Connect with us
Court Fines MTN NIgeria Court Fines MTN NIgeria
Telecoms23 hours ago

Appeal Court Fines MTN N15m Over Unsolicited Services

The Court of Appeal in Abuja has ordered MTN Nigeria to pay N15million in damages for unlawful deduction of a subscriber’s airtime over...
Mining Activities Resume in Zamfara Mining Activities Resume in Zamfara
Economy24 hours ago

BREAKING: Mining Activities Resume in Zamfara as FG Lifts 5-year Ban
Dangote Refinery Dangote Refinery
Energy4 days ago

JUST IN: Dangote Refinery Reduces Petrol Price to N899.50k/litre
Economy5 days ago

Tinubu Presents N47.90Trn 2025 Budget Estimates, Earmarks N15.81Trn for Debt Servicing

Latest

Prof. Ismail Ibraheem
General1 week ago

UNILAG Don Ibraheem to Dissect Casino Journalism at Inaugural Lecture

A professor of Journalism and Communication Studies at the University of Lagos (UNILAG) is set to deliver his inaugural lecture...
Nigeria Commits N75 Billion to Empower MSMEs – Information Minister
Economy2 months ago

FG Empowers MSMEs with N75 Billion – Information Minister
$80,000 Mark in View as Bitcoin Rides on US Election Frenzy
Cryptocurrency2 months ago

$80,000 Mark in View as Bitcoin Rides on US Election Frenzy
African Atlantic Gas Pipeline project
Energy2 months ago

$26BN African Gas Pipeline Project Receives Boost to Connect 13 African Countries
Oando’s Assets More than Double to N2.68 Trillion in One Year Oando Plc has released its audited Consolidated Financial Statements for the full year ended December 31, 2023, to the Nigerian Exchange Group (NGX). The company reported a total asset of N2.68 trillion as against N1.25 trillion posted in the comparable period of 2022, representing a growth of 113.73%. The company recorded a 43% increase in revenue, reaching N2.9 trrillion compared to N1.9 trillion in 2022. Notably, Oando achieved a turnaround, transitioning from a loss in 2022 to a profit-after-tax of N60.3 billion in 2023, a 961% increase in its operating profits despite the 24% reduction in the realised oil price ($83.15/bbl in 2023 compared to $109.55/bbl in 2022). According to the company, the reduction was consistent in gas prices as the value fell from $14.74/bbl in 2022 to $12.19/bbl in 2023; and in NGL prices with a similar decline from $6.23/boe in 2022 to $4.87/boe in 2023. Additionally, the company reduced its upstream borrowings by 23 per cent, from $635.6m in 2022 to $488.9m in 2023. Commenting on the results, Group Chief Executive, Oando Plc, Wale Tinubu, said: “Despite the operational hurdles occasioned by security breaches and persistent pipeline vandalism in the Niger Delta, we achieved a profit after tax of N60 billion, bolstered by the strength of our global trading alliances, a 12 per cent increase in total production, and favourable exchange gains from our foreign currency denominated assets.” “Our recently completed transformational acquisition of NAOC Ltd is a pivotal moment for the Company due to the expansive reserves and vast infrastructure network. Following our 2014 acquisition of ConocoPhillips’s Nigerian unit, this transaction was the next phase in our long-term strategy to increase our reserves and production capacity by leveraging the exit of the International Oil Companies whilst securing operational control of the assets. “Our immediate focus now shifts to a seamless integration and execution of initiatives towards achieving a marked increase in production. We are confident about the opportunities this platform provides and are committed to delivering sustainable value to all stakeholders” he added. Despite persistent operational security challenges in the Niger Delta, Oando achieved a 12 per cent increase in total production, reaching 23,258boepd in 2023 compared to 20,703boepd in 2022. Expanding on the performance of its production portfolio, Oando averaged a daily production of 6,211 bbls/day, making a 26 per cent increase to its 4,939 bbls/day in 2022. Consistent with the improved performance, it averaged 16,808boe/day of natural gas, 10 per cent better than 15,292 boe/day of natural gas in 2022. The company cited improved operations and repairs of shut-in wells offset by persistent sabotage activities as a reason for the production increase. The decline in global oil prices in 2023 was because of a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major global producers. The company noted that the operating profits increase was “driven by the increase in revenue and a significant increase in other operating income, largely due to foreign exchange gains on the group’s US dollar-denominated monetary assets. This was despite an increase in administrative expenses primarily from exchange losses from the impact of the Naira devaluation on our foreign currency-denominated liabilities.”
Markets2 months ago

