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Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year - Politics - Nairaland

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Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by TouchNfollow(f): 6:50pm On Sep 05


Oando’s market value jumps from N70 billion to N1 trillion in Tinubu’s first year as president

The latest valuation elevated Oando to the top 10 most-capitalised companies on the Nigerian stock exchange.

The market value of Oando Plc—run by President Bola Tinubu’s nephew, Wale Tinubu, —soared to record highs from N74 billion in 2023 to N1 trillion as of September 2024, indicating more than 1,000 per cent increase in valuation as Nigeria battled its worst cost-of-living and fuel crises.

While the nation was recording an exodus of multinational companies like pharmaceutical giant GlaxoSmithKline, Microsoft, and Diageo (Guinness parent company) due to Nigeria’s harsh economic climate, Oando was leaving the league of companies generating billions of naira in revenue to 12 zeroes.

Oando —an average-performing oil company before Mr Tinubu’s government— recorded N74 billion profit after tax in the financial year ended 2023, a stark contrast to the previous year when it recorded a loss after tax.

But just a little over one year after Mr Tinubu became president, the company’s share price, which sold at six naira as of September 1, 2023, saw its market value rocket to an all-time high of N92.

The latest valuation elevated Oando to the top 10 most-capitalised companies on the Nigerian stock exchange.

The profit surge comes months after a Peoples Gazette’s January report exposed how Mr Tinubu was plotting to transfer Eni’s Nigerian assets to Oando in exchange for Eni’s repossession of Nigeria’s lucrative OPL 245 oil field in partnership with Shell.

The assets transfer was made public last week by the parties, who said the deal was about $785 million and denied any wrongdoing of Oando cornering juicy deals at the expense of Nigeria’s oil field.

Wale Tinubu and Oando have continued to deny any wrongdoing, asserting that some of the discussions that led to their latest successes took place long before his uncle assumed office.

The increase sent netizens into a frenzy with many attributing Oando’s profit surge to its CEO’s blood ties with the president, suggesting the oil company’s increased valuation resulted from Mr Tinubu’s influence and not necessarily hard work and merit.

The currency devaluation, fuel subsidy removal and overall economic crisis had sent many companies into dire straits, including billionaire Aliko Dangote, who recently got demoted from Africa’s richest man to the second position, rankings of Bloomberg Billionaire Index released in August showed.

Oando is not the only business with ties to the Tinubu family that is doing well under the current administration. Earlier this year, the president awarded a humongous road contract worth over N15 trillion to a company run by his son Seyi and his friend, Gilbert Chagoury.

The president awarded the multi-trillion naira Lagos-Calabar Coastal highway project contract to Gilbert Chagoury’s company, Hi-tech, in which First Son Seyi Tinubu sits on its board, a move that triggered furious reactions and nepotism accusations.

The collective outrage and criticism from opposition figures like Atiku Abubakar, the presidency denied nepotism or corruption accusations in handling federal contracts under the current administration.


https://gazettengr.com/oandos-market-value-jumps-from-n70-billion-to-n1-trillion-in-tinubus-first-year-as-president/

Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by 2special(m): 7:05pm On Sep 05
Lots of investors that have shares/stocks with Oando are making millions, Position yourself. Some are complaining blaming the system while some are smiling to the bank.

1 Like 1 Share

Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by AlphaNugget(m): 7:19pm On Sep 05
It was predicted that it would grow...... nepotism is a disease embroidered in our administrative sector.


Tinubu had everything planned out. More ewa and corn for everybody till 2088!!

2 Likes

Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by RealityKings: 7:31pm On Sep 05
Why will I be a president and my company won't expand grin
Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by Freetech: 7:56pm On Sep 05
Misinformation from gala seller aka ipob miscreants.

So you dont know the jump was majorly as a result of naira devaluation. In oil sector, investment are mainly stated in dollar.

