stcool:


I would love to but again you know the Tinubu Wale and Co never gives up!

Until after the EGM and new board constituted... I will wait and watch. The stock may go on bid for some days! The Normally NSE and brokers chopping

Go on which bid. The stock is headed for japaul positions.

Mpeace:
Go on which bid. The stock is headed for japaul positions.

Lol mpeace!!! Explain!!

Mpeace:
Go on which bid. The stock is headed for japaul positions.

With Tinubu out of the way... Alot of people would want in now. I cannot assume the shares would be readily available on Monday!

This is a goodnews and something is sure to happen to Oando share price on Monday.

onegentleguy:


The cable is reporting that the SEC has just barred Mr Wale tinubu from being a director of any public company for the next 5 years.

https://www.thecable.ng/breaking-sec-bars-wale-tinubu-director-public-company-five-years/amp

I have always said that OANDO under Mr Wale tinubu is nothing short of a scam !!
Folks will remember the analysis above, when I warned that investors should stay off this coy.
There seems to be a worrying trend here.

A brief;

2 yrs ago, the SEC led by the DG, Mr Gwarzo uncovered some very dirty insider deals, smeared with gross cooperate misgivings and mis-governance by OANDO.
To back that up, the coys auditors re-echoed its worry over the firms going concern... but then, also issued a stiff cautionary warning to any intending stakeholder.
Following some coperate investigation, the coys security was suspended from trading, and a forensic audit ordered to probe the matters arising at the time.
Fast forward to 5 months from then(@ the time of the said audit), and the SEC DG was suspended by a former minister known to be loyal to the 'heavyweights within the oando circle'.
Almost immediately, the coy started putting out a spate of better finnancial prints(beginning with H1 2018).
Now the court's have reinstated the suspended SEC DG(Mr Gwarzo) following the resignation of the said minister a few months ago.
Well, ur guess is as good as mine on what may likely play out going forward. It's not for nothing that the SEC has now taken the above mentioned action against Mr Wale. ...more may likely follow.
U also do not need a soothsayer to explain the reason behind the sharp pullback(on the back of an above average volume) in price today.

This coy is synonymous to 'a weighty chaff' with no good in sight. It's the perfect definition of the level of rot and fraud by some of our manager's in the coperate world and mirrors well, everything that is wrong with the Nigerian system.

I have since said that OANDO is a sell, and I still maintain this.
Unless u are 'the man who can see tomorrow', its best to stay off that coy and remain on the side line. ....until such a time when the rot called the current managers are no longer there, and there is a clear direction on a change in tide. !!
A word they say, is enough for the ...

CAVEAT: Pls do well to read thru my signature below.

Please did you remember those banks involved in Oando deal? Please if you have their detail tell me, to avoid entering one chance, because this Oando dust might raise a lot of issues. I want to know whether those bank are free from Oando, or are they still having unfinished business with them?. Let one invest with caution.

Chibuking81:

Please did you remember those banks involved in Oando deal? Please if you have their detail tell me, to avoid entering one chance, because this Oando dust might raise a lot of issues. I want to know whether those bank are free from Oando, or are they still having unfinished business with them?. Let one invest with caution.

FCMB and ACCESS are cheerleaders on this table.

https://nairametrics.com/2016/06/07/oando-gets-n94-6billion-restructuring-loan-from-10-nigerian-banks/

https://nairametrics.com/2016/04/04/fidelity-bank-confirms-its-113-million-to-oando-is-about-to-go-bad/

Business NewsCompanies
These 10 Nigerian Banks Just Bailed Out Oando
By Nairametrics - June 7, 2016


Nigeria’s Oil and Gas giant, Oando has announced that it has secured a N94.6 billion ($475 mln) restructuring loan facility from 10 domestic banks as part of its plans to restructure its finances and return to profitability this year. This is a huge deal for a company that reported losses of over N180 billion in 2014 and another N45.6 billion in the first 9 months of 2015.

The banks that have decided to take another huge bet on Oando are as follows; Access Bank, Diamond Bank, Ecobank, FCMB, Fidelity Bank, Stanbic IBTC Bank, UBA , Union Bank and Zenith Bank.

The facility is said to be a five-year term loan, paying Nigerian interbank rate plus 2 percentage points with a three-year moratorium on principal. This basically means Oando will not be paying principal for three years and will only service interests.

Here is the press release issued by the bank

Hope this ten banks are save?

house is on flames,some people are still struggling to get in!

DOLLARTEX:
house is on flames,some people are still struggling to get in!

