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OAO - Oando - Unaudited results for the first quarter ended 31 March 2009

Release Date: 08/07/2009 12:44:02      Code(s): OAO
OAO - Oando - Unaudited results for the first quarter ended 31 March 2009       
Oando Plc                                                                       
(Incorporated in Nigeria and registered as an external company in South         
Registration number: RC 6474                                                    
(External company registration number: 2005/038824/10)                          
Share Code on the JSE Limited: OAO                                              
Share Code on the Nigerian Stock Exchange: UNTP                                 
ISIN: NGOANDO00002                                                              
("Oando" or "the Company" or "the Group")                                       
Unaudited results for the first quarter ended 31 March 2009                     
-   Turnover of $534m                                                           
-   Gross profit of $44m                                                        
-   Operating profit of $21m                                                    
-   Profit after tax of $13m                                                    
-   Attributable profit after tax of $13m                                       
-   Earnings per share of $0.01                                                 
-   Marked improvement in gross margin                                          
-   Significant contribution from upstream operation                            
-   Marked growth in non-fuel revenue income                                    
-   Acquisition of additional rigs                                              
-   Marked improvement in contribution from non marketing business              
-   Completion of 15%  stake in OML 125 & 134                                   
-   25% Depreciation of local currency against USD                              
Review of results                                                               
Oando, which has a primary listing on the Nigerian Stock Exchange ("NSE") and   
a secondary listing on the JSE Limited ("JSE"), reports profit after tax        
("PAT") for the First quarter ended 31 March 2009 of $13m.                      
Income statement analysis                                                       
The performance of our exploration division, the latest contributor to the      
platform, coupled with our traditional downstream business contributed towards  
the improved performance recorded within the quarter compared to the same       
period in the previous year. Our marketing business delivered strong result,    
performing well above prior year against improved trade volume and efficient    
supply chain management. Our non-marketing businesses continue to contribute    
significantly to the Group bottom-line, further underscoring our strategic      
decision of diversifying our earning platform.                                  
In addition, the growth in earnings is a reflection of improved margin          
efficiency experienced on white products; seamless supply chain management      
processes; proactive cash management; efficient working capital re-alignment    
and strong organic growth especially within our upstream operation. This        
improved performance was recorded against mixed macros economic factors         
represented by reduction in pump price of PMS, fluctuating exchange rate,       
increasing fear over the continuous availability of supply of petroleum         
products and uncertainties surrounding the full deregulation of the downstream  
The increase in turnover was overshadowed by the growing volatility of the      
Naira that has seen the local currency lose over 25% in value against the US    
Dollar since the beginning of the year. Improved operational efficiency         
however ensured that the Company recorded a modest 14% growth at margin level.  
The positive growth in turnover coupled with strong improvement in margin       
efficiency subsequently led to an increase in operating profit as the Group     
recorded a 20% increase over the $18m of operating profit recorded over the     
same period in the last year.                                                   
The Company recorded significant gains in its cost curtailment drive as         
selling and marketing expense was almost flat when compared to the              
corresponding period last year. Administrative expense however increased        
appreciably due to operational activities in the Upstream and Energy sector.    
Major milestones were also recorded at the non-fuel income level as the         
Company recorded a massive $5m increase over the same period in the previous    
Overall net interest expense increased by 79% compared to the same period in    
2008. This was driven by a combination of higher borrowings, increased trading  
activity as well as spike in total cost of funds. Delay in Government settling  
its PSF debt and other claims, also account for the increase in interest        
expenses as we had to resort to borrowing to meet our working capital needs.    
We expect that government will improve at meeting its obligation in the coming  
Consolidated profit after taxation marginally increased by 4% due to a          
combination of increased cost of financing and the deteriorating exchange       
rate. Similarly Profit after taxation attributable to ordinary shareholders     
also increased by the same margin to $13m while adjusted earnings per share     
stood at 0.01c.                                                                 
Balance sheet analysis                                                          
Oando increased total assets by 18% from $1.5bn to $1.8bn as at March 2009      
while total liabilities grew by the 31% to close at $1.5bn all driven mainly    
by the increased level of business activities. The growth in assets is due to   
continued investment in value-adding assets within the upstream sector of the   
energy chain. The ongoing construction of a 124km pipeline for our East         
Horizon gas pipeline project and the captive power plant also brought about     
massive increase in our long-term receivables. Management believes these        
projects once completed will drive future profitability and sustainability of   
our group company                                                               
Continuous and efficient working capital management ensured the Company         
maintains a robust cash and bank balance of $227m, albeit slightly lower by     
$102m compared to $329m in prior period. Our stock level is efficiently         
managed and is consistent with the growth in turnover while our volume of       
trade debtor and other non-trade balances has only grown significantly on the   
back of delayed in government settlement of PSF receivables.                    
