Bayelsa Community Gets Water Project from Oando, Partners

 

 

 

 

Oando PLC and its joint venture (JV) partners –  Nigerian National Petroleum Corporation (NNPC) and Nigerian Agip Oil Company (NAOC),  have provided good drinking water to the  over 5,000 residents of Agbere community in Bayelsa State, following the inauguration of a 20,000 -gallon water project in the community.

According to a statement by Oando Plc, “the initiative is grounded in the fact that water is a fundamental human need. Each person requires at least 20 to 50 litres of clean, safe water, daily, for drinking, cooking, and simply keeping themselves clean.  Sadly, today in Nigeria there is an alarming dearth of access to clean water, and at Oando, we want to bridge this gap especially in our host communities.”

According to the statement, the laudable water scheme will drastically reduce deadly water-borne diseases in the community such as typhoid fever, cholera, diarrhea, dysentery,  and hepatitis ‘A’.

“The scheme will also reduce the amount of time spent looking for water especially in rural areas, as noted by UNICEF – 19 million Nigerians walk long distances to collect unsafe water from lakes, streams and rivers,” the statement added.

The commitment of Oando and its partners was in line with the request of UNICEF Communications Specialist, Eva Hinds, who said:“Improving water and sanitation services as well as basic hygiene practices in Nigeria, calls for strong commitment from all partners-the government, civil society, the private sector and communities.”

He said: “For Nigeria to achieve the global goal of providing access to safe water for every citizen by 2030, it needs to make water, together with sanitation and hygiene, a national priority. This goal is closely linked with three key results for the country-good health, environmental sustainability and economic prosperity.”

In order to ensure the water scheme is maintained thereby ensuring it has a long life span and is able to support future generations in the community, the water plant came fully kitted with a 30KVA diesel power generating set with an external diesel storage tank and power connections as well as a shelter for the generator and treatment plant, a cased borehole of about 200m depth and a 10HP submersible pump, 3,000m reticulation / distribution water pipes with 30 fetching taps.

Speaking during the inauguration of the project, the paramount ruler of the community, Chief John Maseri thanked the JV Partners for completing and inaugurating the project. He noted that water was the most essential necessity of life and therefore, with the commissioning of the water project, NAOC JV has made life more meaningful for the people of the Community.

The Paramount Ruler promised that the Community will continue to ensure that a conducive working environment is provided for the company’s operations and Community’s development.

 

NSE adds Oando, Beta Glass to most influential stocks’ group

The Nigerian Stock Exchange (NSE) at the weekend picked Oando Plc and Beta Glass Company Plc as two of the 30 most capitalised stocks.

In its half-year review of sectoral indices, the NSE added Oando Plc and Beta Glass to the NSE 30 Index, the influential index that tracks the 30 most capitalised companies at the stock market. Oando and Beta Glass displaced Julius Berger Nigeria and Diamond Bank from the group. Oando also displaced MRS Oil and Gas in the NSE Oil and Gas Index, the sectoral index that serves as barometer for the oil and gas sector.

There were also major changes in the NSE Insurance Index, which saw the emergence of Consolidated Hallmark Insurance Plc, Sovereign Trust Insurance Plc and Veritas  Kapital Assurance Plc as part of the influential stocks for the insurance sector. The trio of Cornerstone Insurance Plc, Staco Insurance Plc and Standard Alliance Insurance Plc were removed from the insurance index.

Also, Africa Prudential and Continental Reinsurance were added to the NSE Pension Index, which tracks stocks specially screened in line with pension investment. Julius Berger Plc and Beta Glass Plc were removed from the pension index.

The NSE Lotus Islamic Index, which tracks select stocks adjudged to meet the stringent Islamic standards of ethical stocks, saw the exit of heavily leveraged Lafarge Africa and addition of Nigerian Aviation Handling Company (Nahco).

Three other sectoral indices-the NSE Banking Index, which tracks banking subsector; the NSE Consumer Goods Index, which serves as benchmark index for the consumer goods stocks and the NSE Industrial Index, which underscores the building materials and other industrial goods stocks were unchanged.

The price indices, which were developed using the market capitalisation methodology, are reviewed and rebalanced on a bi-annual basis – on the first business day in January and in July. The composition of the indices after the review thus becomes effective today, July 2, 2018.

The NSE 30 Index and NSE Industrial Goods Index are modified market capitalisation index with the numbers of included stocks fixed at 30, 50 and 10 respectively. The numbers of included stocks in the NSE Consumer Goods Index, NSE Banking Index, NSE Insurance Index and NSE Oil and Gas Index are 15, 10, 15 and seven respectively.

The stocks are picked based on their market capitalisation from the most liquid sectors. The liquidity is based on the number of times the stock is traded during the preceding half year. To be included, the stock must be traded for at least 70 per cent of the number of times the market opened for business.

The NSE began publishing the NSE 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NSE developed four sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The sectoral indices comprise the top 15 most capitalised and liquid companies in the insurance and consumer goods sectors, top 10 most capitalised and liquid companies in the banking and industrial goods sector and the top seven most capitalised and liquid companies in the oil & gas sector.

n July 2012, the NSE launched the NSE Lotus Islamic index (NSE LII), which consists of companies whose business practices are in conformity with the principles of Shari’ah with the aim of increasing the breadth of the market and creating an important benchmark for investments as the alternative non-interest investment space widened. All the companies that appear on the Islamic index have been thoroughly screened by Lotus Capital Halal Investment, in accordance with a methodology approved by an internationally recognised Shari’ah Advisory Board comprising of renowned Islamic scholars.

Oando shareholders reap return on Investment as its shares go up by 38%

Oando shareholders reap return on Investment as its shares go up by 38%

Oando shareholders reap return on Investment as its shares go up by 38%

Four days since it began trading again on the Nigerian Capital market, Oando’s shares have witnessed a 38% increase.

The company’s shares has also commenced trading on the Johannesburg Stock Exchange, meaning shareholders on both sides of the world can finally benefit from the positive operations of the company.

The trend started on the day the technical suspension was lifted as the company’s shares were over bid. According to Ms. Ayotola Jagun, Chief Compliance Officer and Company Secretary, Oando PLC in an interview with CNBC. She said; “On day one, the day the suspension was lifted, 178 million Oando shares were on bid with only 5.5 million available for sale. The company’s share price hit the NSE daily price ceiling of 10% by 10.45am; further evidence that there is a lot of interest in Oando shares and that the general mood around the market and our shares is positive.”

As the SEC continues its forensic audit into Oando, the hope is that the SEC will be more transparent in their operations to avoid the technical suspension lifting fiasco from happening again.

The company continues to scale new heights as well. Financial Quest has gathered that just last week the Nigerian National Petroleum Corporation (NNPC) announced that a consortium consisting of Oando PLC and OilServe Limited had been awarded the Engineering, Procurement, Construction (EPC) mandate for the construction of a gas pipeline stretching from Ajaokuta to Abuja as part of the Ajaokuta-Kaduna-Kano Pipeline.