Oando, being a major player in both the upstream and downstream oil sector decides to acquire AGIP, a partly foriegn state owned oil company.

Is AGIP now NNPC ?

And fyi, IOCs are pulling out of Nigeria owing to series of challenges. Here are just a few :

1. Western countries are heavily demonising hydrocarbon exploitation and use. AGIP gets taxed heavily in their native country of Italy.

2. Climate change policies has seen to a drastic cut in institutional investors and banks investing in hydrocarbon extraction .

3. Insurance cover for these IOCs has astronomically risen owing to oil theft, vandalism and other security challenges in the Niger Delta.

4. AGIP like every other IOC have been given tax breaks and govt subsidies to invest in so-called renewable energy.

With the above, all IOCs in Nigeria are scaling back or existing Nigeria all together.

I don't even know why a local player taking over assets of an IOC is a problem. For one, the capital flight by IOCs will be over just as most of you see Dangote refinery as a relief from importing refined crude products from Europe.

Another thing to ponder on is that the acquisition by Oando of AGIP was not done in secrecy. Before such a deal will go through, both the regulatory bodies and shareholders in both companies must agree to such a deal. Once that is done, it is required by law to deposit the details of such acquisition/merger in a Federal High Court and a pre announcement given of the deal. This is to ensure that anybody not in support of the deal can approach the courts to halt the acquisition. Same similar scenario is playing out in First Bank over the governing board decided to issue additional shares. Some shareholders have taken the management and shareholder board to court to stop the issuance of additional shares on the Nigeria stock market.

Now with all this in play , can you tell me what wrong Oando committed ?

Can Oando a private company be barred from acquiring another private venture?

If you want to complain, then let's look at how Obi used state funds to invest in his own company. Now that there is the real corruption.

Obi did not even innugurate a State Investment Board. Rather only him oversaw the collective wealth of Anambra state directly into businesses he held substantial shares in.

ShinnBet:
Oando, being a major player in both the upstream and downstream oil sector decides to acquire AGIP, a partly foriegn state owned oil company.

Is AGIP now NNPC ?

And fyi, IOCs are pulling out of Nigeria owing to series of challenges. Here are just a few :

1. Western countries are heavily demonising hydrocarbon exploitation and use. AGIP gets taxed heavily in their native country of Italy.

2. Climate change policies has seen to a drastic cut in institutional investors and banks investing in hydrocarbon extraction .

3. Insurance cover for these IOCs has astronomically risen owing to oil theft, vandalism and other security challenges in the Niger Delta.

4. AGIP like every other IOC have been given tax breaks and govt subsidies to invest in so-called renewable energy.

With the above, all IOCs in Nigeria are scaling back or existing Nigeria all together.

I don't even know why a local player taking over assets of an IOC is a problem. For one, the capital flight by IOCs will be over just as most of you see Dangote refinery as a relief from importing refined crude products from Europe.

Another thing to ponder on is that the acquisition by Oando of AGIP was not done in secrecy. Before such a deal will go through, both the regulatory bodies and shareholders in both companies must agree to such a deal. Once that is done, it is required by law to deposit the details of such acquisition/merger in a Federal High Court and a pre announcement given of the deal. This is to ensure that anybody not in support of the deal can approach the courts to halt the acquisition. Same similar scenario is playing out in First Bank over the governing board decided to issue additional shares. Some shareholders have taken the management and shareholder board to court to stop the issuance of additional shares on the Nigeria stock market.

Now with all this in play , can you tell me what wrong Oando committed ?

Can Oando a private company be barred from acquiring another private venture?

If you want to complain, then let's look at how Obi used state funds to invest in his own company. Now that there is the real corruption.

Obi did not even innugurate a State Investment Board. Rather only him oversaw the collective wealth of Anambra state directly into businesses he held substantial shares in.

