NSE CEO’s Speech at The Facts Behind The Figures Presentation of Oando Plc On February 18, 2013

Proshare

February 19, 2013/ NSE

On behalf of the Management and Staff of The Nigerian Stock Exchange and the wider capital market stakeholders, I welcome the Board and Management of Oando Plc to this Facts Behind The Figures presentation.

We would like to commend you for coming forward to provide the market with more information about the exciting developments within Oando in recent months. We also congratulate your Board, Management and Staff for working diligently over the years towards building what has grown to become an African success story.

Since Ocean and Oil’s acquisition of controlling interest in Unipetrol Plc in 2000 and the subsequent merger with Agip Nigeria Plc in 2003, Oando has steadily grown to become one of Africa’s largest integrated energy solutions providers with the addition of gas and power distribution, international supply, trading and energy services to its petroleum marketing business.

In Nigeria, Oando is famed to sell and distribute one in every five litres of petroleum via over 500 retail outlets and has continued to expand its operations across West Africa to the Republic of Benin, Togo and Ghana.

We are aware that just last year, the company completed the acquisition of Canada based Exile Resources Incorporated, now known as Oando Energy Resources (OER) Incorporated and listed the company's shares on Toronto Stock Exchange. We are also aware that the Group recently signed Agreements to Acquire ConocoPhillips’ Nigerian Assets for $1.79Billion and has also opened a N54.6 Billion Rights Issue which will help the group optimize opportunities in its upstream business and deliver better value for shareholders.

As the company expands its reach and presence, we challenge you to strive to improve the high standards of corporate governance, accountability and disclosure that permitted these achievements.

I will like to use this occasion to advise all the companies quoted on this Exchange not to wait until they have good news before they come forward to give information about their organisation. When the going is tough, let the market know –it is best for the capital market stakeholders to hear first-hand from the horse’s mouth, the reason behind every performance…be it good, bad or exceptional.

Whilst we look forward to spin-offs from Oando group taking their place as listed entities in their own right on our exchange, we also look forward to welcoming and nurturing future African champions like Oando on the Nigerian bourse.

Once again we commend the management of Oando Plc for coming to present The Facts behind The Figures. We wish you a successful conclusion of your rights issue and look forward to hosting you again for IPOs from the Oando Group.

Oscar Onyema
Chief Executive Officer

READ MORE:
Related News
SCROLL TO TOP