News
Oando’s turnover grew to N3.4trn in 2023 – Tinubu
Oando Plc, an energy solution provider, has posted a turnover of N3.4 trillion in its 2023 full year-end unaudited financials.
The figure represents an increase of 71 per cent when compared to N1.9 trillion posted in 2022.
Mr Wale Tinubu, Group Chief Executive Officer, Oando Plc, said this in a statement on Saturday in Lagos.
Tinubu said that over the last four years, the company consistently recorded a positive incline in turnover.
According to him, the company’s turnover stood at N477.1 billion in 2020 and grew to N803.5 billion in same period of 2021.
He also said that the energy company later posted N2 trillion as turnover in 2022 and N3.4 trillion in 2023 respectively.
Tinubi said although the year 2023 saw oil and gas companies impacted by spikes in incidences of militancy and sabotage, the company was still able to also record a Profit-After-Tax (PAT) of N74.7 billion in the year under review.
He stated that the result indicated a positive turn in the company’s fortunes in comparison to the preceding year when the company posted a loss after tax.
Tinubu said that in spite of the persistent pipeline vandalism across the Niger Delta, which ccontinued to dampen crude production, the company achieved an outstanding profit in 2023.
According to him, this was largely driven by increased trading volumes due to the company’s strategic global partnerships.
Also, the net foreign exchange gains on the group’s foreign currency-denominated assets as against losses on its foreign currency-denominated liabilities drove the positive performance.
Tinubu stressed that the year 2023 had seen Oando push forward with its growth agenda, recording positive highlights.
This, he noted, included the signing of a Sale and Purchase Agreement (SPA) with Italian oil major, Eni.
Tinubu explained that this would allow it to acquire one of its local subsidiaries, the Nigeria Agip Oil Company Ltd.(NAOC).
He added that the firm’s clean energy arm, Oando Clean Energy Ltd.(OCEL) launched its electric mass transit buses in partnership with the Lagos State government, signalling that things were beginning to look up for the Indigenous giant.
The group’s chief executive said that more significantly the release of the company’s 2023 financial results, albeit unaudited, finally brought the company a step closer to being in line with regulatory requirements for all listed companies.
He stated that it indicated that by the end of the year, the company would have been on track with its peers in reporting results, giving confidence to shareholders and investors in the company’s current state and future.
“Furthermore, our milestone signing of the Sale and Purchase Agreement with Eni towards the acquisition of 100 per cent of the shares of NAOC Ltd, marked a pivotal moment for our organisation.
“It is poised to unlock substantial synergies soon.
“Our focus is now on completing the acquisition and seamlessly integrating operations to deliver exceptional value to our shareholders,” he said.
According to him, while the country saw a decline in national oil output, precipitated by pipeline vandalism, oil theft and illegal refining, the Oando’s upstream operations saw an average daily production increase.
Tinubu revealed that the energy company’s upstream operations average daily production increased marginally by one per cent to 20,837 boepd in 2023, as against 20,703 boepd in 2022.
He said these production numbers comprised oil production at 6,024 bbls per day, compared to 4,939 bbls per day in 2022.
The group’s chief executive stated that natural gas production stood at 14,572boe per day in the year under review, compared to 15,292boe per day in 2022 financial year, while NGL production was 241bbls/MMscf/day, compared to 472bbls/MMscf/day posted in 2022.
He said: “In its trading operations, Oando marked improvement, recording a 50 per cennt increase in traded crude oil volumes of 32.8 million bbls in 2023, compared to 21.8 million bbls in 2022.
“The company however posted 15 per cent decrease in traded refined petroleum products which stood at 1,645,535 MT, compared to 1,937,833 MT recordes in 2022.”
Tinubu noted that having weathered the storm of recent years, the 2023 results provided a foundation for the energy company to consolidate and build for the future.
He stated that with its planned acquisition of NAOC, the company was positioned to take full operatorship and drive-up outputs, value and efficiencies.
“Moreover, our foray into and leadership in clean energy expand our footprint as a fit and proper integrated energy company with our feet firmly planted in today’s realities and the possibilities of the future,” he added. (NAN)
The Oyo State Police Command on Tuesday said that the video of the alleged invasion of the state by suspected Boko Haram currently circulating on social media was recycled.
The command’s spokesman, CSP Adewale Osifeso, stated this in a statement made available to newsmen on Tuesday in Ibadan, the state capital.
The News Agency of Nigeria reports that a video clip is currently being circulated on social media alleging the arrest of suspected Boko Haram members who invaded the state along the Ibadan Expressway.
“The Police Command in Oyo wishes to address the recent circulation of misleading information on social media regarding a video that purportedly shows an attempted invasion of the state by Boko Haram elements intercepted along the Ibadan Express road.
