Amidst the contentious hammer wielded on his firm recently by the Security and Exchange Commission, SEC, Wale Tinubu, Group Chief Executive Officer, GCEO, Oando Plc, has continued to dazzle investors in the company. And he is showing that what is paramount in his mind is to continue to make more money for the company.
The oil mogul and his team have yet again proved their worth by keeping Oando afloat for recording a revenue of N315.4 billion for the half year ended June 30, 2019, showing an increase of six per cent from N297.3 billion in the corresponding period of 2018. Oando ended the period with a profit after tax of N7.168 billion, down from N8.5 billion in 2018.
It was also gathered that following a proactive drive to significantly reduce its debt and liabilities, Tinubu had reduced the company’s total borrowings after its acquisition of ConocoPhillips Nigeria in 2014.
The total borrowings, Society Watch learnt, reduced drastically for the period by five per cent to N200.7 billion at the end of June 30, 2019, from N210.9 billion at the end of 2018, indicating a 58 per cent reduction in debt since 2014 from N473.3 billion.
With these positive results emanating from the company, it is clear that Tinubu, even in the face of the raging tempest, is set to position Oando as a world-class brand to reckon with more than ever before.
It is common knowledge that he knows the oil and gas business like the back of his hands. No wonder, Tinubu is still standing tall like the proverbial iroko tree in the sector.