Chibuking81:
https://nairametrics.com/2016/06/07/oando-gets-n94-6billion-restructuring-loan-from-10-nigerian-banks/


Business NewsCompanies
These 10 Nigerian Banks Just Bailed Out Oando
By Nairametrics - June 7, 2016


Nigeria’s Oil and Gas giant, Oando has announced that it has secured a N94.6 billion ($475 mln) restructuring loan facility from 10 domestic banks as part of its plans to restructure its finances and return to profitability this year. This is a huge deal for a company that reported losses of over N180 billion in 2014 and another N45.6 billion in the first 9 months of 2015.

The banks that have decided to take another huge bet on Oando are as follows; Access Bank, Diamond Bank, Ecobank, FCMB, Fidelity Bank, Stanbic IBTC Bank, UBA , Union Bank and Zenith Bank.

The facility is said to be a five-year term loan, paying Nigerian interbank rate plus 2 percentage points with a three-year moratorium on principal. This basically means Oando will not be paying principal for three years and will only service interests.

Here is the press release issued by the bank

Hope this ten banks are save?

Is this the Connoco Phillips loan, cos Oando has several loans with Nigeria's banks with FCMB giving them the bulk.

I hope it's not what I am thinking.... The way offers kept mounting on banks this week.

That fake Access 50M bid will disappear on Monday

lancee:
you use money to pay bills

A good one.

We are making cool money this year

DOLLARTEX:
house is on flames,some people are still struggling to get in!

they will join bodi roast now

stcool:


Is this the Connoco Phillips loan, cos Oando has several loans with Nigeria's banks with FCMB giving them the bulk.

I hope it's not what I am thinking.... The way offers kept mounting on banks this week.

That fake Access 50M bid will disappear on Monday

Wale Tunubu should not be allow to escape till he explain what goes wrong in the company, and where about the money he borrowed so far. Years without dividend, but selling of the company assets and borrowing billions from bank, without positive outcome.
Most at time they sale and buy back using other name. Meaning that the usually sell to themselves at give away price, without considering the ordinary shareholders, always hired thugs during their annual general meeting, and decides who will enter, and always share gift to them, this attitudes is common among scams Nigeria CEOS.

Chibuking81:

Wale Tunubu should not be allow to escape till he explain what goes wrong in the company, and where about the money he borrowed so far. Years without dividend, but selling of the company assets and borrowing billions from bank, without positive outcome.

I say in developed economies... Wale story is a full Series / movie. That guy should be in lifetime jail.

And everything he took from Oando recovered, but alas we are in Nigeria.

What Bumi and Co. did in Cadbury is not up-to 10% of what Wale has done.

stcool:
With Tinubu out of the way... Alot of people would want in now. I cannot assume the shares would be readily available on Monday! This is a goodnews and something is sure to happen to Oando share price on Monday.

Well done sir.
You better look before you leap. Though I see Jijo loading .....but not until there's serious wondjurement first.
Let's keep eyes on the price movement and see where it leads to before diving in. My humble opinion.

Mcy56:

Well done sir.
You better look before you leap. Though I see Jijo loading .....but not until there's serious wondjurement first.
Let's keep eyes on the price movement and see where it leads to before diving in. My humble opinion.

By the time you open your eyes inside the bus, it will be at 50 kobo junction. Company that their debt is more than their worth, what are you trying to JiJo inside .
Let this not affect banks that are involved with them, this news might likely usher in bear on Monday, but I don't pray for that.

stcool:
I say in developed economies... Wale story is a full Series / movie. That guy should be in lifetime jail.
And everything he took from Oando recovered, but alas we are in Nigeria.

The thing is, the incumbent govt is going to favour him, he was only bar for 5yrs from holding any directorship position in a publicly quoted coy.
I hope there'll be more sanctions than this anyway.

Mcy56:

The thing is, the incumbent govt is going to favour him, he was only bar for 5yrs from holding any directorship position in a publicly quoted coy.
I hope there'll be more sanctions than this anyway.

EFCC might be his next visitor, if he still in the country.

Chibuking81:
By the time you open your eyes inside the bus, it will be at 50 kobo junction. Company that their debt is more than their worth, what are you trying to JiJo inside .
Let this not affect banks that are involved with them, this news might likely usher in bear on Monday, but I don't pray for that.

Well, na my own opinion be that. Drama and Jijo loading.
When? Mr.Time will tell.

Edited: I thought I quoted stcool.

Mcy56:

The thing is, the incumbent govt is going to favour him, he was only bar for 5yrs from holding any directorship position in a publicly quoted coy.
I hope there'll be more sanctions than this anyway.

It's full season... Wait until the books are fully opened and all the Oando shell companies investigated...

Wale will go the way of Cadbury's Bumi

Chibuking81:
EFCC might be his next visitor, if he still in the country.

