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Headline : Oando releases delayed 2022 report, needs N3trillion to close funding gap

Read more from the original article on here at www.premiumtimesng.com.




Tags : #oando #releases #delayed #2022 #report #needs #n3trillion #close #funding #gap


No. of Paragraph 43

Oil and gas firm Oando has released its delayed 2022 audited account, indicating that as of December 2022, it required at least N3 trillion to clear debts and inject cash into its operation.

However, it is now about 16 months since the company faced that dire situation and it is unclear how much of that lifeline it has raised so far. In November 2023, it was widely reported that the firm signed an agreement with Afreximbank for a $800 million loan to facilitate its acquisition of 100 per cent shares of the Nigerian Agip Oil Company (NAOC) in OML 60-63.

According to the company’s 2022 audited report, the most pressing of its obligations in the twelve-month period reviewed by its auditors was N686.6 billion (84.1 per cent of outstanding borrowings), which became due and needed to be paid.

Oando, listed in Lagos and Johannesburg, said its liabilities to trade partners and other payables as of 31 December 2022 stood at N705.8 billion.

Read more from the original article on here at www.premiumtimesng.com.


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