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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 Kano State High Court, on Tuesday, reserved ruling in the case of alleged bribery and misappropriation filed against the former governor of Kano State, Dr Abdullahi Ganduje, and seven others.
The Kano State Government instituted an eight-count charge bordering on bribery, misappropriation and diversion of public funds running into billions of Naira against Ganduje and seven others, including his wife, Hafsat Umar.
Others charged with Ganduje are Abubakar Bawuro, Umar Abdullahi Umar, Jibrilla Muhammad, Lamash Properties Limited, Safari Textiles Limited and Lasage General Enterprises Limited.
When the case came up for hearing of all pending applications, counsel to Ganduje and his wife, Offiong Offiong SAN, applied for an extension of time and urged the court to grant the application.
“We also filed our preliminary objection challenging the jurisdiction of the court, dated Nov. 18, 2024, along with a 28-paragraph affidavit and a written address in support.
“We also filed a reply on point of law dated April 4, 2025,” he said.
However, counsel to the state, Mr Ayodeji Adedipe, SAN, filed a reply to the notice of preliminary objection dated Oct. 22, 2024, addressing all the respondents.
“The application is attached with a seven-paragraph counter affidavit and a written address dated Dec. 13, 2024, attached along with several documents as exhibits,” Adedipe said.
He prayed the court to dismiss the respondents’ applications for lacking merit.
Counsel to the 3rd and 7th defendants, Mr Adekunle Taiye-Falola, filed a motion on notice on a preliminary objection dated Oct. 18, 2024, supported by a 14-paragraph affidavit and a written address.
“In reply to the complainant’s counter affidavit, we filed our further and better affidavit dated Dec. 12, 2024, and a reply on point of law. We urge the court to grant the application as prayed,” Taiye-Falola said.
Counsel to the 5th defendant, Mr Sunusi Musa, SAN, also filed a motion on notice on a preliminary objection dated Oct. 18, 2024, which was supported by an affidavit, an exhibit and a written address.
“We also filed our affidavit and reply on point of law and urged the court to grant the application with substantial costs against the complainant,” he said.
Counsel to the 6th respondent, Mr Ashafa Yusuf , also filed a notice of preliminary objection dated Sept. 9, 2024, supported by a nine-paragraph affidavit and a written address.
“My Lord, we filed a further and better affidavit dated Feb. 17, supported by an 11-paragraph affidavit. We also filed a reply on point of law and urged the court to grant the application,” he said.
Also, Faruk Asekone, counsel to the 8th defendant, filed a notice of preliminary objection dated Oct. 18, 2024, supported by a five-paragraph affidavit and a written address.
“In reply to the complainant’s counter-affidavit, we filed our further and better affidavit and reply on point of law dated Feb. 13, 2025, and urge the court to grant the application,” Asdkome said.
The judge, Justice Amina Adamu-Aliyu, granted the application for an extension of time.
Adamu-Aliyu adjourned the matter for ruling on the notices of preliminary objection to a date that would be communicated to the parties at a later date. (NAN)
A former Governor of Kaduna State, Nasir El-Rufai, has slammed the President Bola Tinubu-led Federal Government, describing it as the most “corrupt and worst” government in Nigerian history.
El-Rufai, who spoke in an interview with some journalists in Katsina Monday night, said Tinubu’s government is also the most intolerant government since the return of democratic rule in 1999.
He claimed that the Federal Government of President Tinubu is the most lying government that depends on false propaganda, especially on security challenges bedevilling the country.
The erstwhile Kaduna governor, who was in Katsina to condole with Governor Dikko Umaru Radda over the demise of his mother, also refuted the claim by the Federal Government that security has improved in the country.
He added that the insecurity in the country is due to the Federal Government’s failure to proffer deeper solutions to address what he termed the prevailing security challenges from their roots.
He stressed that many local government areas in Katsina, Zamfara and Sokoto States were under the control of bandits, adding that bandits and terrorists’ leaders like Dogo Gide, Mallam Abba and Bello Turji have not been killed.
El-rufia said: “I have said it before, this is the worst Federal Government in Nigerian history and all the indices have shown it. This is the most corrupt and most intolerant government in Nigeria.
“This is the most lying government that depends on false propaganda. They lied that security has improved in Nigeria. They read out numbers of bandits killed except the ones we know are the leading bandits.
“In Kaduna, Dogo Gide is still around, Mallam Abba, the Boko Haram terrorist is still alive. Bello Turji is still around but everyday, they announce names of people that are bandits’ leaders that they have killed and security has improved.
“How many local governments are under the occupation of bandits in Katsina State? How many are occupied by bandits in Zamfara State and some parts of Sokoto State? And because you are in government you think that nothing would happen?”
The former FCT Minister, however, described his new political party, the Social Democratic Party (SDP), as a party with a long history and credibility that will wrest power from the ruling All Progressives Congress (APC) in 2027.
A prominent loyalist of former Nigerian Vice President and Peoples Democratic Party (PDP) 2023 presidential candidate Atiku Abubakar has sharply criticised Bauchi State Governor Bala Muhammed for comments deemed “reckless” and “disrespectful” towards the elder statesman.
Dr. Aslam Aliyu, known as Gimbiyar Kauran Namoda from Zamfara state and one of the mast respected politicians in Nigeria, issued a statement on Tuesday condemning Governor Muhammed’s remarks, which she described as unbecoming of a party leader.
One of Nigeria’s respected female political voices suggested that Atiku is not a politician to be betrayed.
“Atiku Abubakar is not a politician to be undermined by mere political officeholders whose relevance remains confined to their states,” Aliyu said.
Dr Aliyu highlighting the former vice president’s enduring influence since 1999.
She pointed to his service under President Olusegun Obasanjo, his pivotal role in shaping the PDP, and his consistent presence in Nigeria’s political landscape over two decades.
Aliyu accused Muhammed of exposing his “political inexperience” by attempting to diminish Atiku’s stature within the party.
“For a governor who owes his platform to the PDP’s legacy to belittle one of its founding pillars is not just ungrateful—it is dangerous,” she warned.
She stated that when discussing the leaders of the People’s Democratic Party today, after Atiku Abubakar, the next in line is Senator Aminu Tambuwal.
“He demonstrated a spirit of sportsmanship by stepping down for Atiku in 2023 for the sake of northern development.”
She added that if Kaura wishes to resolve the PDP crisis, where was he when Wike and Fubara were at loggerheads over leadership for more than two years? No action was taken until the Governor was suspended and the state was declared a state of emergency .
“If he wants to end the crisis in the PDP, he should first resolve the one in his own state, Bauchi, and also reinstate the Rivers State Governor, Fubara, who is currently suspended.”
The statement urged Muhammed to exercise humility and cautioned that divisive rhetoric threatens the PDP’s unity.
“The PDP stands today because of the loyalty, sacrifice, and vision of men like Atiku Abubakar,” Aliyu declared, calling for mutual respect to safeguard the party’s future.