July 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-Shareholders of oil marketing firm, Oando Plc on Friday rallied support the company on its recent performance of trying to bring the company back to profitability.
This is coming on the heels of the just concluded forty-First Annual General Meeting (AGM) of the oil marketing major in Lagos Nigeria.
Boniface Okezie, president of Progressives Shareholders Association of Nigeria (PSAN), in a telephone chat with InvestAdvocate said the most important thing for shareholders is to recieve a regular and prompt updated from the company.
“We are aware that Oando took loans from the banks to finance some of their businesses and are obliged to pay back as agreed and they have been faithful in doing so, banks want immediate recovery,” he said.
According to Okezie, in as much as Oando has reduced its loan and following the sustenance of the current oil price, the company will in a swoop clear the balance.
“You cannot destroy what you have built, the ownership tussle between Wale Tinubu, group chief executive (GCE) and Alhaji Dahiru Mangal, shareholder in Oando has been resolved and as an indigenous company, if it remains focused, shareholders will soon receive dividend from the company.
In his closing remarks, Wale Tinubu assured the shareholders of management’s commitment towards creating value for and protecting the interest of all shareholders: “We are pleased that your Company has shown resilience during the difficult times and is now on track for sustained growth. We will continue to evolve in the energy space to ensure that even when today’s energy product becomes less attractive, we have already made the investment for tomorrow. The interests of you, our esteemed shareholders, is paramount to us and we remain focused on growing profitability to ensure adequate returns accrue to you,’ Tinubu affirmed.
This is coming on the heels of the oil marketing major defying skeptics as it recorded N8.5 billion profit-after-tax (PAT) in its half-year ended June 30, 2018 (H1 2018) results.
The impressive result comes in the wake of increase in the price of oil and gas commodities.
Shares of Oando at the close of Friday’s trading session on the floor of the Nigerian Stock Exchange (NSE) appreciated 8.25 percent to N5.25 from N4.85, gaining 0.40 kobo per share.