“The video, which allegedly depicts articulated trucks filled with motorcycles and weapons, has been verified as a recycled clip from 2022,” he said.
Osifeso said the re-emergence of the video, particularly during a period of enhanced security in the state, suggests a deliberate attempt by certain individuals with malicious intent, seeking to spread falsehoods and incite fear and unrest.
“The command urges the public to remain vigilant and disregard such antics; we assure that this does not pose any current threat to the safety and security of the state.
“To further substantiate our claim regarding the video’s outdated nature, we note that the Divisional Crime Officer (DCO) at the Ilero Divisional Police Headquarters, DSP. Segun Adeyemo, who appeared briefly in the video, retired from the Nigeria Police Force in August 2024 after a long period of meritorious service,” he added.
Osifeso reaffirmed the command’s unwavering commitment to safeguarding all residents in the state.
He urged the public to avoid circulating outdated video content pertaining to issues that had been previously resolved and encouraged them to thoroughly verify any information before sharing on social media.
NAN
It was an evening of glamour, prestige, and fine living as the crème de la crème of society gathered for the Falcon Aero Jet Night, hosted in collaboration with Glenfiddich Grand Cru. The event, which took place amidst an atmosphere of refined luxury, marked the announcement of a major partnership: Glenfiddich Grand Cru is now the official in-flight spirit and drinks partner for Viva Jets, catering to both local and intercontinental long-haul flights.
The gathering attracted industry heavyweights, top executives, and celebrated Nigerian celebrities, all of whom came out in full support of the union between the two premium brands. Guests and business leaders at the event expressed strong optimism that the partnership would set new standards for luxury travel and sophisticated experiences, aligning with the shared values of excellence and class that both brands embody.
Speaking on the significance of the partnership, Eddie Madaki, the Glenfiddich Grand Cru representative, emphasized that the collaboration with Viva Jets is a testament to the brand’s commitment to offering memorable, world-class experiences. “This partnership with Aero Jet will continue to create unforgettable memories for our patrons. Glenfiddich Grand Cru stands for elegance, tradition, and innovation, and we are excited to bring this spirit of excellence to the skies,” he said.
A representative from Aero Jet also shared insights into their vision for the collaboration, highlighting the importance of selecting Glenfiddich Grand Cru as their official in-flight partner. According to the representative, the choice was driven by Glenfiddich’s reputation for quality and luxury, which perfectly complements the bespoke flying experience Aero Jet is renowned for providing to its discerning clientele.
Glenfiddich Grand Cru is a unique expression from the Glenfiddich distillery, renowned globally for its pioneering spirit and craftsmanship. Aged for 23 years and finished in rare French cuvée casks, Glenfiddich Grand Cru fuses the finest flavours from Scotland and France, delivering an extraordinary drinking experience designed to celebrate life’s most special moments. This latest partnership further cements Glenfiddich’s standing as a beacon of luxury and sophistication.
The Falcon Aero Jet Night was not just a celebration of a new venture, but a true testament to the power of vision, craftsmanship, and shared values, ushering in a new era of premium experiences in aviation and luxury lifestyle.
By Israel Bulus, Kaduna
The Executive Chairman of the Kaduna State Internal Revenue Service (KADIRS), Comrade Jerry Adams, has commended the growing commitment of political leaders to the development of Southern Kaduna, describing it as unprecedented.
Speaking at the Southern Kaduna Solemn Assembly for Restoration held in Bara, Jema’a Local Government Area, Adams attributed the progress to the inclusive governance style of Governor Uba Sani and President Bola Ahmed Tinubu, citing several ongoing developmental projects as evidence of their dedication.
The meeting, convened at the instance of the Chief of Defence Staff, General Christopher Musa, brought together traditional rulers, religious leaders, and political figures to strategize on advancing the region’s growth.
Adams noted that Southern Kaduna is witnessing an unparalleled drive for development under the current leadership, and he urged residents to remain politically united ahead of the 2027 elections to consolidate these gains.
“Since the return of democracy, this is the first time we are seeing leaders who are truly passionate about the development of Southern Kaduna,” he said.
“We must learn to love ourselves so that others can love and respect us.”
Highlighting some of the projects the Governor played a pivotal role, Adams mentioned the military barracks under construction in Samaru Kataf, the Federal Medical Centre in Kafanchan, and the Federal University of Applied Sciences in Kachia.
He emphasized that the governor had to reclaim some state-owned properties to facilitate these developments.
“Southern Kaduna is not there yet, but we are firmly on the path to progress,” Adams asserted.
He further called on the people of the region to unite politically and vote strategically in the 2027 elections, stressing that coordinated political action is crucial for attracting greater development.
“We must bring our votes together and negotiate a better deal for our people, rather than voting indiscriminately, which in the past has led to misfortune for the region,” he added.