Long-term liabilities increased to N47.3b in 2009 from N40.6b in 2008 by 16%.   
This increase underscores management`s decision to finance long-term            
investment in the upstream sector and our gas and power division with long-     
term finances. The 96% increase in current liabilities is largely driven by     
short-term loan to finance expanded trade business in the face of unexpected    
delay by Government in settling PSF receivables.                                
Expectations and Prospects for the Future                                       
Our upstream division buoyed by the recent acquisition of 15% Shell`s stake in  
OML 125 &134 is expected to contribute significantly to the bottom-line.        
Aggressive effort is also in place to bring other non-producing assets to       
production within the current year. It is expected that the Company will        
explore all strategic alliance formed with major producers to accelerate our    
block-to-production process for identified assets in the division.              
Following the completion of the Greater Lagos II Gas project and commencement   
of gas supply, we expect a huge contribution to our margin from our Gas and     
power division as more customers are connected to the supply grid. Eastern      
Horizon, our 124km pipeline project is expected to become operational by the    
end of the second quarter of this year while the captive power plant, a         
pioneering effort of the Gas and Power division is also expected to be          
commissioned for use before the end of this year.                               
The uncertainties surrounding the deregulation of the downstream sector         
notwithstanding, our marketing division is poise to improve its current upward  
trend in profitability and maintain its current leadership role in supply       
management and on-time delivery of petroleum products. High trade witnessed     
during the first quarter will be sustained and business strategy anchored on    
operational efficiency will be relentlessly pursued. Our Non-fuel revenue       
drive will continue and be improved upon while cost curtailment drive will      
permeate all our business actions. We expect profitability for the rest of the  
year to improve on the back of envisaged improvement in turnaround time in PSF  
receivables settlement and bridging claims.                                     
Our plan to unlock value imbedded in our marketing division to fast-track the   
growth phases identified within the gas and energy divisions is expected to be  
consummated this year. This plan was put in abeyance following the downturn     
experienced in the country`s capital market for the greater path of last year.  
The intending diversification will provide us with the capacity to explore      
emerging opportunities in our Gas & Power and upstream businesses, thus         
ensuring sterling growth and robust profitability anchored on sustainable       
diversified platforms.                                                          
Our energy service business is poised to deliver strong performance following   
the commencement of drilling operations by two of our rigs following the        
successful bid for 2 major upstream drilling contracts advertised by Agip       
Finally our supply and trading division would continue to leverage on its       
consistent high performance and emerging brand muscle along the petroleum       
supply chain to deliver superior returns. The Company is well positioned to     
take maximum advantage of the proposed full deregulation of the sector. The     
division`s intention to gained strong foothold in the West African sub region   
will be sustained while concerted effort will be deployed to leverage on its    
emerging brand as the supplier of choice of petroleum products to engage in     
other ancillary business opportunities that may arise along the energy chain.   
