Connect with us

Business

Oando AGM: Shareholders Laud Tinubu, Board

Published

on

 

 

 

 

 

In business, Nigerian oil and gas top player, Jubril Adewale Tinubu, continues to set the pace. He wears his entrepreneurial strength and savvy like a badge of honour. For this Group Chief Executive of Oando Group, he stands tall as he wades through odds with the confidence of a champion. He isn’t afraid to put everything on the line and boldly step into the unknown. That’s why he makes history every hour as the head honcho of a leading oil firm with wide influence in Nigeria’s economic and business sector.

Last Wednesday, August 10, 2022, Oando successfully concluded its 43rd Annual General Meeting (AGM), at the Wings Office Complex, Victoria Island, Lagos. In line with COVID safety protocols, shareholders were represented by proxies of their various associations at the AGM.

The shareholders laud Mr. Tinubu for his capacity and capability to steer the affairs of the company to success.

According to  reliable sources, the resolve of the shareholders to entrust their money  with Oando is proof of their abiding belief in the management led by Tinubu, who has continued to display rare leadership qualities.

Again it was gathered that all resolutions proposed at the AGM were approved, including the election of Mrs. Nana Fatima Mede and Mrs. Ronke Shokefun as Non-Executive Directors, the election of Adeola Ogunsemi as an Executive Director, the re-election of Ike Osakwe, Ademola Akinrele and Dr. Ainojie Irune as Directors, the election of audit committee members, and the approval of the remuneration of non-Executive Directors.

Shareholders at the meeting commended Oando’s management for appointing two women to the Board of Directors. Patrick Ajudua an Oando shareholder said: “I want to commend the management for the appointment of Mrs. Ronke Shokefun and Mrs. Nana Mede as Directors, and we hope that they will bring value to us.”

 

Buttressing Mr. Patrick’s comment, Dr. Farouk Umar, an Oando shareholder said; “I thank you for bringing two women to the board. This is a happy development, I hope that when we have a casual vacancy, we should fill it with a woman.”

One recurrent topic among all shareholders who spoke at the meeting was the issue of insecurity in the country such as vandalism, banditry, and terrorism amongst others. Shareholders implored the government to partner with various stakeholders both in the public and private sectors to resolve this issue which they described as crippling the economy.

Commenting on this, Patrick Ajudua said, “I want to assure you of our support to Oando and once we can solve these lingering issues of oil theft, we will be able to enjoy the fruit of our labour.”

Leaders of the various shareholders and proxies encouraged Oando’s management to focus on corporate actions that would be beneficial to all. Specifically, one shareholder applauded the company’s recent partnership with Lagos State for the launch of electric mass transit buses. They also encouraged the management team to maintain its tenacity in striving for company growth.

In addition, the motion to re-elect Ernst and Young (EY) as Auditors of the company wasn’t proposed following confirmation by Mrs. Ester Ajibola, the representative of Ernst and Young at the AGM, that EY has resigned as auditors of the company following years of successful service. She confirmed that the resignation had nothing to do with Oando or its management. She said, “there are no circumstances connected with the resignation that should be brought to the notice of the members or creditors of the Company.’’ In view of this, Oando has confirmed the appointment of BDO Professional Services as its Auditors

In response to shareholders’ statements, the GCE, Oando PLC, Adewale Tinubu, reaffirmed the management’s commitment to continually do what’s in the best interest of shareholders.

Now with Oando in the ‘safe hands’ of Tinubu, industry watchers are of the views that the best of the company may have not yet been seen.

 

7 / 100

Business

Oando, Lagos Begin Operation Of Electric Mass Transit Buses

Published

on

By

Oando Clean Energy Limited, the renewable energy subsidiary of Oando, in partnership with the Lagos Metropolitan Area Transport Authority, on Tuesday, marked the formal commencement of operations of Oando’s electric mass transit buses at the Lagos Bus Services Limited Head Office, Ilupeju, Lagos.

A statement from Oando stated that the initiative aimed at transitioning the Lagos State public transport system through the development of a pathway to a carbon free mobility ecosystem within the state.

It stated that the buses would provide a viable, competitive, and environmentally friendly alternative to the current internal combustion engine mass transit buses.

The Managing Director, LAMATA, Abinbola Akinajo, highlighted the importance of public-private-partnerships, by stating that “this initiative is a major aspect of our vision for transportation in Lagos State, we are desirous of having a clean and efficient transportation system.

“Today’s event is proof of our desire to involve the private sector in our activities to give the average Lagosian the ability to meet their mobility needs.  LAMATA is a multi-fuel transport regulatory agency for Lagos, hence the partnership with OCEL for the use of EV buses in passenger operations.

“From LAMATA’s perspective we are open to do business with the private sector while ensuring that these partners are aligned with the vision of Lagos state.  I am elated that in just over a year that Oando Clean Energy came to us to discuss the possibility of working with us in the deployment of electric buses we have signed an MoU with a key deliverable being the implementation of a PoC that would allow us finally include electric buses in our ecosystem.”

