Connect with us


NEWS

Wale Tinubu’s Wizardry Continues

Published

on

For Wale Tinubu, the head honcho of leading Oil and Gas company, Oando Plc, getting a positive result that will position Oando as a world-class brand to reckon with remains his top priority.

Despite the recent face-off with the Security Exchange Commission, SEC, the oil magnate had remained unruffled and unperturbed. He is hellbent on proving naysayers wrong that; he knows the Oil and Gas business like the back of his hands.

It’s no longer a hidden fact that the Oando boss had always displayed his unrivaled wizardry and Midas touch with his wealth of experience in the business. This has helped him weathered all typhoon storm surfacing. Wale Tinubu is still standing tall like the proverbial iroko tree.

Away from the face, Tinubu and his team had yet again proved their worth by keeping Oando afloat and also put smiles on the face of investors by recording a revenue of N315.4 billion for the half-year ended June 30, 2019, showing an increase of six per cent from N297.3 billion in the corresponding period of 2018. Oando ended the period with a profit-after-tax of N7.168 billion, down from N8.5 billion in 2018.

The company under Wale Tinubu’s watch had also continued to reduce its total borrowings after its acquisition of ConocoPhillips Nigeria in 2014, following a proactive drive to significantly reduce its debt and liabilities.

According to information gathered, the total borrowings reduced drastically for the period by five percent to N200.7 billion at the end of June 30, 2019, from N210.9 billion at the end of 2018, indicating a 58 percent reduction in debt since 2014 from N473.3 billion.

After attaining such impeccable feat, Wale Tinubu divulged that; “The half-year 2019 was a positive period for us as we achieved strong top and bottom-line earnings despite our overall performance being tempered by a one-off N14 billion charge. Our crude oil and natural gas production grew by 15 percent and eight respectively compared to the similar period last year while we also achieved a significant reduction in our Reserve Based Lending (RBL) facility to approximately $0.4 million from $450 million at inception- a 99 percent reduction.”

Despite the fact that Nigeria witnessed no movement in its oil production compared with the same period of 2018, Oando witnessed an increase in its oil production, which was attributed to the ingenious measures put in place by the company’s management and its partners to ramp up production.

“During the six month period ended June 30, 2019, production by the upstream subsidiary, Oando Energy Resources (OER), increased by eight percent at 40,873boe/day, compared with 37,814boe/day in the same period of 2018. Oil production increased by 15 per cent from 14,675bbls/day in H1 2018 to 16,876bbls/day in H1 2019, and natural gas production increased by eight per cent from 118,866mcf/day in H1 2018 to 128,533 mcf/day in H1 2019,” Wale Tinubu added.

Advertisement

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BIG STORY

JUST IN: Jigawa State Governor Loses 24-Yr-Old Son A Day After Mother’s Demise

Published

on

Tragically, just one day after the passing of his mother, Governor Namadi of Jigawa has now lost his 24-year-old son.

A statement from the governor’s spokesperson, Hamisu Gumel, confirmed that the governor’s son sadly lost his life in a road accident on Thursday.

“To Allah belongs that which He has taken, and to Him belongs that which He has given, and everything has an appointed time with Him.”

“With a heavy heart and total submission to the will of Almighty Allah, His Excellency Mallam Umar Namadi, Governor of Jigawa State, announces the passing of yet another member of his family; his dear son Abdulwahab Umar Namadi.

“He departed this world this afternoon (Thursday, December 26th, 2024) as a result of a ghastly motor accident along Dutse-Kafin-Hausa Road. “The burial rite is taking place at this moment in Kafin Hausa town, in accordance with Islamic traditions.

“A 24-year-old, late Abdulwahab is survived by his parents and many siblings. “To Allah belongs that which He has taken, and to Him belongs that which He has given, and everything has an appointed time with Him.”

