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Nigeria’s SEC to Investigate Oando for Possible Insider Dealing

LAGOS (Capital Markets in Africa) – The Nigerian Securities and Exchange Commission ordered an insider-trading investigation into Oando Plc and suspended dealing in the energy company’s shares. A comprehensive review of Lagos-based Oando also found discrepancies in its shareholding structure and related-party transactions that were not done “at arm’s length,” the regulator said in an emailed statement on Wednesday. Alero Balogun, a spokeswoman for Oando, said she couldn’t immediately comment on the allegations when contacted by…

Nigerian Bourse Records Flattish Close… NSE ASI down 3bps

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The local bourse recorded a flattish close as the benchmark index shed 3bps to close at 25,266.15 points while YTD loss stayed at 6.0%. Rally in OANDO (+6.3%) which submitted FY:2016 result late yesterday was offset by a weak appetite for Tier-1 banks – ETI (-3.0%), UBA (-2.3%), GUARANTY (-0.6%) – as well as FORTE (-5.9%) to ensure the flattish close. Accordingly, investors lost N2.4bn as market capitalization settled at N8.7tn. However, activity level surged from yesterday’s low as…

OANDO PLC announces FYE 2014 results, posts NGN 425.7 billion top line revenue

Posted on by The Editorial Team

Lagos, Nigeria, Capital Markets in African — Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced audited results for the twelve months period ended 31 December, 2014, with the following highlights: Financial Highlights: – Turnover decreased by 7%, N425.7billion compared to N457 billion (2013) – Gross Profit increased by 17%, N69.8billion compared to N59.4 billion (2013) …