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Oando Posts N6.6bn Profit

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13 years ago

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Oando Plc has posted a profit after tax (PAT) of N6.6 billion in the first half of 2012 down from N6.9 billion recorded during the same period of 2011 indicating a four per cent drop.

However, the company’s turnover surged by 31 per cent as it recorded N350.6 billion up from the N267.8 billion recorded within the same period in 2011. Its gross profit rose by eight per cent to N33.9 billion compared with N31.5 billion last year while profit before tax (PBT) dropped by 20 per cent to N10.4 billion from N12.9 billion, according the company’s half year result.

According to the report, Oando Exploration and Production completed the drilling of a second well in the Obodeti-Obodugwa field and has received date for the completion of the Reverse Take Over (RTO) of Canadian listed Exile Resources Inc to create Oando Energy Resources Inc. It has also executed a farm in agreement to acquire a 40 per cent participating interest in the Que-Iboe Marginal field (OMLIZ).

Oando Energy Services (OES), another subsidiary of the Oando group, its fourth rig commenced extensive refurbishment programme in anticipation of starting a swamp drilling contract with an International Oil Company (IOC) in 2013, the report said.

It added that Oando Gas and Power ( OGP), also a subsidiary of the group, has commenced commercial operation onthe EHGC pipeline to flow gas to its anchor customers.

According to the company, when the N97 PMS pump price was set its operations across the country regularised in the second quarter and added that its liquefied petroleum gas (LPG) strategy continues to gather momentum with the delivery of over 343,000 cylinders.

The Group’s Chief Executive, Mr Wale Tinubu, in his remark said, “We are pleased to report our half year performance for 2012.

The year so far has experienced significant development across the oil and gas sector, we remain steadfast in our commitment to grow our businesses in line with our strategic focus.”

He expressed optimism over the industry in the second half of the year and noted that, “we will continue to deliver  on our operations and our proposed initiatives for added value creation to our shareholders.”

Oando Plc is an indigenous energy group listed on the Nigerian Stock Exchange (JSE) and intends to list its upstream subsidiary on the Toronto Exchange.

 

Vivian-Peace Nwinaene

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Kenyan Runners Dominate Berlin Marathons

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4 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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4 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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4 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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