Oando does not operate in the oil and gas downstream sector any more

oando PLC is owned by Tinubu's children/family (edit)... therefore they are now making moves (thanks to their father&uncle) to get personal deals that would set them up financially for the next 100years... the most dangerous part here is the agreements they make under the table to get those deals!

MrBrownJay1:
oando PLC is owned by Tinubu's children... therefore they are now making moves (thanks to their father) to get personal deals that would set them up financially for the next 100years... the most dangerous part here is the agreements they make under the table to get those deals!

Tinubu's children? Not Tinubu's cousin again? wow it seems like you are an investigative journalist, tell us more.

Being a citizen of Nigeria alone is something wrong 😹

When it comes to soverign wealth funds, a board must be created by the state to oversee the funds and decide on the best way to invest such funds.

The board is expected to also provide detailed audits and financial records of the assets under their control. The board should also be constituted by a select members of the State House of Assembly, business moguls , traditional rulers, opposition political parties, labour unions and any other body or group that will ensure true transperancy.

In the case of Anambra, there was no such thing. Only Obi decided when and where to invest the state funds which all went to firms linked to him.

That's why after leaving office, only Obi could be asked about the state soverign wealth investments because there was no board created by him to oversee the so-called investments.

Subsequent governors of Anambra have testified publicly that such investments amounting to #75bn as claimed by Obi no longer exists.

Now on the figure of #75bn , this is the lump sum of $30mil invested by Obi in his brewery ventures if you use the exchange rate of #140-#180 at the time. No word is given for other investments made in Fidelity Bank and NEXT ventures.

Now that there is real corruption.

Oando would have still done this even if Tinubu wasnt the President

Now, Not like they were grounded before he became the President


Wailers can wail tho.It changes nothing

MrBrownJay1:
oando PLC is owned by Tinubu's children... therefore they are now making moves (thanks to their father) to get personal deals that would set them up financially for the next 100years... the most dangerous part here is the agreements they make under the table to get those deals!

Did Tinubu also armstring AGIP to sell their stake in Nigeria's upstream sector?

Funding for this acquisition also came from a foriegn bank. Did Tinubu also force those ones to loan Oando money to acquire AGIP?

You people should learn to use your brains .

CyrusVI:
Oando would have still done this even if Tinubu wasnt the President

Now, Not like they were grounded before he became the President


Wailers can wail tho.It changes nothing

Oando has been in existence since the early 2000s after Obasanjo liberalised the oil sector for local investors.

So they expect the company not to grow ?

Is there even any player in the oil sector that did not work to secure their license and business?

These IPOB people are really crass idiots.

CyrusVI:
Oando would have still done this even if Tinubu wasnt the President

Now, Not like they were grounded before he became the President


Wailers can wail tho.It changes nothing

it wouldn't have done it....they were in debts and still in debts,the presidency is the leverage for it.

They (tinubu and Fulani) will now ensure that the SE and SS will be totally oppressed to the point of silence to be able to share the spoils of oppression (oil) peacefully but alas every evil has an expiration date.
Tinubu has and will betray the south for his gain.

mikeapollo:


Oando does not operate in the oil and gas downstream sector any more

So all those Oando filling stations are down stream operations ?

Don’t lose sleep over those kids wailing on top of Oando.

They have been programmed to cry over anything related to Tinubu or anything related to Nigeria progress.

If Oando had said they are closing their business due to economic uncertainties, same people will still cry and wail that the country have been destroyed.

Now an indigenous company bought over the Nigeria arm of an international company, they are still wailing.

Good thing is that, anyone they support fail. If they oppose you, then you’re destined for glory.

zeuss:
They (tinubu and Fulani) will now ensure that the SE and SS will be totally oppressed to the point of silence to be able to share the spoils of oppression (oil) peacefully but alas every evil has an expiration date.
Tinubu has and will betray the south for his gain.

Rest.

Besides , all those marginal oil fields in the SE are owned and operated by your people.