Think they once did this before (though not very sure now) but what came out of it? Nothing.
Oando has always being in the news for one 'trouble' or the other, yet the guy always maneuver his ways.
Anyway, lets keep our arms crossed and watch the episodes as it unfolds.

Chibuking81:
https://nairametrics.com/2016/06/07/oando-gets-n94-6billion-restructuring-loan-from-10-nigerian-banks/

https://nairametrics.com/2016/04/04/fidelity-bank-confirms-its-113-million-to-oando-is-about-to-go-bad/

Business NewsCompanies
These 10 Nigerian Banks Just Bailed Out Oando
By Nairametrics - June 7, 2016


Nigeria’s Oil and Gas giant, Oando has announced that it has secured a N94.6 billion ($475 mln) restructuring loan facility from 10 domestic banks as part of its plans to restructure its finances and return to profitability this year. This is a huge deal for a company that reported losses of over N180 billion in 2014 and another N45.6 billion in the first 9 months of 2015.

The banks that have decided to take another huge bet on Oando are as follows; Access Bank, Diamond Bank, Ecobank, FCMB, Fidelity Bank, Stanbic IBTC Bank, UBA , Union Bank and Zenith Bank.

The facility is said to be a five-year term loan, paying Nigerian interbank rate plus 2 percentage points with a three-year moratorium on principal. This basically means Oando will not be paying principal for three years and will only service interests.

Here is the press release issued by the bank

Hope this ten banks are save?

News as of 7 June, 2016, and tomorrow being 1st June will make it 3 years that they will start paying principal. They incoming administrator will be the one to pay. At least sanity will return to the company, they should go for public offer or right issue to offsets their debt, if falling to #2 and start moving up again will solve their problem no problem, but I sympathise with those already in the bus, but one thing is certain, Oando shall bounce back again, they are important in the oil sector and need not to be ignore.

Oando Describes SEC Sanction Invalid, Mulls Legal Action
https://businesspost.ng/2019/05/31/oando-describes-sec-sanction-invalid-mulls-legal-action/

modgba:
Oando Describes SEC Sanction Invalid, Mulls Legal Action
https://businesspost.ng/2019/05/31/oando-describes-sec-sanction-invalid-mulls-legal-action/

Didn't know if to or For Nigeria.

PETERiCHY:
I said this 2yrs ago but some doubted it Wale Tinubu and his gangs are the WOLF of CUSTOM STREET.

For long OANDO Shareholders fund has been in the negative territory.

By the time they are through with the investigation SHARE RECONSTRUCTION will set in.

*ThE OcToPuS*

I made the above prediction in 2017.
.
Wale Tinubu is the MOST corrupt CEO in NSE both dead and alive and he suppose rot in jail

OANDO shareholders should brace up because their EQUITY is over DILUTED and heading to GOLGOTHA.

The new MANAGEMENT will take a drastic DECISION via SHARE RECONSTRUCTION afterward will the price will now drop to the REAL VALUE.

BARGAIN HUNTERS TAKE NOTE !

*The OcToPuS*

http://www.nse.com.ng/Financial_NewsDocs/26288_OANDO_PLC_CORPORATE_ACTIONS_MAY_2019.pdf




Oando response

modgba:
Oando Describes SEC Sanction Invalid, Mulls Legal Action
https://businesspost.ng/2019/05/31/oando-describes-sec-sanction-invalid-mulls-legal-action/

Lol. I never finish talking typing self.
I tell you, this guy will still go away with some things. Na today? Abeg, fellow jijoist, hhmmm.

Mcy56:

Lol. I never finish talking typing self.
I tell you, this guy will still go away with some things.

They are not done with the destruction... E le ye gidigan o!

Nigeria now has more hope than Oando shellholders

Mcy56:

Lol. I never finish talking typing self.
I tell you, this guy will still go away with some things. Na today? Abeg, fellow jijoist, make una dey watch this space jare.

Fear no gimlet me JIJO hear...your 5Million can turn to 100,000 in your very eyes.

Mcy56:

Lol. I never finish talking typing self.
I tell you, this guy will still go away with some things. Na today? Abeg, fellow jijoist, make una dey watch this space jare.

That's if EFCC fail to do their work, election has finish, next level has commence, this time he must not go free, watch for news of EFCC visit to his house on or before Monday.

stcool:
They are not done with the destruction... E le ye gidigan o!
Nigeria now has more hope than Oando shellholders

O gidigan. Lol.
You know how our leaders, African leaders always love to hold unto power by all means. His cup may be full one day but he's going to fight this one and I see him having a headway again. I may be wrong sha.

stcool:
Fear no gimlet me JIJO hear...your 5Million can turn to 100,000 in your very eyes.

Now you don dey fear, no full bid again?