Always posting sensational news to hoodwink gullible youth like you, who refuse to produce nothing but want everything free

10 Likes

Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by jahsharon: 8:00pm On Sep 05
The Politics of Business
Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by jahsharon: 8:02pm On Sep 05
RealityKings:
Why will I be a president and my company won't expand grin

E surprise me oooo. Shey na Atiku and Bitter Obituary’s companies Tinubu supposed to grow?
Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by Sannisege: 8:53pm On Sep 05
Chai, I should have bought OandO shares last year.
Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by Obrigardo: 9:08pm On Sep 05
This is the true corruption here that should have been the focus of your protests.

tinubu Still Pays himself and his family and cronies fuel subsidies while his online goons will attack anyone that dares to point it out.

Even if the drug dealer buys nnpc and shell combined, poor nigerians won't bat an eyelid.

What a cursed nation.

1 Like

Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by Obrigardo: 9:10pm On Sep 05
RealityKings:
Why will I be a president and my company won't expand grin

That's why you are fond of the fraudster, rapist felon trump.

I see.

1 Like

Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by RealityKings: 9:13pm On Sep 05
Obrigardo:


That's why you are fond of the fraudster, rapist felon trump.

I see.


I don't have any problems with Trump. I have never met him, he doesn't know me yet and hopefully he will someday.
Everything you alleged up there are issues that probably happened In the past and it never stopped him from becoming the president the first time.
Well, as you know the past always remains the past. this is the present. We live in the Present
Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by Obrigardo: 9:13pm On Sep 05
2special:
Lots of investors that have shares/stocks with Oando are making millions, Position yourself. Some are complaining blaming the system while some are smiling to the bank.

Will they bury the money with you when you die?
Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by Obrigardo: 9:15pm On Sep 05
RealityKings:



I don't have any problems with Trump. I have never met him, he doesn't know me yet, hopefully he will someday.
Everything you alleged up there are issues that probably happened In the past and it never stopped him from becoming the president.
Well, as you know, this is the present


So you have serious questionable morals

1 Like

Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by RealityKings: 9:18pm On Sep 05
Obrigardo:



So you have serious questionable morals


It's strange you never asked why all those issues were not raised BEFORE or when he was about to contest the first time?
Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by Obrigardo: 10:07pm On Sep 05
RealityKings:



It's strange you never asked why all those issues were not raised BEFORE or when he was about to contest the first time?

He's worse off now bro.

So worse than 2016.

He didn't sound this way then.

But now he's rolling in dementia and slurring, missing his train of thoughts while at the same time remaining vulgar, unrepentant and insulting.

Maga world is crumbling, so many things happening at once. Are you up to date with the latest?

Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by 2special(m): 10:35pm On Sep 05
Obrigardo:


Will they bury the money with you when you die?
will they bury poverty with you when you die
Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by Yankee101: 10:44pm On Sep 05
This is the fraud
The Tinubu heist

1 Like

Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by RealityKings: 10:53pm On Sep 05
Obrigardo:

He's worse off now bro.
So worse than 2016.
He didn't sound this way then.

But now he's rolling in dementia and slurring, missing his train of thoughts while at the same time remaining vulgar, unrepentant and insulting.
Maga world is crumbling, so many things happening at once. Are you up to date with the latest?


So why didn't they chose you to be president instead of Trump since you know it all and you are the most perfect human?
Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by NorthernAgender: 11:04pm On Sep 05
Even despite that NNPC bought oando the largest asset last year.

10 Likes

Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by Obrigardo: 2:55am On Sep 06
RealityKings:



So why didn't they chose you to be president instead of Trump since you know it all and you are the most perfect human?

The word salad you just read from the mouth of the rapist felon is the tip of the iceberg. Many of you nigerian maga cultists don't watch his rallies or hear him speak complete sentences so you don't know how far gone he is dementia wise.

Don't you worry. I'm gonna show you more.
Re: Oando’s Market Value Jumps From N70 Billion To N1 Trillion In one Year by RealityKings: 3:07am On Sep 06
Obrigardo:


The word salad you just read from the mouth of the rapist felon is the tip of the iceberg. Many of you nigerian maga cultists don't watch his rallies or hear him speak complete sentences so you don't know how far gone he is dementia wise.
Don't you worry. I'm gonna show you more.


So why didn't they chose you to be president instead of Trump

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