Consolidated Balance Sheet                                                      
As at 31 March 2009                                                             
ASSETS                                                  2009        2008        

                                                      $`000       $`000         
Non-current assets                                                              
Property Plant & Equipment                           268,753     225,802        
Intangible Assets                                    207,858     259,583        
Long-term Investments                                     69          90        
Long-term Receivables                                152,519      45,133        
                                                    629,198     530,608         
Current ASSETS                                                                  
Inventories                                          129,247     318,126        
Trade & Other Receivables                            794,042     325,877        
Cash & Cash Equivalents                              226,997     329,199        
1,150,287     973,202         
Total assets                                       1,779,485   1,503,810        
Capital & Reserves attributable to equity holders                               
Share Capital                                          3,116       2,896        
Share Premium                                        204,662     232,909        
Revaluation Reserve                                   49,695      85,201        
Foreign Exchange Difference                              184           0        
Retained Earnings                                     62,862      65,779        
                                                    320,518     386,785         
Minority Interest                                      1,040       1,633        
Total equity                                         321,559     388,418        
Non-Current Liabilities                              330,610     396,030        

Current Liabilities                                                             
Trade & Other Payables                               200,916      88,344        
Current Income Tax Liabilities                        24,426      12,298        
Borrowings                                           901,973     618,720        
                                                  1,127,315     719,362         
Total Liabilities                                  1,457,926   1,115,392        
Total Equity & Liabilities                         1,779,485   1,503,810        
Consolidated Income Statement                                                   
for the First quarter ended 31 March 2009                                       
                                                    2009            2008        
$`000           $`000        
Sales                                             533,984         597,955       
Cost of Sales                                     490,171         559,386       
Gross Profit                                       43,813          38,569       
Selling & Marketing Costs                          17,706          17,224       
Administrative Expenses                            10,952           5,052       
Other Operating Income                              6,027           1,414       
Operating Profit                                   21,181          17,707       
Shares of Profit  of Associates                                                 
Finance Costs                                       4,414           2,466       
Profit Before Taxation                             16,768          15,241       
Income Tax Expense                                  4,244           3,177       
Profit After Tax Expense                           12,523          12,064       
Attributable to:                                                                
Non-Controlling Shareholders                            1              21       
Equity Holders of the Company                      12,522          12,043       
Consolidated Statement of changes in Shareholder`s Equity Attributable to       
equity holders of the Company for the First quarter ended 31 March 2009         
                               Share    Share     Revaluation Cumulative        
                               Capital  Premium   reserve     translation       
                               US$m     US$m      US$m        US$m              
Balance as at 31 December 2008  3.12     204.66    49.69       28.25            
Retained profit for the period                                                  

Exchange difference                                             (28.07)         
Balance as at 31 March 2009     3.12     204.66    49.69        0.18            
                                     Retained     Minority     Total            
earnings     interest     equity           
                                     US$m         US$m         US$m             
Balance as at 31 December 2008        55.90        1.16         342.79          
Retained profit for the period        12.55        0            12.55           
Exchange Difference                                             0               
Balance as at 31 March 2009           68.45        1            321.56          
                                Share    Share    Revaluation  Cumulative       
                                Capital  Premium  reserve      translation      
                                US$m     US$m     US$m         US$m             
Balance as at 31 December 2007   2.89     232.91   56.95        28.25           
Retained profit for the period                                                  
Bonus issue of shares            1.01                                           
Revaluation reserve released                       (7.25)                       
during the year                                                                 
Exchange difference              (0.78)   (28.25)                               
Balance as at 31st December      3.12     204.66   49.70        28.25           
                                    Retained     Minority     Total             
                                    earnings     interest     equity            
US$m         US$m         US$m              
Balance as at 31 December 2007       53.74        1.61         376.35           
Retained profit for the period       63.73        0.03         63.76            
Bonus issue of shares                (1.01)                    0.00             
Revaluation reserve released during                            (7.25)           
the year                                                                        
Dividend paid                        (60.56)                   (60.56)          
Exchange Difference                               (0.48)       (29.51)          
Balance as at 31st December 2008     55.90        1.16         342.79           
Notes to reviewed results                                                       
1. General information                                                          
Oando (formerly Unipetrol Nigeria Plc) was registered by a special resolution   
as a result of the acquisition of the shareholding of Esso Africa Incorporated  
(principal shareholder of Esso Standard Nigeria Limited) by the Federal         
Government of Nigeria. The Company was partially privatised in 1991. It was     
however fully privatised in the year 2000 consequent upon the sale of Federal   
Government`s 40% shareholding in the Company. 30% was sold to core investors    
(Ocean and Oil Investments Limited) and the remaining 10% to the Nigerian       
public. In December 2002, the Company merged with Agip Nigeria Plc following    
its acquisition of 60% Agip Petroli`s stake of Agip Nigeria Plc in August of    
the same year. The Company formally changed its name from Unipetrol Nigeria     
Plc to Oando Plc in December 2003.                                              
Oando has its primary listing on the Nigerian Stock Exchange.                   
The Group has marketing and distribution outlets in Nigeria, Ghana and Togo     
and other smaller markets along the West African coast.                         
2. Summary of significant accounting policies                                   
The principal accounting policies applied in the preparation of these           
consolidated financial statements are set out below. These policies have been   
consistently applied to all the years presented, unless otherwise stated.       