Bizibi:
it wouldn't have done it....they were in debts and still in debts,the presidency is the leverage for it.

How can they be in debt and still get a loan from a foriegn bank ?


You think foriegn banks will leverage their loans to you on the basis that the company is connected to the President ?


Use brain.

ShinnBet:



So all those Oando filling stations are down stream operations ?

Yes;
i. filling stations are in the downstream
ii. refineries are in the midstream
iii. oil rigs and wells (producing crude oil and gas) are in the upstream (this is where Oando operates now)

mikeapollo:


Yes;
i. filling stations are in the downstream
ii. refineries are in the midstream
iii. oil rigs and wells (producing crude oil and gas) are in the upstream (this is where Oando operates now)

Oando filling stations all over the place are what to you ?

ShinnBet:


How can they be in debt and still get a loan from a foriegn bank ?


You think foriegn banks will leverage their loans to you on the basis that the company is connected to the President ?


Use brain.

like I said the presidency is the leverage,they borrowed money on a deal in 2015 and that deal didn't work out then they sold off all oando outlets before the election. Go check the debts and the operation costs on their results that was released......

The company will survive because of the ties to the presidency, companies do it in every administration so it is not new,now it is oando's turn to get the privileges.

ShinnBet:


Oando filling stations all over the place are what to you ?

Read my post once again;
Filling stations are in the downstream sector!

ShinnBet:
Did Tinubu also armstring AGIP to sell their stake in Nigeria's upstream sector?
Funding for this acquisition also came from a foriegn bank. Did Tinubu also force those ones to loan Oando money to acquire AGIP?
You people should learn to use your brains .

again, you dont know what the gov of Nigeria has offered under the table, in order to acquire such asset. only a blinded fool wouldnt see that Oando plc is using its connection with the president for favorable deals. in a sane world, such company shouldnt/wouldnt be allowed to be run by families of the damn presido! its obvious they are working with the gov, thus any bank will be glad to give funding as its backed by the Nigerian gov, duh!

Oando plc the very same company that was acquired by the children/Family of the president, right after the Nigerian gov decided to settle a decade long court case with that Oando PLc themselves....and now the above?!?!? BWAAAAAAAAAAAAAH!!!

Habbeyy:
Tinubu's children? Not Tinubu's cousin again? wow it seems like you are an investigative journalist, tell us more.

children, nephew, uncle or grandmother.... same shiit , different day!

mikeapollo:

Read my post once again;
Filling stations are in the downstream sector!

So when I said Oando is heavily invested in both upstream and downstream sector , why did you counter it by saying Oando is no longer operating within the downstream sector?

MrBrownJay1:


again, you dont know what the gov of Nigeria has offered under the table, in order to acquire such asset. only a blinded fool wouldnt see that Oando plc is using its connection with the president for favorable deals. in a sane world, such company shouldnt/wouldnt be allowed to be run by families of the damn presido! its obvious they are working with the gov, thus any bank will be glad to give funding as its backed by the Nigerian gov, duh!

Oando plc the very same company that was acquired by the children of the president, right after the Nigerian gov decided to settle a decade long court case with that Oando PLc themselves....and now the above?!?!? BWAAAAAAAAAAAAAH!!!



children, nephew, uncle or grandmother.... same shiit , different day!

What of Obi opening offshore accounts in Panama under his teenage daughter's name ?

ShinnBet:



So when I said Oando is heavily invested in both upstream and downstream sector , why did you counter it by saying Oando is no longer operating within the downstream sector?

Oando does not operate or own filling stations anymore. They have all been sold off since 2022.
Even if you see any filling station with the ''Oando'' colours or symbol, it still does not belong to Oando in real legal and commercial sense.

ShinnBet:


Rest.

Besides , all those marginal oil fields in the SE are owned and operated by your people.

assuming your blatant lie about the SE oil is true so I need to turn a blind eye to the robbery and rape of the SS?
Evil is wrong.