Oando’s Assets More than Double to N2.68 Trillion in One Year
Equinix Wole Abu
Technology2 months ago

Equinix Appoints Wole Abu as MD for West Africa as Funke Opeke Steps Down
Political Meme Coins
Cryptocurrency2 months ago

Election Season Boosts Political Meme Coins to New Heights

Top Reads

PalmPay, Jumia Launch Holiday Campaign to Reward Users
Technology3 days ago

PalmPay, Jumia Launch Holiday Campaign to Reward Users
Technology3 days ago

Sandisk Previews New Corporate Branding Defined by a ‘Mindset of Motion’  
NCC Introduces Regulatory Framework for A2P Messaging Ecosystem
Telecoms1 day ago

NCC Introduces Regulatory Framework for A2P Messaging Ecosystem
Technology6 days ago

Sophos XDR Excels in MITRE ATT&CK Evaluations: Enterprise
Dutch Authorities Fine Netflix €4.75M for Data Breach 
Technology5 days ago

Dutch Authorities Fine Netflix €4.75M for Data Breach 
Advertisement

Markets

Capital Market3 weeks ago

NASD Charges Unlisted Securities to Comply with SEC Rules

The NASD OTC Exchange has called on public limited companies to comply with the Securities and Exchange Commission (SEC) rule...
STRIKE: Equity Market Records N102BN Loss STRIKE: Equity Market Records N102BN Loss
Capital Market3 weeks ago

NGX Posts N185 Billion Weekly Loss
NGX Rebounds with N295 Billion Gain on Bargain Hunting NGX Rebounds with N295 Billion Gain on Bargain Hunting
Markets1 month ago

NGX Rebounds with N295 Billion Gain on Bargain Hunting
Advertisement
Oando’s Assets More than Double to N2.68 Trillion in One Year Oando Plc has released its audited Consolidated Financial Statements for the full year ended December 31, 2023, to the Nigerian Exchange Group (NGX). The company reported a total asset of N2.68 trillion as against N1.25 trillion posted in the comparable period of 2022, representing a growth of 113.73%. The company recorded a 43% increase in revenue, reaching N2.9 trrillion compared to N1.9 trillion in 2022. Notably, Oando achieved a turnaround, transitioning from a loss in 2022 to a profit-after-tax of N60.3 billion in 2023, a 961% increase in its operating profits despite the 24% reduction in the realised oil price ($83.15/bbl in 2023 compared to $109.55/bbl in 2022). According to the company, the reduction was consistent in gas prices as the value fell from $14.74/bbl in 2022 to $12.19/bbl in 2023; and in NGL prices with a similar decline from $6.23/boe in 2022 to $4.87/boe in 2023. Additionally, the company reduced its upstream borrowings by 23 per cent, from $635.6m in 2022 to $488.9m in 2023. Commenting on the results, Group Chief Executive, Oando Plc, Wale Tinubu, said: “Despite the operational hurdles occasioned by security breaches and persistent pipeline vandalism in the Niger Delta, we achieved a profit after tax of N60 billion, bolstered by the strength of our global trading alliances, a 12 per cent increase in total production, and favourable exchange gains from our foreign currency denominated assets.” “Our recently completed transformational acquisition of NAOC Ltd is a pivotal moment for the Company due to the expansive reserves and vast infrastructure network. Following our 2014 acquisition of ConocoPhillips’s Nigerian unit, this transaction was the next phase in our long-term strategy to increase our reserves and production capacity by leveraging the exit of the International Oil Companies whilst securing operational control of the assets. “Our immediate focus now shifts to a seamless integration and execution of initiatives towards achieving a marked increase in production. We are confident about the opportunities this platform provides and are committed to delivering sustainable value to all stakeholders” he added. Despite persistent operational security challenges in the Niger Delta, Oando achieved a 12 per cent increase in total production, reaching 23,258boepd in 2023 compared to 20,703boepd in 2022. Expanding on the performance of its production portfolio, Oando averaged a daily production of 6,211 bbls/day, making a 26 per cent increase to its 4,939 bbls/day in 2022. Consistent with the improved performance, it averaged 16,808boe/day of natural gas, 10 per cent better than 15,292 boe/day of natural gas in 2022. The company cited improved operations and repairs of shut-in wells offset by persistent sabotage activities as a reason for the production increase. The decline in global oil prices in 2023 was because of a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major global producers. The company noted that the operating profits increase was “driven by the increase in revenue and a significant increase in other operating income, largely due to foreign exchange gains on the group’s US dollar-denominated monetary assets. This was despite an increase in administrative expenses primarily from exchange losses from the impact of the Naira devaluation on our foreign currency-denominated liabilities.”
Markets2 months ago

