OIL AND GAS SECTOR
Nigerian energy giant Oando celebrates a brighter outlook
Oando, which is listed in Nigeria and SA, grows revenue from continuing operations 16%
Prospects for Nigeria’s oil and gas sector in the December quarter were positive after a 14% increase in the oil price in the September quarter and the country’s official exit from recession, Wale Tinubu, group CE of Nigerian energy company Oando plc, said on Wednesday. Oando, which is listed in Nigeria and SA, is under scrutiny by Nigeria’s Securities and Exchange Commission into various breaches of corporate governance and disclosure after a complaint filed by two shareholders. Last week, Oando filed a full response to the commission’s findings, but the shares remain under technical suspension. They can trade but only at the last price before the order was imposed. On the JSE, the price is 30c. In the nine months to September, Oando grew revenue from continuing operations 16% to 383.5-billion naira (R15.1bn) and posted an aftertax profit of 7.1-billion naira, a turnaround from a loss of 35.8-billion. Profit from all operations was 9 kobo a share, from the previous 315 kobo a share...
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