Oando Projects over N216bn Revenue by 2008
By Uche Obike and Tunyosola Ayansiji
Oando Plc has projected over N216 billion revenue to be achieved by 2008, apparently through its aggressive growth and strategic expansion drive.
The Managing Director/Chief Executive, Mr. Wale Tinubu disclosed this yesterday in Lagos, during a presentation of facts behind the figures of Oando to market operators.
Wale who presented the company's score card in slide, disclosed that Oando plans for the future is to drive the revenue base.
"We want to be big in surviving oil industry. We will introduce chemical. We are number one in practically every single colour line. We are an Information Technology compliant company and we have got VSAT running around the country," he disclosed.
Tinubu announced that Oando will be spending about N100 million in training its staff.
He disclosed further that "we will offer telephone, fast food services and supermarket services. We want to offer those services going forward as competition for customers. We are going to be number one in shareholder value, number one in quality of products, staff salaries, remuneration. We will go to extra miles to deliver what we are going to deliver. We will ensure that our services are uncompromised."
He announced that Oando is building a mega tank in Lagos and in Apapa, while it has secured a deep draft location which will seriously be able to bring it at a cheaper cost because the ship will be bigger. It will commence construction this year.
The Oando boss also announced that the company will commence haulage of petroleum products by rail, even as it has the Nigerian Airways Corporation's deposit of N50 million to the contract service.
"We are refurbishing a five locomotive tank which is almost finished now and 100 tanks wagon. We have established a customer care unit. In terms of gas link, we have made the move of delivering gases at door steps. Oando company will maintain its standard as the leader supplier of large scale products," Tinubu added.
On the downstream sector, the Managing Director said that the company is going to increase its distribution capacity and develop its pipelines next year.
The company also plans to raise N5 billion by way of rights issue and offer for subscription, saying that the shareholders will reap good benefits. The proposed Offer is still awaiting approval of the Securities and Exchange Commission (SEC). It has already been approved by the shareholders during the company's recent Annual General Meeting.
"We have really done so many regroupings in Nigeria as Oando Plc is publicly created. We have in excess of N40 billion as market capitalisation and we are setting in a lot of good things to come as we go along. We've effected 500 petrol stations lubricants, chemicals and all range of petroleum services. We have gas link which is Nigeria's first indigenous local distribution gas company. We are well-packed. We have built shares for the completion of the pipeline," he said.
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