Go Back   StockMarketNigeria.com Forums > Nigerian Stocks > Petroleum, Gas & Oil Stocks > Oando

Oando Discuss Oando shares

Welcome to the StockMarketNigeria.com Forums.
If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

View Poll Results: IF YOU ARE IN AMBITIOUSR SHOES WHAT WILL YOU DO?
PART WITH THE 50K 4 21.05%
ADMIT YOU WERE WRONG AND APOLOGIZE 11 57.89%
REMAIN DEFIANT 4 21.05%
Voters: 19. You may not vote on this poll

Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #9821 (permalink)  
Old 20th May 2017, 06:23 PM
aysok1's Avatar
Rank: Senior Member
Points: 8,561, Level: 62
Points: 8,561, Level: 62 Points: 8,561, Level: 62 Points: 8,561, Level: 62
Activity: 3%
Activity: 3% Activity: 3% Activity: 3%
 
Join Date: Jun 2008
Location: MD
Posts: 751
Thanks: 154
Thanked 20 Times in 16 Posts
Groans: 1
Groaned at 1 Time in 1 Post
Rep Power: 10
aysok1 is on a distinguished road
Default Re: oando

Quote:
Originally Posted by Waves View Post
I really don't know what is driving up the price of this stock. If it is this PH refinery issue, then I hope those buying these shares know what they are doing.

https://www.thecable.ng/nupeng-resis...any-kills-jobs
People are no more investing in Oando, they trade Oando for short term gains.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #9822 (permalink)  
Old 31st May 2017, 11:15 AM
Waves's Avatar
Rank: Senior Member
Points: 14,716, Level: 78
Points: 14,716, Level: 78 Points: 14,716, Level: 78 Points: 14,716, Level: 78
Activity: 4%
Activity: 4% Activity: 4% Activity: 4%
 
Join Date: Mar 2009
Posts: 2,408
Thanks: 74
Thanked 275 Times in 198 Posts
Groans: 0
Groaned at 1 Time in 1 Post
Rep Power: 11
Waves will become famous soon enough
Default Re: oando

Quote:
Originally Posted by aysok1 View Post
People are no more investing in Oando, they trade Oando for short term gains.
Yesterday, there was motion on the Senate on the OANDO / PH Refinery issues and the stock is now on full offer with zero bid.......
__________________
“Successful investing is anticipating the anticipations of others.” (John Maynard Keynes quotes (English economist, journalist, and financier, 1883-1946)
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
The Following User Says NO Thank You to Waves For This Un-useful Post:
anekwlc (12th June 2017)
  #9823 (permalink)  
Old 12th September 2017, 07:01 AM
wanaj0's Avatar
Rank: Senior Member
Points: 21,723, Level: 92
Points: 21,723, Level: 92 Points: 21,723, Level: 92 Points: 21,723, Level: 92
Activity: 1%
Activity: 1% Activity: 1% Activity: 1%
 
Join Date: Apr 2007
Posts: 4,836
Thanks: 4
Thanked 380 Times in 286 Posts
Groans: 1
Groaned at 1 Time in 1 Post
Rep Power: 17
wanaj0 has a spectacular aura aboutwanaj0 has a spectacular aura aboutwanaj0 has a spectacular aura about
Default Re: oando

Oando Shareholders Pass Vote of Confidence on Wale Tinubu

But in their independent report, Oando’s external auditors, Ernst &Young, had raised a material uncertainty related to the viability of the company.
“We draw the attention to Note 45 in the financial statements, which indicates that the company reported a comprehensive loss for the year ended December 31, 2016 of N33.9 billion (2015: loss of N56.6 billion), and as at that date, its current liabilities exceeded current assets by N263.8 billion (2015: N260.4 billion).

“As stated in the note, these conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the company (and Group’s) ability to continue as a going concern,” the auditors said.

