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WALE TINUBU’S OANDO REBOUNDS AS PROFIT SOARS TO N34.7BN IN 2021 Fiscal Year

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Wale Tinubu

Oando, the Nigerian integrated energy solutions provider led by oil tycoon Adewale Tinubu, achieved an impressive turnaround in its operations, resulting in a profit of N34.73 billion ($75.4 million) at the end of its 2021 fiscal year, which ended on December 31, 2021 —a stark contrast to the losses reported the previous year.

Despite production decreases due to shut-ins for repairs and maintenance and sabotage incidences at its facilities, the Nigerian energy group earned a substantial N34.73 billion ($75.4 million) in profit at the end of its 2021 fiscal year, representing a dramatic improvement from its loss of N140.67 billion ($305.6 million) the previous year.

Thanks to a 105 percent increase in realized average crude oil price from $34.21 per barrel to $70.12 per barrel as well as a 40 percent increase in natural gas price, the group’s revenue increased by a tremendous 51 percent, from N477.07 billion to N722.45 billion, during the period under review.

Adewale Tinubu, Group Chief Executive of Oando Plc, commented on the group’s 2021 performance, said: “2021 was defined by contrasting themes for Nigerian oil producers, with buoyant oil prices tempered by an increasingly challenging local operating environment. Bullish oil prices throughout the year saw us record a 105 percent increase in the average realized oil sale price, while a surge in militancy and sabotage across the Niger Delta resulted in a 40 percent decline in average hydrocarbon production compared to 2020.”

Tinubu added that despite the challenges, a strong revenue performance, coupled with the refund of a longstanding receivable, contributed to a net profit of N34.7 billion ($75.4 million), as the group continued to drive growth of its existing businesses, while also exploring creative solutions towards curbing the incessant pipeline sabotage incidences that continue to plague the local industry

Despite the rebound in the group’s earnings, its total assets declined from N1.39 trillion ($3.02 billion) to N998.05 billion ($2.17 billion), and retained losses expanded from N424.26 billion ($922 million) to N478.65 billion ($1.04 billion)

As we continue to drive the growth of our existing businesses whilst also exploring creative solutions towards curbing the incessant pipeline sabotage incidences that continue to plague our local industry, we are also committed to investing in climate-friendly and bankable energy solutions via Oando Clean Energy Limited, thus expanding our portfolio from oil and gas to include non-fossil energy solutions. We will continue to update our esteemed shareholders as progressive developments are made in the coming year,” Mr Tinubu added.

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Oando Boss Wale Tinubu Shares Podium with other Top Executives at AAM 2024

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The  Group Chief Executive,  Oando PLC, Mr. Jubril Adewale Tinubu, will on Friday 14th, June, 2024 speak at the ongoing Afreximbank Annual Meetings 2024 in Nassau, Bahamas.

The oil player will  share insights on the vital role the private sector plays in transforming Afri-Caribbean opportunities into tangible realities.

From driving innovation and economic growth to forging sustainable partnerships, private enterprises are at the forefront of creating a prosperous future and empowering progress across regions.

This year, the AfriCaribbean Trade and Investment Forum (ACTIF2024) is incorporated fully within the Afreximbank Annual Meetings (AAM2024).

The Afreximbank Annual Meetings has become renowned as a uniquely multi-faceted event that cuts across the private/public sector with unmissable conferencing, deal-making, lobbying, entertainment and more. This year it forms Global Africa’s Greatest Gathering. At this momentous event, we anticipate welcoming several thousand attendees including African/Caribbean leaders and senior government officials, African and non-African policymakers, corporate and business leaders, bankers, entrepreneurs, academics and other thought leaders – with more than 60 speakers already confirmed.

The 3rd edition of the AfriCaribbean Trade and Investment Forum (ACTIF2024) explores the platform of Global Africa – to navigate new vistas for the Caribbean through African and global investments from across the diaspora; with more than 25 deals expected to be signed and new commercial and developmental initiatives to be announced.

Others  expected to speak at the forum include KC, Prime Minister of the Commonwealth of The Bahamas, The Honourable Philip Davis, H.E. Dr. Irfaan Ali, Chairperson of the Conference of Heads of Government of the Caribbean Community (CARICOM) & President of Guyana, Honourable Mia Amor Mottley, Former President, Republic of Niger and Leader of the African Continental Free Trade Area (AfCFTA), President and Chairman of the Board of Directors, Afreximbank, H.E. Prof. Benedict Okechukwu Oramah, Dangote,  Chairman and CEO, Dangote Group, Mr. Aliko Dangote,  Executive Vice President Office (Global Trade Bank), Afreximbank, Mr. Haytham Elmaayergi, Chairman, Access Holdings; Mr. Aigboje Imoukhuede;  Mr. Jeannel Wyclef Jean, an international musician, President and CEO; Corporate Council on Africa (CCA), Ms. Florizelle Liser, Former President, Federal Republic of Nigeria; H.E. Chief Olusegun Obasanjo, CEO, Fidelity Bank;  Mrs. Nneka Onyeali-Ikpe, Co-Founder RePlant Advisors LLC and Chair, National Hemp Association;  Mr. Geoff Whaling, Serena Williams; Tennis Champion and Founding Manager, Serena Ventures, among several others.

