Home » Nigerian oil magnate Wale Tinubu’s Oando resumes trading on Johannesburg Stock Exchange

Nigerian oil magnate Wale Tinubu’s Oando resumes trading on Johannesburg Stock Exchange

Wale Tinubu’s oil firm resumes trading on Johannesburg Stock Exchange

by Feyisayo Ajayi
Wale Tinubu

Key Points:

  • Oando resumes trading on Johannesburg Stock Exchange (JSE) after resolving regulatory compliance issues.
  • Suspension stemmed from delayed financial reporting, but Oando addressed concerns by issuing 2022 and 2023 results.
  • Oando’s return to JSE is seen as a positive boost for investor confidence and market position under Wale Tinubu’s leadership.

Oando Plc, a leading integrated energy solutions provider led by Nigerian oil magnate Wale Tinubu, has secured its return to the Johannesburg Stock Exchange (JSE) after a brief suspension. This resolution underscores the company’s commitment to regulatory compliance and investor confidence restoration.

The suspension, initially imposed on March 27, 2024, was due to Oando’s failure to submit its audited 2022 financial results and interim results for the first quarter of 2023 on time. The trading halt raised concerns about the company’s adherence to financial reporting standards.

Oando resumes trading, issues resolved

In a corporate notice filed with JSE, Oando confirmed the lifting of the suspension on June 5, 2024. The notice highlighted the company’s efforts to address the issues that led to the suspension, attributing the delay to challenges in finalizing the group’s 2022 audited financial statements.

“We acknowledge and appreciate the patience of our stakeholders during this time; furthermore, we remain committed to maintaining the highest standards of corporate governance and transparency,” the company stated.

Oando released its final audited 2022 results on April 23, 2024, followed by its Q1 2023 financials on May 31, 2024. The resumption of trading is seen as a positive development for Oando, aimed at restoring investor confidence and stabilizing its market position.

Oando under Wale Tinubu’s leadership

Wale Tinubu has steered Oando’s growth into a multinational energy player across the upstream, midstream, and downstream sectors. Tinubu maintains significant influence in Nigeria’s energy sector through his 66.67 percent stake in Oando, held jointly with Omamofe Boyo via Ocean and Oil Development Partners (OODP).

The company saw a surge in profit to N74.7 billion ($51 million) in 2023, with average production reaching 20,837 barrels per day. Revenue rose 71 percent year-on-year to N3.4 trillion ($2.3 billion), fueled by increased trading activity and a favorable exchange rate environment. 

Oando’s return to trading marks a positive development as it seeks to rebuild investor confidence and solidify its market position. The reinstatement on the JSE is expected to provide relief for shareholders and is a crucial element of Oando’s strategy to tap international capital markets and broaden its investor base.

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