2.1 Basis of preparation                                                        
The consolidated financial statements of Oando have been prepared in            
accordance with International Financial Reporting Standards (IFRS). The         
consolidated financial statements have been prepared under the historical cost  
convention, as modified by the revaluation of land and buildings, and           
financial assets and financial liabilities at fair value through profit or      
The preparation of financial statements in accordance with IFRS requires the    
use of certain critical accounting estimates. It also requires management to    
exercise judgement in the process of applying the Group`s accounting policies.  
Early adoption of standards                                                     
In 2004, the Group early adopted the IFRS below, which are relevant to its      
operations. These have been consistently applied in this unaudited financial    
report for the First quarter of 2008.                                           
IAS 2 (revised 2003) Inventories                                                
IAS 8 (revised 2003) Accounting Policies, Changes in Accounting Estimates and   
IAS 10 (revised 2003) Events after the Balance Sheet Date                       
IAS 16 (revised 2003) Property, Plant and Equipment                             
IAS 17 (revised 2003) Leases                                                    
IAS 21 (revised 2003) The Effects of Changes in Foreign Exchange Rates          
IAS 24 (revised 2003) Related Party Disclosures                                 
IAS 27 (revised 2003) Consolidated and Separate Financial Statements            
IAS 28 (revised 2003) Investments in Associates                                 
IAS 32 (revised 2003) Financial Instruments: Disclosure and Presentation        
IAS 33 (revised 2003) Earnings per share                                        
IAS 36 (revised 2004) Impairment of Assets                                      
IAS 38 (revised 2004) Intangible Assets                                         
IAS 39 (revised 2003) financial instruments: Recognition and measurement        
IFRS 2 (issued 2004) Share-based payments                                       
IFRS 3 (issued 2004) Business Combinations                                      
IFRS 5 (issued 2004) Non-current Assets Held for Sale and Discontinued          
IFRIC 10 (Issued 2006) Interim Financial Reporting and Impairment.              
-   The early adoption of IAS 10 has resulted in a change in the accounting     
   policy for dividends. Proposed dividends, which were previously              
recognised in the year prior to the declaration, have been adjusted in       
   accordance with IAS 10 and 37 respectively.                                  
-   The application IAS 16 has affected the accounting for fair value           
   reserve relating to revalued land and buildings upon disposal.               
-   Under previous GAAP, the revaluation surplus included in equity in          
   respect of an item of property, plant and equipment were transferred to      
   the income, when the asset is disposed of, to determine profit on            
   disposal. Adjustments have been passed to transfer the related amounts       
directly to retained earnings in accordance with IAS 16. Also, early         
   adoption of IAS 16 (revised 2004) has necessitated the disclosure of         
   prior year comparatives for all movements in property plant and              
-   IAS 21 (revised 2003) has affected the translation of foreign entities`     
   income statements, on which closing rates were previously applied but        
   now amended and translated at average rates. The functional currency of      
   each of the consolidated entities has also been re-evaluated based on        
the guidance to the revised standard. All the Group entities have the        
   same functional currency as their presentation currency. These               
   financial statements have been presented in a currency other than the        
   Company`s functional currency, being US Dollars, to meet the filing          
requirements of the JSE.                                                     
-   IAS 24 (revised 2003) has affected the identification of related            
   parties and some other related-party disclosures.                            
-   IAS 27 (revised 2004) has affected the consolidation of subsidiaries.       
Certain subsidiaries, which were not included in the consolidation           
   under previous GAAP have now been consolidated.                              
-   The early adoption of IAS 33 has resulted in a change in the                
   computation of earnings per share. Earnings per share, which were            
previously computed on the basis of the number of shares in issue at         
   the end of the reporting period, have been adjusted on the basis of the      
   weighted average number of shares in accordance with IAS 33                  
-   The early adoption of IAS 39 has resulted in a change in accounting for     
financial assets and liabilities.                                            
-   The Group has recently obtained approval for its share-based option         
   scheme, all share based payments will be accounted for under IFRS 2.         
   The operational framework for the scheme is still being worked out.          
-   The early adoption of IFRS 5 has resulted in a change in the accounting     
   for non-current assets held for sale and discontinued operations as          
   qualifying assets have been reclassified accordingly.                        