 

 


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It’s 7 Star Performance for Chain Reactions at 2024 SABRE Awards

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It was a seven-star performance for Chain Reactions Africa (CRA), one of Africa’s leading Public Relations and Integrated Communications Consultancy as it took home seven African SABRE trophies, more than any other public relations firm in Africa in the 2024 competition.
The awards which were held at the end of the annual African Public Relations Association (APRA) Conference, were presented by Provoke Media, organisers of the awards in Basam, Abidjan, Cote D’Ivore on May 16th 2024.
The work covered campaigns for the Lagos Metropolitan Area Transport Authority (LAMATA), and its Lagos Blue Rail, 9mobile’s The Hack – Expand Your Hustle’, ‘Taming the Bull’ for the Presidency, ‘Next Era of Happiness’ for leading biscuit company, Pladis Foods Nigeria Limited.
Receiving the awards on behalf of Chain Reactions and its clients, was its Managing Director/Chief Strategist, Israel Opayemi, who noted that this is a seven-star performance by Chain Reactions Africa at the 2024 SABRE Awards.
In his comments Opayemi said “to emerge as the highest winner at the 2024 edition of the award with seven SABRE Awards is humbling as well as exciting for us at Chain Reactions Africa. We are immensely proud to be honoured on such a global platform like the SABRE awards which is the holy grail of Public Relations globally as the awards programme is dedicated to benchmarking the best PR works across the globe.”
He continued, “I am making a three-fold dedication of these multiple trophies to our clients who believe in us, my team members who do the brave works relentlessly and our dear country Nigeria. Ten years ago, we were at the SABRE Awards in Miami, Florida in the United States watching and applauding as winners took turn on stage. Ten years ago, we were asking for a seat at the table. Today, we are sitting in creative resplendence at the head of the table. Today, we are flying the Nigerian flag on the global stage. We are now a territory of reckon and relevance in the global PR space.”
It seems winning awards is just a Chain Reactions thing, chuckled Arun Sudhaman CEO and Editor-in-Chief of Provoke Media, organizers of the SABRE Awards as Opayemi rose up seven times to receive the awards. The PR consultancy also picked up four Certificates of Excellence in recognition of its work launching the Nigerian Youth Trend Report 2024 known as ‘ARAMANDA’, ‘Next Era of Happiness’, ‘Lagos Blue Rail’, ‘The Hack – Expand Your Hustle’, and ‘Taming the Bull’.
In his reaction, President and Chairman of Council of the Nigerian Institute of Public Relations (NIPR) described the awards by Chain Reactions Africa as “a harvest of honours for Nigeria”. He thanked the Chain Reactions Africa team for their outstanding works saying, “thank you for making us proud.”
Chain Reactions Africa has over the years won several prestigious SABRE awards and has been awarded more than 15 Certificates of Excellence. At last year’s award, the company won CEO of the Year category for the Lagos State Governor, Babajide Sanwo-Olu for use of public relations to tell the story of his administration’s achievements and scooped two Certificates of Excellence in the Corporate Image category for the ‘Momentum Campaign’ for Cellulant, a flagship payment solution provider; and ‘Marketing to Consumers’ category for ‘The #NaijaHighlandah Campaign’ for William Lawson’s, Scotch Whiskey brand.
The 2024 Africa SABRE Awards shortlist included more than 120 campaigns, selected from over 500 entries in this year’s competition, which recognises Superior Achievement in Branding, Reputation and Engagement. The campaigns were evaluated by a jury of industry leaders.


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Abuja Investments Company Limited Launches Automated System

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In a significant stride toward modernization and efficiency, Ambassador Maureen P. Tamuno, Group Managing Director and CEO of Abuja Investments Company Limited (AICL) has unveiled an Automated Tollgate System for streamlining access control, security enhancement, and facilitation of smoother operations in Garki Ultra -Modern Market in the Federal Capital Territory.

According to Fatima Nadada, Head of Communications, AICL, the automated system will among other things provide: Smart Access Control; also, the new system employs cutting-edge technology to regulate entry and exit at the market gates by ensuring that only authorized individuals can access the premises.

“In addition, there is room for real-time monitoring of activities as market administrators can monitor activities at the gates in real time, allowing for prompt responses to any anomalies or security breaches.

 “Also, the system collects data on foot traffic, peak hours, and patterns. Thus, enabling informed decision-making by the management of the market, as well as efficient revenue collection, since it will improve automated payment processing, simplifies fee collection, reduce paperwork and enhance transparency.”

In her remarks at the event, Ambassador Tamuno expressed enthusiasm on the milestone and was optimistic that the automated system would not only empower market stakeholders but contribute to the growth of FCT’s economy.


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