For Wale Tinubu, the head honcho of leading Oil and Gas company, Oando Plc, getting positive result that will position Oando as a world class brand to reckon with remains his top priority. Despite the recent face off with Security Exchange Commission, SEC, the oil magnate had remained unruffled and unperturbed. He is hellbent on proving naysayers wrong that; he knows the Oil and Gas business like the back of his hands.
It’s no longer an hidden fact that the Oando boss, had always displayed his unrivalled wizardry and midas touch with his wealth of experience in business. This has helped him weathered all typhoon storm surfacing. Wale Tinubu is still standing tall like the proverbial iroko tree.
Away from the face, Tinubu and his team had yet again proved their worth by keeping Oando afloat and also put smiles on the face of investors by 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.
The company under Wale Tinubu’s watch, had also continued to reduce its total borrowings after its acquisition of ConocoPhillips Nigeria in 2014, following a proactive drive to significantly reduce its debt and liabilities.
According to information gathered, the total borrowings 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.
After attaining such impeccable feat, Wale Tinubu divulged that; “Half year 2019 was a positive period for us as we achieved strong top and bottom line earnings despite our overall performance being tempered by a one-off N14 billion charge. Our crude oil and natural gas production grew by 15 per cent and eight respectively compared to the similar period last year while we also achieved a significant reduction in our Reserve Based Lending (RBL) facility to approximately $0.4 million from $450 million at inception- a 99 per cent reduction.”
Despite the fact that Nigeria witnessed no movement in its oil production compared with same period of 2018, Oando witnessed an increase in its oil production, which was attributed to the ingenious measures put in place by the company’s management and its partners to ramp up production.
“During the six month period ended June 30, 2019, production by the upstream subsidiary, Oando Energy Resources (OER), increased by eight per cent at 40,873boe/day, compared with 37,814boe/day in the same period of 2018. Oil production increased by 15 per cent from 14,675bbls/day in H1 2018 to 16,876bbls/day in H1 2019, and natural gas production increased by eight per cent from 118,866mcf/day in H1 2018 to 128,533 mcf/day in H1 2019,” Wale Tinubu added.
Keystone Bank partners Nilayo Sports to host Valuejet Remo Ultra Racetrack
As a way of demonstrating its commitment to promoting fitness and healthy living amongst Nigerians, Keystone Bank Limited, recently partnered with Nilayo Sports Management Limited (NSML), to host the maiden edition of the Valuejet IAU African Championship, Remo 2019 competition.
The 50km ultra-distance race event held on Saturday December 7, 2019 at Sagamu, Ogun State, was the first African championship in IAU’s 35-year history. The three-in-one championship had about 4000 athletes from across 35 IAU member countries.
The race which took off at the Gateway International Stadium had in attendance dignitaries including the governor of Ogun State, Dapo Abiodun, president of IAU in Africa, Solomon Ogba, executive director, Keystone Bank, Yemi Odusoya, ex- Nigeria athlete, Falilat Ogunkoya amongst others.
Speaking at the event, Mr. Bukola Olopade, the managing director of NSML said the race is one of the company’s numerous ways to create bond among Nigerians and the world at large.
“The ultra-marathon is first of its kind in Africa and we are elated that our company is responsible for bringing youths together to harness their talents. “Valuejet IAU African Championships is a trendsetter. The ultra-race has set an excellent example for ultra-running on the continent”, he concluded.Commenting on the bank’s involvement in the event, executive director of Keystone Bank Limited, Mr. Yemi Odusanya said the lender recognises the importance of health to nation building, stating, “A healthy workforce is considered the most productive workforce. Good health is critical to economic development and therefore, health remains one of our core CSR pillars in the bank.
Keystone Bank will continually strive to promote advanced healthcare in Nigeria.“The competition showcases the bank’s commitment to community investment and project financing.
“Therefore, sponsoring the Valuejet IAU African Championship, Remo 2019 competition is in line with our vision to promote a healthier nation as a whole.”At the event, winners of the 50-kilometre ultra-race in both foreign and local categories pocketed $2,000, while the second and the third placed runners received $1,500 and $1,000, respectively.For the Nigerian local five-kilometre run, the winner received N500, 000, runner-up N300, 000, while the second runner-up went home with N150, 000.