Yet, some of the minority shareholders, who spoke yesterday during the AGM called for a reconciliation of the feuding investors who hold the controlling interest in Oando to forestall further erosion of the company’s value.
They also called for more disclosure and strict adherence to corporate governance tenets.
Mr. Nonah Awoh, a shareholder, particularly noted that disclosure of information regarding third party-related activities and the shareholding structure, among others, would allay suspicion and the present lack of trust and confidence in the board and management by some shareholders.
“Going forward, there should be disclosure on what you are doing. That way, those who want to sympathise with you will sympathise with you.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #9824 (permalink)  
Old 12th September 2017, 08:14 PM
duduspace's Avatar
Rank: Senior Member
Points: 23,947, Level: 94
Points: 23,947, Level: 94 Points: 23,947, Level: 94 Points: 23,947, Level: 94
Activity: 1%
Activity: 1% Activity: 1% Activity: 1%
 
Join Date: Feb 2007
Posts: 6,243
Thanks: 75
Thanked 351 Times in 270 Posts
Groans: 1
Groaned at 4 Times in 4 Posts
Rep Power: 17
duduspace is on a distinguished road
Default Re: oando

Quote:
Originally Posted by wanaj0 View Post
Oando Shareholders Pass Vote of Confidence on Wale Tinubu

But in their independent report, Oando’s external auditors, Ernst &Young, had raised a material uncertainty related to the viability of the company.
“We draw the attention to Note 45 in the financial statements, which indicates that the company reported a comprehensive loss for the year ended December 31, 2016 of N33.9 billion (2015: loss of N56.6 billion), and as at that date, its current liabilities exceeded current assets by N263.8 billion (2015: N260.4 billion).

“As stated in the note, these conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the company (and Group’s) ability to continue as a going concern,” the auditors said.

Yet, some of the minority shareholders, who spoke yesterday during the AGM called for a reconciliation of the feuding investors who hold the controlling interest in Oando to forestall further erosion of the company’s value.
They also called for more disclosure and strict adherence to corporate governance tenets.
Mr. Nonah Awoh, a shareholder, particularly noted that disclosure of information regarding third party-related activities and the shareholding structure, among others, would allay suspicion and the present lack of trust and confidence in the board and management by some shareholders.
“Going forward, there should be disclosure on what you are doing. That way, those who want to sympathise with you will sympathise with you.
The bolded is alarming.......anybody still here should start making provision for future losses.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #9825 (permalink)  
Old 14th September 2017, 04:33 AM
wanaj0's Avatar
Rank: Senior Member
Points: 21,723, Level: 92
Points: 21,723, Level: 92 Points: 21,723, Level: 92 Points: 21,723, Level: 92
Activity: 1%
Activity: 1% Activity: 1% Activity: 1%
 
Join Date: Apr 2007
Posts: 4,836
Thanks: 4
Thanked 380 Times in 286 Posts
Groans: 1
Groaned at 1 Time in 1 Post
Rep Power: 17
wanaj0 has a spectacular aura aboutwanaj0 has a spectacular aura aboutwanaj0 has a spectacular aura about
Default Re: oando

Quote:
Originally Posted by duduspace View Post
The bolded is alarming.......anybody still here should start making provision for future losses.
Nothing new here. We said this many years ago

The 'good' news is that the OandO boys got NOTHING to lose! They've already made money off the shareholders.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #9826 (permalink)  
Old 18th October 2017, 05:12 PM
people's Avatar
Rank: Senior Member
Points: 3,978, Level: 40
Points: 3,978, Level: 40 Points: 3,978, Level: 40 Points: 3,978, Level: 40
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Jun 2013
Posts: 368
Thanks: 3
Thanked 6 Times in 6 Posts
Groans: 0
Groaned at 0 Times in 0 Posts
Rep Power: 0
people is on a distinguished road
Default Re: oando

Quote:
Originally Posted by wanaj0 View Post
Nothing new here. We said this many years ago

