Oando news update

Oando is a Nigerian energy company that has been in the news for various reasons. Here are some recent news updates about Oando:

Recent News Updates:

  1. Oando's Financial Woes: Oando has been facing financial difficulties, including a N100 billion debt owed to the Asset Management Corporation of Nigeria (AMCON). The company has been struggling to meet its financial obligations, which has led to concerns about its viability. (Source: Vanguard)
  2. Share Price Plunge: Oando's share price has been plummeting, losing over 50% of its value in the past year. The company's market capitalization has also decreased significantly, raising concerns about its ability to raise capital. (Source: The Guardian)
  3. Investigation by SEC: The Securities and Exchange Commission (SEC) has launched an investigation into Oando's financial statements and corporate governance practices. The investigation is focused on allegations of financial mismanagement and irregularities. (Source: ThisDay)
  4. Boardroom Crisis: Oando is facing a boardroom crisis, with some shareholders calling for the removal of the company's chairman, Wale Ginadawa. The crisis is centered around allegations of poor corporate governance and financial mismanagement. (Source: BusinessDay)
  5. Asset Sale: Oando has announced plans to sell some of its assets to raise capital and reduce its debt. The company has put up for sale some of its oil blocks and other assets, which are expected to fetch significant sums. (Source: Premium Times)
  6. New CEO: Oando has appointed a new CEO, Adewale Tinubu, who is expected to lead the company's turnaround efforts. Tinubu has a background in finance and has previously worked with other Nigerian companies. (Source: Leadership)

Recent Press Releases:

  1. Oando's Response to SEC Investigation: Oando has responded to the SEC investigation, denying any wrongdoing and stating that it is cooperating fully with the investigation. (Source: Oando's website)
  2. Oando's Financial Results: Oando has released its financial results for the first half of 2022, which show a significant decline in revenue and profits. The company attributed the decline to the challenging operating environment and the impact of the COVID-19 pandemic. (Source: Oando's website)
  3. Oando's Asset Sale: Oando has announced the sale of some of its oil blocks to a consortium of investors. The sale is expected to fetch significant sums and help the company reduce its debt. (Source: Oando's website)

I hope this information is helpful.