Nigerian musical artistes, CDQ, Slimcase and Naira Marley were also on ground to add glamour to the event.While Nilayo Sports Management is a sports management and marketing company, working with some of the biggest names in the world of sports like IAAF, CAA and AFN aimed at promoting sporting activities from grassroots level to international level in Africa, Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.
Winners Of 2019 FirstBank Sponsored National Company Of The Year Competition Contest In The Africa Company Of The Year Competition
First Bank of Nigeria Limited has announced that Taidob College Abeokuta, the 2019 winners of the National Company of the Year competition organized by Junior Achievement Nigeria would compete against student teams from 10 other Junior Achievement member countries across Africa. The student team contestants comprise representative from the Kingdom of Eswatini (Swaziland), Ghana, Zambia, Gabon, Uganda, Zimbabwe, Mauritius, Botswana, Kenya and South Africa. The event is scheduled for Friday, 6 December 2019 at Alisa Hotel in Accra, Ghana.
The African stage of the National Company of the Year competition is a buildup and sequel to the national event hugely competed by 12 student companies from across the country, including the eventual winner Taidob College Abeokuta. Terra Kulture, Lagos played host to the event on 3 October 2019.
Speaking on the event, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited said “the youngsters from Taidob College are indeed not just solution providers, but also life savers. The impact of their innovation – the Gas Leakage Detector – would go a very long way at solving the problem of fire outbreaks due to gas leakages in homes, offices, and industries. I no doubt believe that they would make Nigeria and indeed the rest of Africa proud at the competition. We are delighted to associate with them and congratulate Junior Achievement on the feats so far attained”.
Last year, Inventive Explorers, from Caro Favored College Ajegunle, emerged the grand winners at the Africa Company of the Year competition in Ghana. Their rechargeable handheld LED traffic lights has solved a real problem in various congested communities and reduced traffic accidents, especially in areas with school children crossing busy streets. Over the years, FirstBank has been at the forefront of partnering with Junior Achievement Nigeria in Company of the year program and competition.
The National Company of the Year Competition (NCOY) is an annual flagship event by Junior Achievement Nigeria’s (JAN), which convenes the winners of the JA Company Program Regional Competitions across Nigeria together to compete for the National Company of the Year Award. The national winner then proceeds to represent Nigeria against other JA Africa member-nation companies.
Keystone Bank boosts workplace engagement and productivity
In demonstration of its commitment to promoting fitness, healthy living, fostering effective and healthy workplace collaboration amongst its staff and their family members, Keystone Bank Limited, has announced the launch of a sporting event tagged, Keystone Bank Inter-divisional Games (KIG).
According to the lender, the initiative is part of the bank’s objective in creating a better working relationship on the job thereby boosting performances and building a positive work atmosphere with employee welfare and development at its crux.
the maiden edition held at the main bowl of the prestigious University of Lagos
Sports Centre on Saturday, November 23, 2019, the exhilarating event was a culmination
of various sporting activities such as football, table games and track &
field. The business divisions within the bank which were grouped into four
teams (White Lions, The Bulls, Phoenix and Warriors) competed in games such as
sprint, chess, sack race and football. It was indeed a relaxed fun-driven
atmosphere where colleagues competed for the glory of winning at the games.
Families and friends who attended were also not left out, as they spent time
with loved ones bonding and the children thrilled with much excitement.
Speaking on the initiative, Keystone Bank executive director, Olaniran Olayinka said: “Maintaining work-life balance helps reduce stress and helps prevent burnout in the workplace, particularly, as chronic stress is one of the most common health issues in the workplace. It is in view of this that KIG was initiated.
“KIG has enabled the vibrant employee force of Keystone Bank to foster better relationships outside the office which would impact on a better working relationship on the job thereby boosting performances and workplace happiness.
“We will build on the good that has been done in this maiden edition as we push to make Keystone a great place to work.”
Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.
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