Oando plans to end fuel importation by refurbishing refineries

The Managing Director, Oando Plc, Mr Wale Tinubu on Thursday said that the company would seek approval from the Federal Government for the refurbishment of one or two refineries to end fuel importation in the country.

Oando boss broke the good news at the Facts behind the Figures presentation of the company at the Nigerian Stock Exchange (NSE) in Lagos.

According to him, refurbishment of the refineries would enable the country to end fuel importation, adding that the company would take advantage of its indigenous status by participating in the Federal Government bid.

He said that the company was besieged with liquidity constraints, devaluation of the naira and a slump in oil earnings due to low oil prices intensified by the insurgency in the Niger Delta.

He however said that the company has mapped out strategies to mitigate the foreign exchange challenges, as 90 per cent of its earnings focus will be on dollar, while 10 per cent will be in naira.

On the midstream, Tinubu said that the company would invest in acquisition of NIPP grid connected power utilities in the current financial year. He also stated that the company would commence phased development of a gas distribution system in Tema industrial area Ghana in 2018.

Picture caption:

L – R: Mr. Haruna Jalo-Waziri, Executive Director, Capital Markets Division, The Nigerian Stock Exchange (NSE); Mr. Olufemi Adeyemo, Group Chief Financial Officer; Oando Plc; Mr. Oscar N. Onyema, OON, Chief Executive Officer, NSE; Mr. Jubril Adewale Tinubu, Group Chief Executive, Oando Plc; Mr. Omamofe Boyo, Deputy Group Chief Executive, Oando Plc and Ms. Ayotola Jagun, Chief Compliance Officer & Company Secretary, Oando Plc at Facts Behind the Figures presentation at the Exchange today.