The 'good' news is that the OandO boys got NOTHING to lose! They've already made money off the shareholders.
BREAKING NEWS… SEC Suspends Trading in Oando’s Shares
over Alleged Financial Mismanagement, Insider Trading
1 hour ago
· To conduct forensic audit into company’s affairs
By Goddy Egene
The Securities & Exchange Commission (SEC) yesterday directed the
Nigerian Stock Exchange (NSE) to place the shares of Oando Plc be placed
on a full suspension for 48 hours, effective Wednesday, and technical
suspension from Friday, October 20.
The suspension, according to SEC, is to enable it conduct a forensic audit
into the affairs of Oando Plc following two petitions from Alhaji Dahiru Barau
Mangal and Ansbury Incorporated alleging financial mismanagement of the
company.
The two shareholders had petitioned SEC, claiming majority ownership in
Oando Plc, warning that the company was being mismanaged by the
management led by Mr. Wale Tinubu, Oando’s Group CEO.
They had sought the removal of Tinubu and Omomofe Boyo as the Group
CEO and Deputy Group CEO, respectively, of the company so as to save it
from going under.
SEC yesterday explained in a statement that it carried out a comprehensive
review of the petitions and found: a breach of the provisions of the
Investments & Securities Act 2007; breach of the SEC Code of Corporate
Governance for Public Companies; suspected insider dealing; suspected
related party transactions not conducted at arm’s length and discrepancies
in the shareholding structure of Oando Plc, among others.
SEC, in the memo to NSE made available to THISDAY, said these findings
were weighty and therefore need to be further investigated.
The capital regulator said: “The commission’s primary role as apex
regulator of the Nigerian capital market is to regulate the market and
protect the investing public. The commission notes that the above findings
are weighty and therefore needs to be further investigated. After due
consideration, the commission believes that it is necessary to conduct a
forensic audit into the affairs of Oando Plc. This is pursuant to the statutory
duties of the Commission as provided in section 13(k), (n), (r) and (aa) of
the ISA 2017.
“To ensure the independence and transparency of the exercise, the forensic
audit shall be conducted by a consortium of experts made up of auditors,
lawyers, stockbrokers and registrars.”
SEC explained that to further ensure that the interest of all shareholders of
Oando Plc are preserved during the course of the exercise, it directed the
NSE to place the shares of Oando Plc on technical suspension.
“However, in view of the fact that it is not technologically feasible for the
exchange to effect a technical suspension except after 48 hours, the
Commission directed as follows. Effective for 48 hours from today, 18
October 2017 to 20 October 2017, the NSE should implement a full
suspension in the trading of the shares of Oando Plc and effective from 20
October 2017 and until further directive, the exchange should implement a
technical suspension in the shares of Oando Plc.”
Following the SeC’s directive on the company’s shares, the shares of Oando
Plc will not be traded between 18th and 19th October, while from Friday,
20th October trading will be without movement in the share price (which is
technical suspension).
The shares of Oando Plc closed at N5.99 on Tuesday. The stock had hit a
year high of N9.57 before the negative reactions from investors over the
petitions led to fall in the price to the current level.
One of the petitioners, Mr. Gabriele Volpi of Ansbury Incorporated, had urged
SEC to stop Oando from holding its Annual General Meeting (AGM) that was
held on September 11, 2017.
Before requesting SEC to postpone the AGM, Ansbury had written a petition
to SEC, details of which were exclusively reported by THISDAY last
September, alleging serious financial abuse and accused the management of
Oando of gross abuse of corporate governance tenets in its running of the
company.
Details to follow…
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #9827 (permalink)  
Old 24th October 2017, 10:57 AM
duduspace's Avatar
Rank: Senior Member
Points: 23,947, Level: 94
Points: 23,947, Level: 94 Points: 23,947, Level: 94 Points: 23,947, Level: 94
Activity: 1%
Activity: 1% Activity: 1% Activity: 1%
 
Join Date: Feb 2007
Posts: 6,243
Thanks: 75
Thanked 351 Times in 270 Posts
Groans: 1
Groaned at 4 Times in 4 Posts
Rep Power: 17
duduspace is on a distinguished road
Default Re: oando

