₦airaland Forum

Mpeace:
Lol. Its the requirement of law. Just give him a hearing even if you know he is guilty. Remember the CJN who was recently removed, NJC gave him an opportunity to defend himself, even though evidence against him was overwhelming.

I am not against a fair hearing, but Wale should vacate the office and prove the allegations wrong.
He cannot hold unto the sit of a CEO with those allegations.

LET HIM LEAVE OANDO FIRST!

Chibuking81:
Did SEC DG got fair hearing before proceeding on his suspension?
Did Intercontinental bank and Oceanic bank CEO got fair hearing before visiting EFCC, Nigeria will only grant you fair hearing inside EFCC cell.
Did Skybank get opportunity like Diamond bank before disappearing in the field of NSE.
Nigeria give grace to those that they choose and deny those they wishes, things are politicize.

Oando have poor management I agreed, but why did government waited till this moment to strike? Election has come and gone. I remembered how the Emir of Kano, Emir Muhammadu Sanusi II intervene, when the issue of Alhaji Dahiru Mangal and Oando was going on https://t.guardian.ng/news/sanusi-settles-oando-dispute-as-firm-considers-appointment-of-mangal-representative-on-board/

Which one of the solution was that the Oando board of directors will consider the appointment of representation for Alhaji Mangal to the Board. The representation will take the form of directorship from qualified individuals nominated by Alhaji Mangal. Which I believed that the representative has resumed work since last year. And will be ripe to take over from Tunubu if need be.

Fair hearing is usually not available in Nigeria, if you are in good book of government in power you smile, but if you are not, sorry is your name, election has come and gone, building up of 2023 has started, Nigeria politician never waste time.

http://africanorbit.com/news/543/how-access-bank-fraudulently-took-over-intercontinental-bank-the-bukola-saraki-lamido-sanusi-script.html

Hope Access bank is still in good book with Federal government since the embattled Emir of Kano and outgoing senate president had romance with the bank in the past and both are now in PDP, and seen to be enemy of government at the center. Nigeria has many issues, but one thing is sure, and that's "What Goes Around Comes Around".

Don't mind them... Since it's Wale he wants to come and ask for fair hearing. Both Wale, the board and the Auditors to Oando should all be thrown into jail.

modgba:
But his point is valid

His point is valid in what way?

Is it that he is not aware of the atrocity perpetrated by Wale & Co. holding shareholders to random and maneuvering his way out everytime.

Oando is not Tinubu's birthright let him step aside and defend himself, in the same spirit of fairness and equity.

modgba:
Oando Audit: Atedo Peterside Faults SEC
https://businesspost.ng/2019/06/02/oando-audit-atedo-peterside-faults-sec/

I don't blame him... Is he not from the family of Stanbic IBTC

DaV8King:
If African punishment does not first catch him the way it caught Rufus Giwa back then!

Naija has produced some legendary corporate thieves sha.

Rufus Giwa
Bunmi Oni
Cecilia Ibru
Erastus Akingbola
Paul Jegede
Collins Igbinovia
Peter Ololo
Albert Okumagba
Wale Tinubu(shaming my university )
Omamofe Boyo

Among others whose scams have not yet blown open.

It will be well

Let me laugh small... That year BGL was my broker.
Okumagba that used money raised from mutual fund to buy private jet as a newest entry to Chop Money GanG .

These men have no regard for posterity... You build a great company and use your own hands to bring it down.

BGL was one of the biggest stockbrokers and owned close to 6% of UBA total shares outstanding.

Godlylifeoneart:
https://www.bloomberg.com/news/articles/2019-04-02/oando-s-ability-to-continue-operations-questioned-by-auditors

I still maintain that WINGS Oando's office should be sealed off until after the EGM. Everything should be put on hold until a new management takes over.

Wale should not be allowed anywhere near that office... All banking transactions on behalf of Oando suspended until further notice.

From one of their numerous press release Of the Chop Money GanG ...When they are buying and selling to themselves, within themselves, for themselves After collecting rights issue money from Ordinary Oando shellholders

CALGARY, ALBERTA, April 29, 2016 – Oando Energy Resources Inc. (“OER” or the “Company”) (TSX: OER) announces that the outside date under OER’s previously announced proposed plan of arrangement (the “Arrangement”) with Oando PLC and Oando E&P Holdings Limited (the “Purchaser”) has been extended to May 31, 2016 in order for the parties to obtain the remaining outstanding lender consents.

Other material conditions precedent to completion of the Arrangement have been satisfied, including the approval of OER’s shareholders and the final order of the Supreme Court of British Columbia.

Full details regarding the terms of the Arrangement are set out in OER’s management information circular dated January 19, 2016.

DaV8King:
You forget the Canadian listing.

These guys deserve to have a movie made about them.

OER that they sold the shares and resold and made their boy the CEO of Chop life gang! Canadian branch...

As it stands we don't know what Oando Nigeria truly owns!