On his part, the commissioner for Energy and Mineral Resources, Lagos State, Engr Olalere Odusote , said “We had identified transportation as a major cause of pollutants and health problems in the State. For us, this initiative is another step we’re taking as a Government to ensure we clean up the environment in addition to ongoing initiatives in the energy sector.”

Speaking at the event, the president/CEO of OCEL, Dr. Ainojie ‘Alex’ Irune noted that it was an opportunity for Oando and Lagos State government to revolutionise transport in the country, especially Lagos.

“In the very near future, we will have a multitude of locally trained engineers who are capable of operating, maintaining, and servicing these buses and other renewable energy assets,” he added.

9 / 100
Continue Reading

Business

‘Our Electric Buses can travel up to 280km on a Full Battery Charge’- Oando Group tells Lagos Residents

Published

on

By

‘Be the start of something that is good, revolutionary and powerful. Everything after that is a bonus!’

The OANDO group and its team of experts must have had the above quote by Carlos Wallace in mind when they embarked on the journey to revolutionise motoring in Nigeria and introduced the first set of fuel less vehicles into system.

Determined to be part of the revolution to end air pollution which ultimately has been made worse by the emission of  toxic elements destroying our planet, the Oando Clean Energy Limited (OCEL) made history with its inroad into the transportation business in Lagos State.

The organisation, in April 2023 acquired and took delivery of an undisclosed number of electric vehicles from Chinese carmaker, Yutong Bus. 

OCEL is the clean energy arm of Oando Plc, largely owned by Wale Tinubu. His company had earlier signed a Memorandum of Understanding (MoU) with the Lagos State Government through the Lagos Metropolitan Area Transport Authority (LAMATA) on April 28, 2022.

Following the delivery of the vehicles to OCEL, curious Nigerians have been asking questions about the viability of electric vehicles in the country. Expectedly, this elicited a robust response from the company when it took to its twitter handle express its readiness to kick-start the novel project.

The company said: “Following our recent announcement about introducing electric mass transit buses in Lagos State, we noticed many questions about the viability of electric vehicles in our terrain, battery lifespan, and more. But don’t worry; we have got you covered!

“So, let us challenge ourselves to reach new heights, to discover new horizons, and to achieve greatness.

“For it is through our willingness to dream big and take bold action that we can create a better tomorrow for ourselves and those around us.

“Great ideas have the power to transform the impossible into the possible. They inspire us to see the world in a new light and to push beyond our boundaries.”

The company also took time to explain how the fuelless vehicles would be put to use in Nigeria. “Our electric buses can travel up to 280km on a full battery charge, which is equivalent to a round trip from Ajah to Ibadan! 

“Additionally, the regenerative braking system helps the battery to last longer and reduces maintenance costs.” 

Meanwhile, commenting on the acquisition and deal between the state and his firm, Wale Tinubu, who is the Chairman of OCEL, said: “The arrival of our electric mass transit buses and development of an EV infrastructure ecosystem is a reminder that the only way to remain ahead of the curve is by being unafraid to break new ground and consistently looking for opportunities to leapfrog.

“Public-Private Partnerships have been critical to getting the project to this point and will continue to fuel our expansion across the entire country.

“The commencement of this project gives us a platform to showcase to other States what is possible and open the door for engagements on bespoke solutions to suit their local needs as well as act as a model to be adopted by other organizations looking to venture into sustainable transportation.”

10 / 100
Continue Reading

Business

REA CEO Salihijo Denies Wrongdoing In Contract Award

Published

on

By

The Director General and Chief Executive Officer of the Rural Electrification Agency (REA), Mr. Ahmad Salihijo Ahmad, has denied allegation that bothers on “breach of contract code”, raised by Donnington Nigeria Limited.
Salihijo, while responding to a petition to the Code of Conduct Bureau (CCB) by the firm denied any wrong doing.
The allegation had claimed that the MD/CEO, was a Director in Velocity Logistics and Marine Services Ltd (Velocity) while equally serving as the MD/CEO of the Rural Electrification Agency.
In providing clarification on the issue, Salihijo, said, “It became necessary to respond to this claim as it is untrue and defamatory. For the sake of clarity, I want to emphasize that my employment history had been thoroughly vetted and approved by the appropriate authorities, upon my assumption to the role of MD/CEO at the Rural Electrification Agency (REA) on the 29th of December, 2019.”
Continuing, he said, “Prior to taking on this critical role at the Agency, I had been in the private sector and had equally relinquished my position as one of the Directors of Velocity as far back as 25th of April, 2019, long before I was appointed MD/CEO of the REA.”
These details, he affirmed, are accessible and available at the Corporate Affairs Commission (CAC).
In addition, he said, as an administrator committed to serve while upholding the mandate of the Agency, he acted with the highest ethical standards and has never engaged in any behavior conflict with the interest of my position as the MD/CEO of REA.
“I am in no way privy to any and all business dealings between Donnington Nigeria Limited and Velocity as I have had no connection whatsoever with Velocity since 25th of April, 2019. It is unfortunate that this publication was made and directed to harm my reputation, defame my character and that of the agency I lead.
“I hereby demand that, the publisher and the petitioner retract this unfounded allegation, publish a rejoinder to set the records straight, and desist from further defamatory publications.

6 / 100
Continue Reading

Trending News