-   The early adoption of IFRS 3, IAS 36 (revised 2004) and IAS 38 (revised     
2004) resulted in a change in the accounting policy for goodwill. Until      
   31 December 2002, goodwill was:                                              
   -   Amortised on a straight line basis over a period ranging from 5 to       
       20 years; and                                                            
-   Assessed for an indication of impairment at each balance sheet           
-   In accordance with the provisions of IFRS 3:                                
   -   The Group ceased amortisation of goodwill from 1 January 2003;           
-   Accumulated amortisation as at 31 December 2002 has been eliminated      
       with a corresponding decrease in the cost of goodwill;                   
-   Goodwill was tested for impairment at 1 January 2003, the transition        
   date. Also, from the year ended 31 December 2003 onwards, goodwill is        
tested annually for impairment, as well as when there are indications        
   of impairment. The Group has also reassessed the useful lives of its         
   intangible assets in accordance with the provisions of IAS 38. No            
   adjustment resulted from this reassessment.                                  
All changes in the accounting policies have been made in accordance with the    
transition provisions in the respective standards.                              
The early adoption of IAS 1, 2, 8, 17 28, and 32 (all revised 2003) did not     
result in substantial changes to the Group`s accounting policies.               
In summary:                                                                     
- IAS 1, 2, 28 and 32 had no material effect on the Group`s policies.           
- IAS 8 (revised 2004) has resulted in the disclosure of the impact of new      
2.2 Consolidation                                                               
(a) Subsidiaries                                                                
Subsidiaries include all entities (including special purpose entities) over     
which the Group has the power to govern the financial and operating policies    
generally accompanying a shareholding of more than one half of the voting       
rights. The existence and effect of potential voting rights that are currently  
exercisable or convertible are considered when assessing whether the Group      
controls another entity. Subsidiaries are fully consolidated from the date on   
which control is transferred to the Group. They are deconsolidated from the     
date that control ceases.                                                       
The purchase method of accounting is used to account for the acquisition of     
subsidiaries by the Group. The cost of the acquisition is measured as the fair  
value of the assets given, equity instruments issued and liabilities incurred   
or assumed and the date of plus costs directly attributable to the              
acquisition. Identifiable assets acquired and liabilities and contingent        
liabilities assumed in a business combination are measured initially at their   
fair values at the acquisition date irrespective of the extent of any minority  
interest. The excess of the cost of acquisition over the fair value of the      
Group`s share of the identifiable net assets acquired is recorded as goodwill.  
If the cost of acquisition is less than the fair value of the net assets of     
the subsidiary acquired, the difference is recognised directly in the income    
statement. All balances and unrealised surpluses and deficits on transactions   
between group companies have been eliminated. Where necessary, accounting       
policies for subsidiaries have been changed to be consistent with the policies  
adopted by the Company, Separate disclosure (in equity) is made of Minority     
(b) Associates                                                                  
Associates are all entities over which the Group has significant influence but  
not control, generally accompanying a shareholding of between 20% and 50% of    
the voting rights. Investments in associates are accounted for by the equity    
method of accounting and are initially recognised at cost. The Group`s          
investment in associates includes goodwill (net of any accumulated impairment   
loss) identified on acquisition. The Group`s share of its associates` post-     
acquisition profits or losses is recognised in the income statement, and its    
share of post acquisition movements in reserves is recognised in reserves. The  
cumulative post-acquisition movements are adjusted against the carrying amount  
of the investment.                                                              
When the Group`s share of losses in an associate equals or exceeds its          
interest in the associate, including any other unsecured receivables, the       
Group does not recognise further losses, unless it has incurred obligations or  
made payments on behalf of the associate. Unrealised gains on transactions      
between the Group and its associates are eliminated to the extent of the        
Group`s interest in the associates. Unrealised losses are also eliminated       
unless the transaction provides evidence of an impairment of the asset          
transferred. The accounting policies of the associates are consistent with the  
policies adopted by the Group.                                                  
Goodwill included in the carrying amount of an investment is neither amortised  
nor tested for impairment separately by applying the requirements for           
impairment testing goodwill in IAS 36, Impairment of Assets. Instead, the       
entire carrying amount of the investment is tested under IAS 36 for             
All subsidiaries and associates have uniform calendar year ends.                
