Nigeria’s leading Indigenous Oil and Gas industry, Oando Plc is set to declare a major profit of about N11.7 billion for its activities and operations in the year 2012, a positive news for a Company that has its eyes set on ‘becoming a leader’ in the energy industry.
Meanwhile on December 28,2012 the indigenous firm had initiated the process of issuing rights of about N4.548 billions shares to existing shareholders, with a view to raising about N54.6 billion from the capital market.
The Group Chief Executive Officer, Mr Wale Tinubu, assessing the rights issue stated that with the company’s aggressive strategy to raising capital, it once again revealed its intentions and goals of exploring more of the Upstream than the downstream.
He said “In 2010 we raised N21.1 billion through a rights issue, it was a highly successfully event, as it closed 28 per cent oversubscribed and we look forward to a similar outcome in this exercise. We count on the consistent support of our shareholders to seize the opportunity to take up their rights and benefit from the higher margin value creation the upstream offers.”
Mr Tinubu speaking also on the acquisition of the ConocoPhillips asset base late last year, stressed that “Pursuant to the recent signing of agreements by our affiliate OER with ConocoPhillips, to acquire their entire Nigerian asset base for $1.79 billion plus customary adjustments, OER will be transformed from a small size oil company to a midsize oil producer”.
Oando Plc has shown determination, sense of purpose, commitment, focus, high value for innovation and the drive for expansion into the upstream sector. This will definitely position it to be a major player in the sector.
