Business wise, Oando Plc is not finding things easy – and this is authoritative. The oil company headed by Wale Tinubu, in the last few months, has been moving from one huge loss to another, with their shareholders and stakeholders praying for their swift reversal of fortune.
On Friday, October 23, 2015, the company finally made public what they’ve been going through, thus confirming what some people already know and only get to discuss in hushed tones, especially in their sector – they released the results for the full year ending 2014 and their loss after tax stood at a whopping N183.9 billion!
As if that was not enough, their half year unaudited result for 2015 which came in quick succession again showed another massive loss after tax of N35.12 billion.
Oando’s obnoxious showing has been attributed to the decline in oil prices and other issues currently threatening the sector both at home and abroad.