Oando’s Assets More than Double to N2.68 Trillion in One Year
Foreign Appetite for Nigerian Stocks Wanes as Outflow Hits N385.9 Billion in 9 Months Foreign investors are increasingly losing appetite in the Nigerian stock market as activities in the first nine months of the year shows withdrawal of investment. During the period, portfolio investors invested N310.99 billion on stocks even as they sold off more equities worth N385.89 billion, amounting to a net foreign outflow of N72.9 billion. In the nine-month period under review, the Nigerian Exchange recorded N3.968 trillion in equities trading and this was primarily driven by strong domestic investor participation The while the figure represents a remarkable increase from the N2.712 trillion worth of stocks traded during the same period in 2023, foreign investors contributed the least while domestic counterparts continued to dominate the space. Expatriates in the market were responsible for just N696.88 billion, accounting for 17.56% of the total value of stocks traded, while domestic investors dominated the market with N3.271 trillion, or 82.44% of total trading volume The latest Foreign Portfolio Investment report highlights the performance of domestic investors, with retail investors trading N1.739 trillion worth of stocks and institutional investors contributing N1.531 trillion during the nine-month period. Investments in September 2024 In September 2024, total transactions on the Nigerian Exchange saw a month-on-month increase of 29.90%, rising from N379.52 billion (approximately $237.70 million) in August to N493.01 billion (about $307.84 million). This is a notable improvement compared to September 2023, where total transactions were valued at N295.80 billion, marking a 66.67%t increase year-on-year. In September 2024, domestic investors outperformed foreign investors, executing transactions valued at 84% more than their foreign counterparts. Domestic transactions rose significantly, with total domestic trading increasing by 40.23% from N322.05 billion in August to N451.60 billion in September. Conversely, foreign transactions saw a decline of 27.95%, dropping from N57.47 billion (about $35.99 million) in August to N41.41 billion (approximately $25.86 million) in September. The report also indicates that retail investors surpassed institutional investors, outperforming them by 28%. A closer look at the domestic market reveals that retail transactions increased by 59.42 percent, from N180.72 billion in August to N288.10 billion in September, while institutional transactions rose by 15.6%, from N141.33 billion to N163.50 billion during the same period.
Markets2 months ago

Foreign Appetite for Nigerian Stocks Wanes as 9-month Outflow Hits N385.9 Billion
Investors Lose N1.22 Trillion on Stocks amid Mixed Turnover
Markets2 months ago

Investors Lose N1.22 Trillion on Stocks amid Mixed Turnover
More Markets

Cryptocurrency

$80,000 Mark in View as Bitcoin Rides on US Election Frenzy $80,000 Mark in View as Bitcoin Rides on US Election Frenzy
Cryptocurrency2 months ago

$80,000 Mark in View as Bitcoin Rides on US Election Frenzy

Bitcoin has experienced wild price swings since Vice President Kamala Harris announced her candidacy for the U.S. Presidential election in...
Political Meme Coins Political Meme Coins
Cryptocurrency2 months ago

Election Season Boosts Political Meme Coins to New Heights

Given the ongoing U.S. presidential election, political meme coins are again on the rise. The PolitiFi category has gained 3%...
Americans Lost over $5.6 Billion to Crypto Scams in One in 2023 – FBI     Americans Lost over $5.6 Billion to Crypto Scams in One in 2023 – FBI    
Finance3 months ago

Americans Duped $5.6 Billion in Crypto Scams in 2023 – FBI    

Americans were duped out of more than $5.6 billion last year through fraud schemes involving cryptocurrency, the FBI said in a...
Crypto Fraud Scheme Crypto Fraud Scheme
Cryptocurrency4 months ago

Malaysian Police Arrest 21 in Crypto Fraud Scheme Targeting Japanese Investors

Malaysian authorities have taken down a major cryptocurrency scam scheme targeting Japanese nationals. According to local reports, the Royal Malaysia Police,...
crypto scams crypto scams
Cryptocurrency4 months ago

Australians Lost $12m Worth of Crypto to Scams in 12 Months

Australians lost cryptocurrency worth Australian dollar 180 million ($122 million) to investment scams in just 12 months, the Australian Federal...
Daily Trade in Dollar Rises by 117% Daily Trade in Dollar Rises by 117%
Economy8 months ago