ShinnBet:
What of Obi opening offshore accounts in Panama under his teenage daughter's name ?

bro, Obi, Tinubu or any other politician in Nigeria are the same yeye bastards working for these same yeye political mafias (hellbent on enriching their own personal self). the fact that you dont use your brain to view this issue and make it a tinubu vs obi case, is whats a pity here.

***spit on floor***

zeuss:
assuming your blatant lie about the SE oil is true so I need to turn a blind eye to the robbery and rape of the SS?
Evil is wrong.

All the marginal oil wells in Anambra and Imo are operated by local Ibo businessmen.

Don't cry for SS. We no need your tears.

MrBrownJay1:


bro, Obi, Tinubu or any other politician in Nigeria are the same yeye bastards working for these same yeye political mafias (hellbent on enriching their own personal self)!

Obi that sat on Anambra wealth like his personal fund and diverted to his private business and is yet to account for a single penny is far worse.

MrBrownJay1:


again, you dont know what the gov of Nigeria has offered under the table, in order to acquire such asset. only a blinded fool wouldnt see that Oando plc is using its connection with the president for favorable deals. in a sane world, such company shouldnt/wouldnt be allowed to be run by families of the damn presido! its obvious they are working with the gov, thus any bank will be glad to give funding as its backed by the Nigerian gov, duh!

Oando plc the very same company that was acquired by the children/Family of the president, right after the Nigerian gov decided to settle a decade long court case with that Oando PLc themselves....and now the above?!?!? BWAAAAAAAAAAAAAH!!!



children, nephew, uncle or grandmother.... same shiit , different day!

it is normal in every administration in Nigeria,I know two companies from the north that enjoyed Monopoly in the oil sector even personally know someone in the real estate that benefitted heavily from buhari administration. It has been like that from otedola and some corp in obasanjo administration to the present one,now it is oando's turn. I know their Target will be the gas business and they might be in control in the nearest future.

In the end they will fade off in the next administration and another company will be the bride of that administration.

MrBrownJay1:


bro, Obi, Tinubu or any other politician in Nigeria are the same yeye bastards working for these same yeye political mafias (hellbent on enriching their own personal self). the fact that you dont use your brain to view this issue and make it a tinubu vs obi case, is whats a pity here.

***spit on floor***

Until you begin to ask and demand from Obi to account for the heist of Anambra wealth, you have no business castigating a private company acquiring another private company.


Go and ask Obi about the #75bn he said he invested for you in his private ventures.

Bizibi:
like I said the presidency is the leverage,they borrowed money on a deal in 2015 and that deal didn't work out then they sold off all oando outlets before the election. Go check the debts and the operation costs on their results that was released......

The company will survive because of the ties to the presidency, companies do it in every administration so it is not new,now it is oando's turn to get the privileges.

That means Tinubu was the same leverage when:
1. SHELL sold its onshore assets to Renaissance Group (comprising of ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin).

2. EXXONMOBIL sold its onshore assets to SEPLAT.

Please confirm

ShinnBet:
Obi that sat on Anambra wealth like his personal fund and diverted to his private business and is yet to account for a single penny is far worse.

bro instead of confirming what i have already stated (aka ALL POLITICIANS IN NIGERIA ARE BASTARD THIEVES ), use your brain;
-Tinubu is running the country to the ground for his own financial gain
- if Obi (or any other politician out there) become president, they will do even worse

TINUBU IS A BASTARD POLITICIAN, OBI IS A BASTARD POLITICIAN!!!

mikeapollo:


That means Tinubu was the same leverage when:
1. SHELL sold its onshore assets to Renaissance Group (comprising of ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin).

2. EXXONMOBIL sold its onshore assets to SEPLAT.

Please confirm

For years, IOCs have been deinvesting from Nigeria and that's one of the major reason we can not even meet half of our OPEC quotas.

At one time Shell just shut down all operations and existed until they came back and sold their investments to another oil company.