 

More to come…

Continue Reading

BIG STORY

Sokoto Counters Military, Says 10 Civilians Accidentally Killed In Air Strike

Published

on

The Sokoto state government says no fewer than 10 civilians were killed when a military air strike targeted suspected terrorists in Gidan Bisa village, Silame LGA of the state.

Abubakar Bawa, press secretary to Ahmed Aliyu, governor of the state, wrote in a statement issued on Wednesday.

Bawa quoted Abubakar Rana, chairman of Silame LGA, as saying that the incident occurred around 6am on Christmas Day, when two military fighter jets “mistakenly” dropped bombs on the village.

Aliyu, who was accompanied by Aliyu Wamakko, leader of the All Progressives Congress (APC) in the state, and Muhammadu Maigari Dingyadi, minister of labour and employment, attended the funeral prayers for the victims.

Consoling the villagers, the governor described the incident as “unfortunate.”

“The military jets were on their mission to eliminate criminal armed groups terrorising the state and mistakenly bombed innocent people of this community,” he said.

“We consider this a mistake because the same military had on several occasions successfully raided many criminal hideouts in the state.”

Aliyu prayed for Allah’s forgiveness for the deceased and strength for their families.

Muhammad Sifawa, secretary to the state government, announced a relief package of N20 million and 100 bags of assorted foodstuffs for the families of the deceased.

He also assured that the state government would cover the medical bills of the injured.

The military had denied reports of civilian casualties in the bombing.

Reports said air strikes conducted by the air component of Operation Hadarin Daji, targeting the Lakurawa terrorist group, had inadvertently killed civilians in the Gidan Sama and Rumtuwa communities.

However, Abubakar Abdullahi, joint media coordinator for the operation, said the strikes targeted locations confirmed to be linked to the insurgents.

“All military operations are based on thorough intelligence and reconnaissance missions to ensure precision and protect civilian lives,” Abdullahi said.

“The targets struck in the vicinity of Gidan Sama and Rumtuwa were positively identified as associated with the Lakurawa group, reinforcing the justification for the military action.”

Olusola Akinboyewa, spokesperson for the Nigerian Air Force, told TheCable that the missiles were launched following credible intelligence from multiple sources and confirmatory aerial surveillance.

Continue Reading

BIG STORY

Adron Homes Celebrates Christmas With Customers, Reaffirms Commitment To Bridging Nigeria’s Housing Deficit

Published

on

As the world embraces the joy and warmth of the Christmas season, Adron Homes and Properties, Nigeria’s foremost real estate company, has extended heartfelt greetings to its esteemed customers while reaffirming its commitment to addressing the nation’s housing challenges.

In a message of gratitude and celebration, Adron Homes expressed deep appreciation to its customers for their trust and loyalty throughout 2024. The company highlighted its unwavering dedication to making incredible housing affordable for all Nigerians, in line with its mission of reducing the country’s housing deficit.

“Christmas is a time to celebrate family, unity, and gratitude,” the statement read. “As we reflect on the year, we are proud to have played a role in making homeownership a reality for thousands of Nigerians. Our vision is clear—to bridge the housing deficit by providing affordable, luxurious, and secure homes for all, regardless of income level.”

Adron Homes has continued to lead the real estate industry by implementing innovative solutions that make homeownership accessible, including flexible payment plans and cost-effective housing models tailored to meet diverse customer needs.

As part of its Christmas and end-of-the-year celebration, the company has launched a special festive promotions ‘Lemon Friday’ aimed at encouraging more Nigerians to join its growing community of homeowners.

“We remain committed to transforming dreams into reality. This is not just about building homes; it’s about building futures and creating opportunities for families to thrive in a space they can call their own,” the statement added.

Adron Homes extended warm wishes to all Nigerians and its global customers, urging them to embrace the season’s spirit of love and hope. “May your homes be filled with peace, joy, and prosperity this Christmas and beyond.”

Continue Reading



 

Join Us On Facebook

Most Popular