Rate Manipulation: SEC Moves to Delist Naira from P2P Crypto Space

The Ag Director General of the Securities and Exchange Commission (SEC) Dr. Emomotimi Agama, has disclosed the Commission’s plans to delist...
Advertisement

Technology

NCC Introduces Regulatory Framework for A2P Messaging Ecosystem NCC Introduces Regulatory Framework for A2P Messaging Ecosystem
Telecoms1 day ago

NCC Introduces Regulatory Framework for A2P Messaging Ecosystem
Technology3 days ago

Sandisk Previews New Corporate Branding Defined by a ‘Mindset of Motion’  
PalmPay, Jumia Launch Holiday Campaign to Reward Users PalmPay, Jumia Launch Holiday Campaign to Reward Users
Technology3 days ago

PalmPay, Jumia Launch Holiday Campaign to Reward Users
Dutch Authorities Fine Netflix €4.75M for Data Breach  Dutch Authorities Fine Netflix €4.75M for Data Breach 
Technology5 days ago

Dutch Authorities Fine Netflix €4.75M for Data Breach 
Technology6 days ago

Sophos XDR Excels in MITRE ATT&CK Evaluations: Enterprise
Technology2 weeks ago

S Mobile Provides Ease of Data and Airtime Subscription for Nigerian Students

Economy

Inflation in Nigeria
Economy1 week ago

JUST IN: Nigeria’s inflation rises to 34.60% — NBS

The inflation rate in Nigeria rose to 34.60 per cent in November 2024, showing an increase of 0.72 percentage points...
Economy1 week ago

Presidential Special Envoy Sanusi Woos Investors, Entrepreneurs
Foreign Portfolio Investments Foreign Portfolio Investments
Economy2 weeks ago

How Foreign Portfolio Investments Drive External Reserves to $40.2 Billion
Togo Secures AfDB’s €200M Sustainable Financing
Economy3 weeks ago

Togo Secures AfDB’s €200M for Sustainable Financing
Economy3 weeks ago

Transport Fare Reduced 18.72% in October amidst Fuel Price Hike
CPPE
Economy1 month ago

How CBN’s Monetary Policy Reforms Discourages Investment in Real Sector – CPPE
FG's domestics debt
Economy1 month ago

Aggressive Borrowing Pushes FG’s Domestic Debt Stock to N66.957 Trillion
Tax Committee Proposes Relief for Loss-making Firms
Economy1 month ago

Tax Committee Proposes Relief for Loss-making Firms
Nigeria Commits N75 Billion to Empower MSMEs – Information Minister
Economy2 months ago

FG Empowers MSMEs with N75 Billion – Information Minister
More Economy
Advertisement

Commodities News & Agribusiness

Cocoa exports and Production in Nigeria Cocoa exports and Production in Nigeria
Economy4 months ago

Nigeria’s Cocoa Exports Jump 304% on Demand, Naira
Commodities News & Agribusiness5 months ago

FG Targets 500,000 Metric Tonnes of Cocoa Production by 2025
Foodstuff Store Introduces Innovative Recycling Program Foodstuff Store Introduces Innovative Recycling Program
Commodities News & Agribusiness7 months ago

Foodstuff Store Introduces Innovative Recycling Program
FoodStuff Store FoodStuff Store
Commodities News & Agribusiness8 months ago

6 Ways Agritech Can Revolutionise Grocery Aisles – FoodStuff Store

Finance

Fintech2 weeks ago

PalmPay Reaffirms Commitment to a Secure Digital Economy
US Judge Rejects Musk’s $55.8bn Tesla Pay Deal  US Judge Rejects Musk’s $55.8bn Tesla Pay Deal 
Pension3 weeks ago

US Judge Rejects Musk’s $55.8bn Tesla Pay Deal 
Togo Secures AfDB’s €200M Sustainable Financing Togo Secures AfDB’s €200M Sustainable Financing
Economy3 weeks ago

Togo Secures AfDB’s €200M for Sustainable Financing
CBN Website CBN Website
Finance3 weeks ago

CBN’s New Website Goes Live with Many Error Pages
CPPE CPPE
Economy1 month ago

How CBN’s Monetary Policy Reforms Discourages Investment in Real Sector – CPPE
International Anti-Fraud Awareness Week International Anti-Fraud Awareness Week
Fintech1 month ago

PalmPay Set to Champion International Anti-Fraud Awareness Week with Community Walk
Advertisement

