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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)
A 14-year-old girl, Elizabeth Peter, from Korokpa in Paikoro Local Government Area of Niger State, has drowned in the Chanchaga River while fetching water.
Miss Peter was an SSS1 student of Saint Andrew Academy, Tunga Minna. Witnesses said she was at the river with her siblings when she was swept away while fetching water.
Her aunt, Abigail Idoko, said the teenager was at the river for the first time on Saturday. She had gone there with her siblings because the family could not find water vendors to buy from.
She said it took about two hours to recover her body from a deep pit in the river.
When our correspondent visited her bereaved family at Korokpa, her mother was in shock. Her father, Mr Peter, a soldier, was said to be in Zamfara State on official duty.
Korokpa, like many communities in Paikoro Local Government Area of Niger State, has long struggled with access to clean water. Residents rely on water vendors, boreholes, or natural sources like the Chanchaga River to meet their daily needs.
However, with limited availability and rising water costs from vendors, many families resort to fetching water directly from the river despite the danger.
The Chanchaga River, a major water source for nearby communities, is notorious for drowning incidents. Deep pits within the river make it hazardous, especially for children and inexperienced swimmers.
Residents say fatalities occur almost every year, yet there has been little intervention to provide safer alternative water sources.
Miss Peter’s tragic death highlights the ongoing water crisis and the risks that residents, especially children, face in their daily struggle for access to clean water.
An ally of Mallam Nasir El-Rufai has confirmed the defection move of the former governor of Kaduna State amid a viral social media letter.
In a letter making the rounds on social media, El-Rufai purportedly announced his resignation from the ruling All Progressives Congress (APC), a party which he is a founding member.
Parts of the letter entitled: “Onwards to the future”, reads: “As a founding member of the All Progressives Congress (APC), I have fond memories of working with other compatriots to negotiate the merger of political parties that created the APC. It had been my hope since 2013 that my personal values and that of the APC will align up to the time I choose to retire from politics.
“Developments in the last two years confirm that there is no desire on the part of those who currently control and run the APC to acknowledge, much less address, the unhealthy situation of the party. On my part, I have raised concerns in private and, more recently, in public regarding the capricious trajectory of the party. Therefore, at this point in my political journey, I have come to the conclusion that I must seek another political platform for the pursuit of the progressive values I cherish. Today, the 10th of March 2025, I have submitted a letter resigning my membership of the APC to my ward in Kaduna, effective immediately. Subsequent to this, I had concluded consultations with my mentors, colleagues and loyalists alike about the future, and have decided to join the Social Democratic Party (SDP), and adopt it as the platform for our future political engagements and activities.”
Muyiwa Adekeye, spokesperson of El-Rufai, did not respond to multiple messages seeking his reaction to the letter.
But sources in El-Rufai’s camp confirmed that all arrangements have been made for the former governor to submit his resignation letter to the APC at his ward in Kaduna.
An ally, who served as a commissioner under El-Rufai’s administration told Daily Trust that El-Rufai would be leaving the APC for the SDP today.
“Yes, we are all aware that he (El-Rufai) will tender his resignation from APC today, Monday, 10th March 2025, and join SDP. That is all we have been waiting for,” the source said.
The source further stated that El-Rufai’s supporters were not surprised by the leaked letter, as they were already aware of the development.
He said having worked closely with the former governor, he could vouch for the authenticity of the letter, which is yet to be posted on any of the social media platforms of El-Rufai, an avid social media user.
Importers to pay more as shipping company increases EU approves Bollore Logistics
Clearing agents operating at the nation’s ports have kicked against the increment in charges by leading French shipping company, CMA CGM, stating that the increment will add to the economic burden being passed on to the end users of the imported items at the nations markets.
Recall that the CMA CGM recently announced an increment in its charges, blaming it on the recent adjustment of Port & Marine Fees by the Nigerian Ports Authority (NPA).
CMA CGM, in a mail to Importers stated:”We are writing to inform you of a review of our charges following the recent increase in Port and Marine charges implemented by the Nigerian Ports Authority (NPA), which came into effect o the 1st of March 2025.
“As a result of such adjustment, we find it necessary to update our tariff structure to account for the new cost environment, effective 10 March 2025.
“Under the review, a 20ft container will now be charged N145,327 while a 40ft container will attract N290,654.
“A 20ft Reefer container will attract N145,327 while a 40ft Reefer container will attract N290,654.
Reacting to the price review, the National President of the Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON), Frank Ogunojemite, stated that the increment will cripple the purchasing power of the common man and further increase the cost of doing business at Nigerian ports.
According to Ogunojemite: “Shipping and terminal charges are critical components of the logistics and supply chain management process. Increases in these charges can have far-reaching effects on various stakeholders, including having effects on Importers and Exporters via Increased costs.
“Higher shipping and terminal charges lead to increased costs for importers and exporters, which will be passed on to consumers.
“Businesses may experience reduced profit margins due to higher logistics costs. This can make Nigerian businesses less competitive in the global market.
“The recent increment by CMA CGM will lead to higher prices for goods and services in Nigeria while making consumers experience reduced purchasing power due to higher prices.
“This increment can also contribute to higher inflation rate in the country, forcing businesses to reduce staff or close operations due to increased costs.
“NPA told us that the 15 percent hike will not lead to additional charges at the ports, but now the CMA CGM has blamed its recent increment on the hike in port tariff by the NPA.
“NPA must look into this price increment by the shipping companies before other shipping companies follow suit.”
Also speaking on the increment, a former National President of the Association of Nigerian Licensed Customs Agents (ANLCA), Olayiwola Shittu blamed the Federal government on the increment by CMA CGM.
“The fault is from the Federal government. There is no way NPA will increase its charges by 15 percent and it will not affect shipping charges. Now, CMA CGM has announced an increment; expect other shipping companies to follow suit.
“And this will have far-reaching consequences on importation because the cost of clearing cargoes from the ports will go up.
“With the situation we currently find ourselves economically, should we be talking about prices increment here and there? It’s quite unfortunate because the masses suffering will keep increasing,” Olayiwola Shittu lamented.