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Oando to become private firm as core investor offers buyout of minority shareholders

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2 years ago

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Oando Plc says it has received an offer from Ocean and Oil Development Partners Limited (OODP), an investment company, to acquire the shares of all minority shareholders.

In a statement, signed by Ayotola Jagun, chief compliance officer/company secretary, Oando said if the conditions of the transaction with OODP, its core investor, are satisfied, the company will become a private company.

Oando was listed on the Nigerian Stock Exchange — now Nigerian Exchange Limited (NGX) — in February 1992, as a public company.

If the offer is completed, the oil firm will be subsequently delisted from NGX and Johannesburg Stock Exchange (JSE) and re-registered as a private company, according to the statement.

The organisation said the transaction will be executed through a scheme of arrangement, in accordance with section 715 of the Companies and Allied Matters Act (CAMA) 2020, and other applicable laws.

Oando said OODP is proposing to acquire the minority shares at N7.07 per share.

“Under the scheme, each scheme shareholder shall be entitled to receive the sum of N7.07 in cash or its equivalent in South African Rand (ZAR) for every ordinary share held by the qualified scheme shareholders at the effective date of the scheme (scheme consideration),” the statement reads.

“The proposed scheme consideration represents a 58 percent premium to the last traded share price of Oando on 28 March 2023, being the day prior to the date of submission of the scheme application to the Securities and Exchange Commission (SEC).”

Oando said it has applied to the Securities and Exchange Commission (SEC) for a “no objection” to the transaction, adding that it will seek approval of shareholders at a court-ordered meeting.

“Please note that the effectiveness of the scheme is subject to the approval of the shareholders of Oando at the court-ordered meeting of the company, as well as the sanction of the federal high court,” the organisation said.

“The terms and conditions of the transaction will be provided in the scheme document which will be dispatched to all shareholders following the receipt of an order from the federal high court to convene a court-ordered meeting.”

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Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

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13 hours ago

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November 25, 2024 1:29 pm

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The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

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Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

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16 hours ago

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November 25, 2024 11:01 am

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The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

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Business

Allegation of missing fund untrue, says Access Bank

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17 hours ago

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November 25, 2024 9:16 am

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Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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