Viewpoints

Facts Behind MultiChoice’s Subscriber Numbers
Technology1 month ago

Facts Behind MultiChoice’s Subscriber Numbers

By Bonaventure Chukwuka It was not surprising to see which item captured media and public attention in the interim financial...
NASENI Trains Procurement Officers, Others on Global Best Practices NASENI Trains Procurement Officers, Others on Global Best Practices
Technology3 months ago

Khalil Halilu’s 365 Days Outstanding Transformations at NASENI
Temi Adeniyan Temi Adeniyan
Technology4 months ago

Leveraging Mentorship to Build a Career in Cybersecurity
Protest in Nigeria and the Russian Flag Dimension
Opinion5 months ago

Protest in Nigeria and the Russian Flag Dimension
Opinion5 months ago

The Paradox of a Peaceful Protest
FG's domestics debt
Economy5 months ago

Repositioning the Economy and What the Numbers are Saying
General7 months ago

Exposing the Malicious Sabotage of MoMo PSB Project in Enugu Ezike
INSIGHT: Discovering Leading Stocks of the Next Market Upswing
Viewpoints7 months ago

INSIGHT: Discovering Leading Stocks of the Next Market Upswing
SMEs8 months ago

What We Can Learn from Africa’s Small Business Success Stories
More Viewpoints

General News

UNILAG Afretch
Technology3 weeks ago

Afretec Supports UNILAG to Study Digital Maturity in African Youth-Led MSMEs

The University of Lagos (UNILAG) has been awarded a prestigious African Engineering and Technology Network (Afretec) seed grant to carry...
Economy3 weeks ago

Transport Fare Reduced 18.72% in October amidst Fuel Price Hike
UBA Foundation National Essay Competition UBA Foundation National Essay Competition
Education4 weeks ago

16-year Old Tehilah Isimah Wins 14th UBA Foundation National Essay Competition
Health4 weeks ago

NCDC, WHO Collaborate on Risk Communication Workshops, Content Development
MTN Nigeria PachiPanda Challenge
News1 month ago

Success Story: Winner of MTN Nigeria PachiPanda Challenge Receives N3m Prize
Education2 months ago

UNILAG, Elsevier Train Academic Journal Editors to Commence Int’l Week
Tony Elumelu Foundation
Startups & Innovations2 months ago

Tony Elumelu Meets a Climate-Action Beneficiary of the Tony Elumelu Foundation Entrepreneurship Program.
129 million Nigerians Now Living in Poverty—World Bank
Economy2 months ago

129 million Nigerians Now Living in Poverty—World Bank
World Bank Approves $500m COVID-19 grant for Nigeria
Economy2 months ago

World Bank Approves $500m COVID-19 grant for Nigeria
More General News

Travels & Aviations

Technology3 weeks ago

How Smart Video is Defining Future EV Infrastructure

With the move away from combustion engines towards electric vehicles (EVs), sales of EVs across the world have increased, and...
African Airline Travel African Airline Travel
Aviation2 months ago

Demand for African Airline Tickets Surges by 11.9% – IATA
Aviation3 months ago

Airbus Names Gabriel Semelas to Lead Airbus in Africa and the Middle East
Wakanow.com Advances Partnership opportunities with Air Côte d'Ivoire
Aviation5 months ago

Wakanow Advances Partnership Opportunities with Air Côte d’Ivoire
Speedbird Pilot Academy
Aviation5 months ago

APPLY: British Airways to Spend £21m to Train 200 Pilots
wakanow
Travels6 months ago

Wakanow Positions for $38BN Revenue Boom in Africa’s Travel, Tourism Sector 
InDrive
Technology7 months ago

InDrive Announces Platform Safety Upgrade
Lagos Airport
Energy7 months ago

FG Considers Solar to Cut N12bn Spent Annually to Power Lagos Airport
Nigeria Air
Aviation7 months ago

Keyamo: Nigeria Air was Never Nigeria Air but Fraud
More Travels & Aviations

Energy

China Loses Potential Revenues as Oil Surplus Drops by 46.2%
Energy1 month ago

China Loses Potential Revenues as Oil Surplus Drops by 46.2%

China’s crude oil surplus shrank from 930,000 barrels daily In September to 500,000 bpd in October, Reuters’ Clyde Russell reported today, based...
African Atlantic Gas Pipeline project African Atlantic Gas Pipeline project
Energy2 months ago