Quote:
Originally Posted by people View Post
BREAKING NEWS… SEC Suspends Trading in Oando’s Shares
over Alleged Financial Mismanagement, Insider Trading
1 hour ago
· To conduct forensic audit into company’s affairs
By Goddy Egene
The Securities & Exchange Commission (SEC) yesterday directed the
Nigerian Stock Exchange (NSE) to place the shares of Oando Plc be placed
on a full suspension for 48 hours, effective Wednesday, and technical
suspension from Friday, October 20.
The suspension, according to SEC, is to enable it conduct a forensic audit
into the affairs of Oando Plc following two petitions from Alhaji Dahiru Barau
Mangal and Ansbury Incorporated alleging financial mismanagement of the
company.
The two shareholders had petitioned SEC, claiming majority ownership in
Oando Plc, warning that the company was being mismanaged by the
management led by Mr. Wale Tinubu, Oando’s Group CEO.
They had sought the removal of Tinubu and Omomofe Boyo as the Group
CEO and Deputy Group CEO, respectively, of the company so as to save it
from going under.
SEC yesterday explained in a statement that it carried out a comprehensive
review of the petitions and found: a breach of the provisions of the
Investments & Securities Act 2007; breach of the SEC Code of Corporate
Governance for Public Companies; suspected insider dealing; suspected
related party transactions not conducted at arm’s length and discrepancies
in the shareholding structure of Oando Plc, among others.
SEC, in the memo to NSE made available to THISDAY, said these findings
were weighty and therefore need to be further investigated.
The capital regulator said: “The commission’s primary role as apex
regulator of the Nigerian capital market is to regulate the market and
protect the investing public. The commission notes that the above findings
are weighty and therefore needs to be further investigated. After due
consideration, the commission believes that it is necessary to conduct a
forensic audit into the affairs of Oando Plc. This is pursuant to the statutory
duties of the Commission as provided in section 13(k), (n), (r) and (aa) of
the ISA 2017.
“To ensure the independence and transparency of the exercise, the forensic
audit shall be conducted by a consortium of experts made up of auditors,
lawyers, stockbrokers and registrars.”
SEC explained that to further ensure that the interest of all shareholders of
Oando Plc are preserved during the course of the exercise, it directed the
NSE to place the shares of Oando Plc on technical suspension.
“However, in view of the fact that it is not technologically feasible for the
exchange to effect a technical suspension except after 48 hours, the
Commission directed as follows. Effective for 48 hours from today, 18
October 2017 to 20 October 2017, the NSE should implement a full
suspension in the trading of the shares of Oando Plc and effective from 20
October 2017 and until further directive, the exchange should implement a
technical suspension in the shares of Oando Plc.”
Following the SeC’s directive on the company’s shares, the shares of Oando
Plc will not be traded between 18th and 19th October, while from Friday,
20th October trading will be without movement in the share price (which is
technical suspension).
The shares of Oando Plc closed at N5.99 on Tuesday. The stock had hit a
year high of N9.57 before the negative reactions from investors over the
petitions led to fall in the price to the current level.
One of the petitioners, Mr. Gabriele Volpi of Ansbury Incorporated, had urged
SEC to stop Oando from holding its Annual General Meeting (AGM) that was
held on September 11, 2017.
Before requesting SEC to postpone the AGM, Ansbury had written a petition
to SEC, details of which were exclusively reported by THISDAY last
September, alleging serious financial abuse and accused the management of
Oando of gross abuse of corporate governance tenets in its running of the
company.
Details to follow…

Some powerful elephants are doing gidigbo over Oando, all the ants wey dey ground should step aside. .
After dealing with the small people, it seems the cowboys also went and stepped on a few powerful toes.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #9828 (permalink)  
Old 25th October 2017, 11:21 AM
duduspace's Avatar
Rank: Senior Member
Points: 23,947, Level: 94
Points: 23,947, Level: 94 Points: 23,947, Level: 94 Points: 23,947, Level: 94
Activity: 1%
Activity: 1% Activity: 1% Activity: 1%
 
Join Date: Feb 2007
Posts: 6,243
Thanks: 75
Thanked 351 Times in 270 Posts
Groans: 1
Groaned at 4 Times in 4 Posts
Rep Power: 17
duduspace is on a distinguished road
Default Re: oando

_OANDO_-_OFFICIAL_STATEMENT_ON_SEC__CORPORATE_ACTIONS_OCTO BER_2017

Gidigbo continua.......now it is with SEC. Oando don enter long thing
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #9829 (permalink)  
Old 25th October 2017, 02:28 PM
Valuefront's Avatar
Rank: Senior Member
Points: 8,733, Level: 62
Points: 8,733, Level: 62 Points: 8,733, Level: 62 Points: 8,733, Level: 62
Activity: 1%
Activity: 1% Activity: 1% Activity: 1%
 
Join Date: Jul 2013
Posts: 2,386
Thanks: 13
Thanked 68 Times in 57 Posts
Groans: 0
Groaned at 6 Times in 6 Posts
Rep Power: 0
Valuefront is on a distinguished road
Default Re: oando

Quote:
Originally Posted by duduspace View Post
_OANDO_-_OFFICIAL_STATEMENT_ON_SEC__CORPORATE_ACTIONS_OCTO BER_2017