DaV8King:
Had the liver to sell 2 Ajose Adeogun building to one of his shell companies as well.

KMT

What Wale is fighting is bigger now and it will consume him! He knows it.
Wait until new management is in place and books are made public... Wale will end in Jail! And will never sit in any companys board in this country.

[quote author=Godlylifeoneart post=78921718][/quote]Wale & Boyo the law they studied is for Corporate Yahoo!

Everytime you open Oando FY balance sheet I just laugh

All this names and shell companies from an ordinary coy that was minding it's business in selling just petroleum products!

Mcy56:
You self.
There are other categories - Certholders, people like Agba wey use certificate decorate wardrobe.

Una go kee person
Certholders
Shellholders

That year I was among those with past woundjourment...I can't leave that guy until I see him in jail.

Cadillac15:
In all of this, people are going to make money and become billionaires from this OANDO transaction. I mentioned it when I got the news Gwarzo was returning, repeated it again when the court reinstated him, and hinted about this zanku dance Wale and Boyo is about to dance.

Oando is a peculiar company and the number of powerful interests in it are too many.

There's the: 1. Tinubu interest
2: Atiku/Gabriel Voipi interest
3: Mangal interest (The Northern Cabal)
4: Banks/Financial institutions
5: MSCI and other global funds investors interest
6: The various Shareholders Unions interest,
7: Finally, the FGN interest amongst others.

These interests are well represented on the board and receive contracts and compensation except for the foreign entities.

If a commoner like me can know in advance that Gwarzo is returning and that his mission is to revenge on OANDO, then i dont think the various interests are not fully aware.

It is very possible that they planned everything in advance and only waited till after the elections to strike, knowing well that Bola Tinubu will not be able to influence Buhari in this next level.

Right now, I see a Mangal /Voipi collabo and am thinking that the company is still loaded, given the fights and struggle from Wale.

While i am not a shareholder yet, i think getting OANDO at the current price will be a good decision for jijoist.

QED

All this cabals and interests inside one company... The risk is way above!

N0.50k - N0.80k is my bustop for JIJO...at that price I can sleep. I can't afford the luxury of buying Oando above N1.00

Mpeace:
Former chairman. Fbnh current chairman is Mrs. Awosika. They have had a totally new management team for a long time now.

Awosika - Chairman board of directors first bank
Otodeko - Chairman First bank Group holdings

FBHN is the NNPC of the banking industry... If you know you know!

Mpeace:
Hope Access no folo

If you want to investigate Nigerian banks... They will be no Nigeria again. They are the worst!

rebekah2011:
nothing is wrong with MTN. Transcorp would have been long dead if not for TOE.

So you think TOE will hand over Power to minority shareholders.... Watch him spill it off when the time is right!

SMN raised serious governance issues about TOE. I still remember

Has Ote$ not gone away with Forte Power investments now that Dangote is building refinary and subsidy will no longer be business as usual in 2020.

Power is the next cashcow after subsidy, so Oga is gone with that one. Nigeria may never be able to fix it's power if we continue like this.

Corporate Yahoo Yahoo... They are not business men, they live on bank loans and govt. subsidy!

That is why I keep asking is there no way to get back all those Oga's and form a kind of Share holders forum that would correct this wrongs... That SMN was the best critics NSE will ever get.

The corruption still happens, it's in AIICO, TRANSCORP is gradually growing, FO, MTN, to name a few!

RabbiDoracle:
From the days of SMN, I never recommended OANDO. The very moment they entered upstream, I knew the end was near. My famous quote was : a python that swallowed an adult crocodile. At a point we even argued with the owner of Proshare on SMN when OANDO was about doing their rights after ConocoPhillips asset acquisition.

Oga I remember very clearly, top Oga's in the forum fought against it, and even dissected Oando's balance sheet, but SEC never listened. Obviously cos someone was chopping, now after how many years they are acting!

They are now selling even the juicy filling stations to ENYO

This country.... Let me not talk! Happy New Month All.

For all that Wale did, he must be sent to jail! Else justice was not served!

Let me not even talk how they sold rights issue at a higher price and increased their own holdings through the back door at N12.00 it was first pointed out on SMN. It was then that brokers realised they have entered one chance. That was the last struck!

Yayira:
The guy no get conscience..

That WINGS building will be sealed off on Monday... Wale cannot enter that building.

To even think that Oando does not have it's own corporate head office. Wale keeps moving that office, ended it in WINGS that the Tinubu's own by proxy and paying huge rents.

This man weak me!

Mcy56:
Now you don dey fear, no full bid again?

In this Buharinomics they is money one cannot afford to loose else Wale can send one to the hospital with serious health complications that medicine cannot solve. let me just be watching it's safer!

Mcy56:
Lol. I never finish talking typing self.
I tell you, this guy will still go away with some things. Na today? Abeg, fellow jijoist, make una dey watch this space jare.

Fear no gimlet me JIJO hear...your 5Million can turn to 100,000 in your very eyes.

