullBearMkt:
... "Impossicant". I cannot think of abandoning the GREAT SHIP OF Nairaland forum

thank you for droping bye

i understand you a busy cos u said sometime ago that you involve in some project on technicals for NSE

however we would appreciaet if you drop by once in a while

also let us know when you finish with the project some of us might be interested

DeRuggedProf:
BullBearMkt, where art thou?
We are missing your insights.

seems oga bullbearmkt had abandoned ship

DeRuggedProf:
Awaiting 'capital transfusion'......

wicked man


i beg where is Oga BullbearMkt its been quite a while

fxuser:
lol . . a third will make 3 black Crows
we wait and see !

Hello Chief

if the index breaks below 36k what other indicator / sign can one rely on to finally confirm that it is reversal and not retracement.

wld appr8 ur response.

in addition kindly note that there is 3 black crow already if u take monday into consideration, so this is looking like a more like a reversal than a retracement

nio68:
lol I know.. I meant translate so we non technical people can understand .. is it a red or black marubozo?

as said i am a baby on d tin, mayb oga fxuser wld help out

nio68:
speak English pls

My Oga i beg make u no vex

na english i dey speak naaa

it is only marubozo that is not english in d post.

and its a technical trading terms/ signal

becos im a baby on the technical thing i was trying to confirm from the ogas in the house