$26BN African Gas Pipeline Project Receives Boost to Connect 13 African Countries
Oando’s Assets More than Double to N2.68 Trillion in One Year Oando Plc has released its audited Consolidated Financial Statements for the full year ended December 31, 2023, to the Nigerian Exchange Group (NGX). The company reported a total asset of N2.68 trillion as against N1.25 trillion posted in the comparable period of 2022, representing a growth of 113.73%. The company recorded a 43% increase in revenue, reaching N2.9 trrillion compared to N1.9 trillion in 2022. Notably, Oando achieved a turnaround, transitioning from a loss in 2022 to a profit-after-tax of N60.3 billion in 2023, a 961% increase in its operating profits despite the 24% reduction in the realised oil price ($83.15/bbl in 2023 compared to $109.55/bbl in 2022). According to the company, the reduction was consistent in gas prices as the value fell from $14.74/bbl in 2022 to $12.19/bbl in 2023; and in NGL prices with a similar decline from $6.23/boe in 2022 to $4.87/boe in 2023. Additionally, the company reduced its upstream borrowings by 23 per cent, from $635.6m in 2022 to $488.9m in 2023. Commenting on the results, Group Chief Executive, Oando Plc, Wale Tinubu, said: “Despite the operational hurdles occasioned by security breaches and persistent pipeline vandalism in the Niger Delta, we achieved a profit after tax of N60 billion, bolstered by the strength of our global trading alliances, a 12 per cent increase in total production, and favourable exchange gains from our foreign currency denominated assets.” “Our recently completed transformational acquisition of NAOC Ltd is a pivotal moment for the Company due to the expansive reserves and vast infrastructure network. Following our 2014 acquisition of ConocoPhillips’s Nigerian unit, this transaction was the next phase in our long-term strategy to increase our reserves and production capacity by leveraging the exit of the International Oil Companies whilst securing operational control of the assets. “Our immediate focus now shifts to a seamless integration and execution of initiatives towards achieving a marked increase in production. We are confident about the opportunities this platform provides and are committed to delivering sustainable value to all stakeholders” he added. Despite persistent operational security challenges in the Niger Delta, Oando achieved a 12 per cent increase in total production, reaching 23,258boepd in 2023 compared to 20,703boepd in 2022. Expanding on the performance of its production portfolio, Oando averaged a daily production of 6,211 bbls/day, making a 26 per cent increase to its 4,939 bbls/day in 2022. Consistent with the improved performance, it averaged 16,808boe/day of natural gas, 10 per cent better than 15,292 boe/day of natural gas in 2022. The company cited improved operations and repairs of shut-in wells offset by persistent sabotage activities as a reason for the production increase. The decline in global oil prices in 2023 was because of a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major global producers. The company noted that the operating profits increase was “driven by the increase in revenue and a significant increase in other operating income, largely due to foreign exchange gains on the group’s US dollar-denominated monetary assets. This was despite an increase in administrative expenses primarily from exchange losses from the impact of the Naira devaluation on our foreign currency-denominated liabilities.” Oando’s Assets More than Double to N2.68 Trillion in One Year Oando Plc has released its audited Consolidated Financial Statements for the full year ended December 31, 2023, to the Nigerian Exchange Group (NGX). The company reported a total asset of N2.68 trillion as against N1.25 trillion posted in the comparable period of 2022, representing a growth of 113.73%. The company recorded a 43% increase in revenue, reaching N2.9 trrillion compared to N1.9 trillion in 2022. Notably, Oando achieved a turnaround, transitioning from a loss in 2022 to a profit-after-tax of N60.3 billion in 2023, a 961% increase in its operating profits despite the 24% reduction in the realised oil price ($83.15/bbl in 2023 compared to $109.55/bbl in 2022). According to the company, the reduction was consistent in gas prices as the value fell from $14.74/bbl in 2022 to $12.19/bbl in 2023; and in NGL prices with a similar decline from $6.23/boe in 2022 to $4.87/boe in 2023. Additionally, the company reduced its upstream borrowings by 23 per cent, from $635.6m in 2022 to $488.9m in 2023. Commenting on the results, Group Chief Executive, Oando Plc, Wale Tinubu, said: “Despite the operational hurdles occasioned by security breaches and persistent pipeline vandalism in the Niger Delta, we achieved a profit after tax of N60 billion, bolstered by the strength of our global trading alliances, a 12 per cent increase in total production, and favourable exchange gains from our foreign currency denominated assets.” “Our recently completed transformational acquisition of NAOC Ltd is a pivotal moment for the Company due to the expansive reserves and vast infrastructure network. Following our 2014 acquisition of ConocoPhillips’s Nigerian unit, this transaction was the next phase in our long-term strategy to increase our reserves and production capacity by leveraging the exit of the International Oil Companies whilst securing operational control of the assets. “Our immediate focus now shifts to a seamless integration and execution of initiatives towards achieving a marked increase in production. We are confident about the opportunities this platform provides and are committed to delivering sustainable value to all stakeholders” he added. Despite persistent operational security challenges in the Niger Delta, Oando achieved a 12 per cent increase in total production, reaching 23,258boepd in 2023 compared to 20,703boepd in 2022. Expanding on the performance of its production portfolio, Oando averaged a daily production of 6,211 bbls/day, making a 26 per cent increase to its 4,939 bbls/day in 2022. Consistent with the improved performance, it averaged 16,808boe/day of natural gas, 10 per cent better than 15,292 boe/day of natural gas in 2022. The company cited improved operations and repairs of shut-in wells offset by persistent sabotage activities as a reason for the production increase. The decline in global oil prices in 2023 was because of a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major global producers. The company noted that the operating profits increase was “driven by the increase in revenue and a significant increase in other operating income, largely due to foreign exchange gains on the group’s US dollar-denominated monetary assets. This was despite an increase in administrative expenses primarily from exchange losses from the impact of the Naira devaluation on our foreign currency-denominated liabilities.”
Markets2 months ago