Mcy56:
Lol. I never finish talking typing self.
I tell you, this guy will still go away with some things.

They are not done with the destruction... E le ye gidigan o!

Nigeria now has more hope than Oando shellholders

modgba:
Oando Describes SEC Sanction Invalid, Mulls Legal Action
https://businesspost.ng/2019/05/31/oando-describes-sec-sanction-invalid-mulls-legal-action/

Didn't know if to or For Nigeria.

Mcy56:
The thing is, the incumbent govt is going to favour him, he was only bar for 5yrs from holding any directorship position in a publicly quoted coy.
I hope there'll be more sanctions than this anyway.

It's full season... Wait until the books are fully opened and all the Oando shell companies investigated...

Wale will go the way of Cadbury's Bumi

Chibuking81:
Wale Tunubu should not be allow to escape till he explain what goes wrong in the company, and where about the money he borrowed so far. Years without dividend, but selling of the company assets and borrowing billions from bank, without positive outcome.

I say in developed economies... Wale story is a full Series / movie. That guy should be in lifetime jail.

And everything he took from Oando recovered, but alas we are in Nigeria.

What Bumi and Co. did in Cadbury is not up-to 10% of what Wale has done.

Chibuking81:
https://nairametrics.com/2016/06/07/oando-gets-n94-6billion-restructuring-loan-from-10-nigerian-banks/


Business NewsCompanies
These 10 Nigerian Banks Just Bailed Out Oando
By Nairametrics - June 7, 2016


Nigeria’s Oil and Gas giant, Oando has announced that it has secured a N94.6 billion ($475 mln) restructuring loan facility from 10 domestic banks as part of its plans to restructure its finances and return to profitability this year. This is a huge deal for a company that reported losses of over N180 billion in 2014 and another N45.6 billion in the first 9 months of 2015.

The banks that have decided to take another huge bet on Oando are as follows; Access Bank, Diamond Bank, Ecobank, FCMB, Fidelity Bank, Stanbic IBTC Bank, UBA , Union Bank and Zenith Bank.

The facility is said to be a five-year term loan, paying Nigerian interbank rate plus 2 percentage points with a three-year moratorium on principal. This basically means Oando will not be paying principal for three years and will only service interests.

Here is the press release issued by the bank

Hope this ten banks are save?

Is this the Connoco Phillips loan, cos Oando has several loans with Nigeria's banks with FCMB giving them the bulk.

I hope it's not what I am thinking.... The way offers kept mounting on banks this week.

That fake Access 50M bid will disappear on Monday

DOLLARTEX:
house is on flames,some people are still struggling to get in!

Chibuking81:
Please did you remember those banks involved in Oando deal? Please if you have their detail tell me, to avoid entering one chance, because this Oando dust might raise a lot of issues. I want to know whether those bank are free from Oando, or are they still having unfinished business with them?. Let one invest with caution.

FCMB and ACCESS are cheerleaders on this table.

Mpeace:
Go on which bid. The stock is headed for japaul positions.

With Tinubu out of the way... Alot of people would want in now. I cannot assume the shares would be readily available on Monday!

This is a goodnews and something is sure to happen to Oando share price on Monday.

Yayira:
Ok.. a new dawn..
what’s your take on buying the stock? Lol I mean since the weeds has been pulled out, wouldn’t it be wise to take position ? Before stew begin flow

I would love to but again you know the Tinubu Wale and Co never gives up!

Until after the EGM and new board constituted... I will wait and watch. The stock may go on bid for some days! The Normally NSE and brokers chopping

Yayira:
Indeed a big relief.. Oando shareholders will be so happy..
would like to know what happens after
Would sec be the one to appoint a new ceo ? Or shareholders ? What will happen to the stock? Will it be placed on suspension again?

The shareholders I think... Serious mobilization will start over the weekend.

tritritri:
i think this is a gudnews for the shareholders.

Not just a good news it's also a big relief...Wale finished Oando. The evil he perpetrated there cannot be estimated.

Let us have a list of the banks that gave them loans... Because everything Oando has published under it's books cannot be trusted.

All figures in its books are tampered with and cannot represent the true state of the company.

Numerous she'll companies in Canada, Bahamas, Offshore this,Offshore that....I feel like crying when I remember Oando from an ordinary petrol station to owning shell companies in Cyprus, Bahama, Canada

Yet the actual shareholders had little or nothing they could do but to wait on justice to prevail. Finally!!!

Thank God!!! Wale did not escape judgement... He should be in jail when further probe is carried out after he leaves office.

Also all the deals he carried out after the purchase of Connoco Phillips assets should be reversed. They ripped Oando into pieces.

He is a classic example of the rot, greed and evil the Tinubu's are perpetrating... Same way His mentor Tinubu is milking Lagos dry!

After taking money from the Italian investor and millions of innocent Nigerians dey turned the company against them and divested from all the lucrative businesses Oando had, leaving an empty shell.

Let God punish anything Tinubu and their offspring!!!