Gidigbo continua.......now it is with SEC. Oando don enter long thing
Oga na only you remain here? where are your goons?
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #9830 (permalink)  
Old 26th October 2017, 09:27 AM
oluseyi's Avatar
Rank: Member
Points: 5,959, Level: 50
Points: 5,959, Level: 50 Points: 5,959, Level: 50 Points: 5,959, Level: 50
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Nov 2009
Posts: 51
Thanks: 5
Thanked 3 Times in 1 Post
Groans: 0
Groaned at 0 Times in 0 Posts
Rep Power: 9
oluseyi is on a distinguished road
Default Re: oando

Quote:
Originally Posted by Valuefront View Post
Oga na only you remain here? where are your goons?
All have relocated. Politics just scattered everyone.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #9831 (permalink)  
Old 26th October 2017, 06:39 PM
Valuefront's Avatar
Rank: Senior Member
Points: 8,733, Level: 62
Points: 8,733, Level: 62 Points: 8,733, Level: 62 Points: 8,733, Level: 62
Activity: 1%
Activity: 1% Activity: 1% Activity: 1%
 
Join Date: Jul 2013
Posts: 2,386
Thanks: 13
Thanked 68 Times in 57 Posts
Groans: 0
Groaned at 6 Times in 6 Posts
Rep Power: 0
Valuefront is on a distinguished road
Default Re: oando

Quote:
Originally Posted by oluseyi View Post
All have relocated. Politics just scattered everyone.
We are all cooling off at the nairaland cool spot
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #9832 (permalink)  
Old 27th October 2017, 01:03 PM
Picolena66's Avatar
Rank: Senior Member
Points: 21,793, Level: 92
Points: 21,793, Level: 92 Points: 21,793, Level: 92 Points: 21,793, Level: 92
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Jun 2007
Posts: 6,254
Thanks: 192
Thanked 125 Times in 111 Posts
Groans: 0
Groaned at 11 Times in 10 Posts
Rep Power: 17
Picolena66 is on a distinguished road
Default Re: oando

Quote:
Originally Posted by Valuefront View Post
Oga na only you remain here? where are your goons?
Hmmm..................Oga Dudu .....Goons dey here
Just been Reading and Watching Jejely amongst the Multitude
__________________
"The only Real Wisdom is knowing you know Nothing" - Socrates - The Greek philosopher
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #9833 (permalink)  
Old 2nd November 2017, 01:14 AM
duduspace's Avatar
Rank: Senior Member
Points: 23,947, Level: 94
Points: 23,947, Level: 94 Points: 23,947, Level: 94 Points: 23,947, Level: 94
Activity: 1%
Activity: 1% Activity: 1% Activity: 1%
 
Join Date: Feb 2007
Posts: 6,243
Thanks: 75
Thanked 351 Times in 270 Posts
Groans: 1
Groaned at 4 Times in 4 Posts
Rep Power: 17
duduspace is on a distinguished road
Default Re: oando

Quote:
Originally Posted by Valuefront View Post
Oga na only you remain here? where are your goons?
I guess people have mostly migrated to Whatsapp. SMN is becoming a technological relic.
It also wasnt helped by its instability at certain times. I am not of the school of thought that politics killed it even if it most likely contributed.
Politics is yet to kill twitter and FB.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #9834 (permalink)  
Old 3rd November 2017, 06:26 PM
Valuefront's Avatar
Rank: Senior Member
Points: 8,733, Level: 62
Points: 8,733, Level: 62 Points: 8,733, Level: 62 Points: 8,733, Level: 62
Activity: 1%
Activity: 1% Activity: 1% Activity: 1%
 
Join Date: Jul 2013
Posts: 2,386
Thanks: 13
Thanked 68 Times in 57 Posts
Groans: 0
Groaned at 6 Times in 6 Posts
Rep Power: 0
Valuefront is on a distinguished road
Default Re: oando

Quote:
Originally Posted by duduspace View Post
I guess people have mostly migrated to Whatsapp. SMN is becoming a technological relic.
It also wasnt helped by its instability at certain times. I am not of the school of thought that politics killed it even if it most likely contributed.
Politics is yet to kill twitter and FB.
We are all cooling off in Nairaland
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Reply

« - | - »

Similar Threads
Thread Thread Starter Forum Replies Last Post
Oando opts for equity-swap to accommodate shareholders anekwlc Other Stocks & Investment strategies 2 10th June 2007 04:32 PM


Currently Active Users Viewing This Thread: 2 (0 members and 2 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT +1. The time now is 11:11 AM.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.3.0
StockMarketNigeria.comAd Management plugin by RedTyger
no new posts

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37