Oando’s Assets More than Double to N2.68 Trillion in One Year
1.3 Million Meters to be Delivered by June 2025 – Minister
Energy2 months ago

1.3 Million Meters to be Delivered by June 2025 – Minister
Nigeria’s Oil Regulators: NNPC Retracts its Claws from Dangote Refinery
Economy3 months ago

Nigeria’s Oil Regulators: NNPC Retracts its Claws from Dangote Refinery
Dangote Refinery to Sell Petrol Exclusively to NNPC
Energy4 months ago

Dangote Refinery to Sell Petrol Exclusively to NNPC
Conversion Incentive Program
Energy4 months ago

FG Begins 50% Discount to Rideshare Drivers Converting Engines to CNG
Discos Lost N77.45 Billion Potential Revenue in Q1 2024
Energy5 months ago

Discos Lost N77.45 Billion Potential Revenue in Q1 2024
123,604 Electricity Customers Metered in 2024 Q1 
Energy5 months ago

123,604 Electricity Customers Metered in 2024 Q1 
More Energy

Showbiz

Seven Doors Premiere
Showbiz2 weeks ago

Femi Adebayo’s Seven Doors Premiere Set To Dazzle At Imax Lekki On December 11th

The anticipation is reaching its peak as the highly awaited Femi Adebayo’s limited series, Seven Doors, prepares for a grand...
Dutch Authorities Fine Netflix €4.75M for Data Breach  Dutch Authorities Fine Netflix €4.75M for Data Breach 
Technology5 months ago

Netflix Inflates Subscription Price by 40%
Water and Garri Water and Garri
Showbiz7 months ago

TECNO Takes Centre Stage at ‘Water and Garri’ Movie Premier
Nigerian Artists Reap N25bn In Spotify Streaming Royalties In 2023
Technology8 months ago

Nigerian Artists Reap N25BN in Spotify Streaming Royalties in 2023
EU Slams Apples $1.95 Billion Antitrust Fine
Showbiz10 months ago

EU Slams Apple with $1.95 Billion Antitrust Fine
spotify afrobeats
Showbiz12 months ago

Spotify’s Afrobeats Journey to a Billion Streams Site gets Fresh Updates 
DecemberIssaVybe
Showbiz1 year ago

FirstBank DecemberIssaVybe Asake Kicks Off 2023 Superstar Concerts, Events
Burna Boy
Showbiz1 year ago

Burna Boy Leads as top streamed African artist in Sub Saharan Africa
Spotify Podcast
Showbiz1 year ago

How Have Podcasts Contributed to the Rise of Afrobeats? 
More Showbiz

Appointments

Henrietta Ugboh
Appointments1 month ago

UBA Appoints Henrietta Ugboh Independent Non-executive Director

United Bank for Africa (UBA) Plc, has announced the appointment of Henrietta Ugboh as an independent non-executive Director. The appointment has...
Equinix Wole Abu Equinix Wole Abu
Technology2 months ago

Equinix Appoints Wole Abu as MD for West Africa as Funke Opeke Steps Down
Sunday Akin Dare Sunday Akin Dare
Appointments2 months ago

Meet Sunday Akin Dare: President Tinubu’s New Special Adviser on Public Communication and Orientation
Appointments3 months ago

Stanbic IBTC Holdings Plc Appoints Olusola David-Borha as Chairman of the Board
Appointments3 months ago

