Controversial Nigerian oil company, Oando Plc, one of the major beneficiaries of Nigeria’s fuel subsidy scam on Wednesday declared that the federal government’s cut of subsidy on petrol hurt its operations, as profit before tax crashed 15 percent to $32 million (about N5b) in Q1 alone, while the company’s net […]

By InvestAdvocate Lagos (INVESTADVOCATE)- Oando Plc, operating on the Petroleum Marketing Sector of the Nigerian Stock Exchange (NSE) Wednesday posted a -5.4 percent (-5.4%) decrease in Profit After Tax (PAT) in its First Quarter (Q1) Report for the Period Ended March 31 2012. Oando in its Q1 2012 Report declared […]

Ecobank Kenya has received a $25 million capital injection from its parent company to help it expand and address the rising cost of financing locally due to high interest rates in the east Africa nation, the bank’s Managing Director said on Wednesday. The bank, which entered the Kenyan market by […]