CSCS Strengthens Board with Appointment of Bola Adesola and Aisha Muhammed-Oyebode as Directors
Appointments5 months ago

Dr. Obadare Peter Adewale Appointed Professor of Practice at Miva Open University
News5 months ago

Tinubu Makes 7 New Appointments at Humanitarian Ministry
Technology6 months ago

Ojo, Adebayo, Nnamani, Ekuwem, Nwannenna, Odusote join DigitalSENSE Hall of Fame
Jude Chiemeka
Capital Market6 months ago

Chiemeka’s Appointment as NGX CEO will Deepen Market Growth – Professional Group
More Appointments

Sports

Sports2 months ago

Nigerian-born Bodybuilder Samson Dauda Wins 2024 Mr Olympia, Takes Home $600k Prize
PalmPay Champions Responsible Gaming to Curb Fraud Among Sports Pundits in Nigeria PalmPay Champions Responsible Gaming to Curb Fraud Among Sports Pundits in Nigeria
Sports9 months ago

PalmPay Champions Responsible Gaming to Curb Fraud Among Sports Pundits in Nigeria
Unity in Victory: TECNO's Bold Move Amplifies Community Spirit at AFCON Showdown In a bold move to immerse Nigerian football enthusiasts in the AFCON semi-final clash between the Super Eagles of Nigeria and the Bafana Bafana boys of South Africa, TECNO turned Ojo Square in Yaba into a vibrant arena of football enthusiasm. The crowd, buzzing with energy, witnessed not just a game but a dynamic spectacle where TECNO's commitment to community engagement took centre stage. As the Super Eagles dazzled on the field, the atmosphere crackled with anticipation, and TECNO seized the moment, transforming the viewing party into a carnival of surprises. Amidst spirited games, cheers, and jubilation, the crowd celebrated each goal as TECNO elevated the experience with unexpected thrills. The climax came with Nigeria's victory, celebrated in a crescendo of unity as Mr Real dazzled with his tune, Legbegbe. Amidst the jubilation, Jason Akpanema emerged as the fortunate winner of the TECNO SPARK 20 device by correctly predicting the match's outcome, igniting a new wave of applause. The TECNO SPARK 20 Viewing Party wasn't just about football; it was a testament to TECNO's bold approach to community engagement, turning moments into memories that resonate far beyond the pitch. It was a swell time, and these pictures only give a sneak peek into what was happening at the TECNO SPARK 20 Viewing Party. Unity in Victory: TECNO's Bold Move Amplifies Community Spirit at AFCON Showdown In a bold move to immerse Nigerian football enthusiasts in the AFCON semi-final clash between the Super Eagles of Nigeria and the Bafana Bafana boys of South Africa, TECNO turned Ojo Square in Yaba into a vibrant arena of football enthusiasm. The crowd, buzzing with energy, witnessed not just a game but a dynamic spectacle where TECNO's commitment to community engagement took centre stage. As the Super Eagles dazzled on the field, the atmosphere crackled with anticipation, and TECNO seized the moment, transforming the viewing party into a carnival of surprises. Amidst spirited games, cheers, and jubilation, the crowd celebrated each goal as TECNO elevated the experience with unexpected thrills. The climax came with Nigeria's victory, celebrated in a crescendo of unity as Mr Real dazzled with his tune, Legbegbe. Amidst the jubilation, Jason Akpanema emerged as the fortunate winner of the TECNO SPARK 20 device by correctly predicting the match's outcome, igniting a new wave of applause. The TECNO SPARK 20 Viewing Party wasn't just about football; it was a testament to TECNO's bold approach to community engagement, turning moments into memories that resonate far beyond the pitch. It was a swell time, and these pictures only give a sneak peek into what was happening at the TECNO SPARK 20 Viewing Party.
Sponsored11 months ago

Unity in Victory: TECNO’s Bold Move Amplifies Community Spirit at AFCON Showdown
Viewpoints1 year ago

Super Falcons’ World Cup Outing in Retrospect
Super Falcons Crash Out of 2023 Women World Cup Super Falcons Crash Out of 2023 Women World Cup
Sports1 year ago

Super Falcons Crash Out of 2023 Women World Cup
Erling Haaland Emerges Most Expensive Players with Worth €245million. See Others Erling Haaland Emerges Most Expensive Players with Worth €245million. See Others
Sports2 years ago

Erling Haaland Emerges Most Expensive Players with Worth €245million. See Others

More News

Advertisement
Please enter CoinGecko Free Api Key to get this plugin works.
mebookshelfandi