2.3 Segment reporting                                                           
A business segment is a group of assets and operations engaged in providing     
products or services that are subject to risks and returns that are different   
from those of other business segments. A geographical segment is engaged in     
providing products or services within a particular economic environment that    
are subject to risks and return that are different from those of segments       
operating in other economic environments.                                       
2.4 Foreign currency translation                                                
(a) Functional and presentation currency                                        
Items included in the financial statements of each of the Group`s entities are  
measured using the currency of the primary economic environment in which the    
entity operates (`the functional currency`). The functional currency of the     
Group is the Naira. The consolidated financial statements are presented in US   
dollars, which is the Company`s presentation currency for the purpose of        
filing outside Nigeria.                                                         
(b) Transactions and balances                                                   
Foreign currency transactions are translated into the functional currency       
using the exchange rates prevailing at the dates of the transactions. Foreign   
exchange gains and losses resulting from the settlement of such transactions    
and from the translation at year-end exchange rates of monetary assets and      
liabilities denominated in foreign currencies are recognised in the income      
statement, except when deferred in equity as qualifying cash flow hedges and    
qualifying net investment hedges.                                               
(c) Group Companies                                                             
The results and financial position of all the Group entities (none of which     
has the currency of a hyperinflationary economy) that have a functional         
currency different from the presentation currency are translated into the       
presentation currency as follows:                                               
1  Assets and liabilities for each balance sheet presented are translated       
  at the closing rate at the date of that balance sheet.                        
2  Income and expenses for each income statement are translated at average      
  exchange rates; and all resulting exchange differences are recognised         
as a separate component of equity.                                            
3  On consolidation, exchange differences arising from the translation of       
  the net investment in foreign entities are taken to shareholders`             
  equity. Upon disposal of part or all of the investment, such exchange         
differences are recognised in the income statement as part of the gain        
  or loss on sale.                                                              
3. Earnings per Share                                                           
Basic Earnings Per Share (EPS) is calculated by dividing the Profit             
Attributable to the equity holders of the Company by the weighted average       
number of shares in issue during the period.                                    
                                                          2009   2007           
Profit attributable to equity holders of the Company                            
($`m)                                                      12.52  12.04         
Average number of shares in issue (millions)               904.88 754.07        
Basic Earnings Per Share (cents)                           0.01   0.02          
Profit attributable to equity holders of the Company       12.52  12.04         
Weighted average number of shares in issue (millions)      904.88 754.07        
Adjustment for Bonus issues                                                     
Weighted average number of shares for diluted Earnings     904.88 754.07        
Per Share (millions)                                                            
Diluted Earning Per Shares (cents)                         0.01   0.02          
Headline Earnings Per Share                                0.01   0.02          
Profit Attributable to equity holders of the Company       12.52  12.04         
Adjusted for:                                                                   
Profit on sale of buildings associated with                0      0             
discontinued operations                                                         
Profit/(Loss) on sale of other assets                      0      0             
Loss on sales of investment in affiliate companies         0      0             
Tax thereon                                                0      0             

Headline Earnings Per Share attributable to earnings                            
basis (cents)                                              0.01   0.02          
Headline Earnings Per Share attributable to diluted                             
earnings basis (cents)                                     0.01   0.02          
Net Assets Per Share (cents)                               354.73 559.21        
Tangible Assets Per Share (cents)                          189.28 310.69        
4. Independent audit by the auditors                                            
This condensed consolidated result has not been audited by our auditors         
PricewaterhouseCoopers being the First quarter of our financial year            
5. Post balance sheet events                                                    
There are no significant post balance sheet events that in the opinion of the   
Directors will have any material impact on the accounts herein presented.       
For and on behalf of the Board                                                  
Mr J Adewale Tinubu                                                             
Group Chief Executive                                                           
3 June 2009                                                                     
1  Major General M. Magoro (Rtd.) OFR, Galadiman    Chairman                    
2  Mr. J. A. Tinubu                                 Group CEO                   
3  Mr. O. Boyo                                      Deputy Group CEO            
4  Mr. B. Osunsanya                                 Group Ex. Director          
5  Mr. A. Akinrele SAN                              Director                    
6  Prince F. N. Atako JP                            Director                    
7  Mr. Navaid Burney                                Director                    
8  HRM. Oba. A. Gbadebo CFR                         Director                    
9  Mr. O. Ibru                                      Director                    
10 Alhaji H. Mahmud Walin Mubi                      Director                    
11 Mr Onajite Okoloko                               Director                    
12 Mr. I. Osakwe                                    Director                    
Company Secretary: Mrs. Oredeji Delano                                          
Registered office: 2, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria     
Auditors: PriceWaterhouseCoopers, Plot 252E Muri Okunola Street, Victoria       
Island, Lagos                                                                   
E-mail: info@oandoplc.com                                                       
Registered office in South Africa: 1st Floor, 32 Fricker Road, Illovo           
Boulevard, Sandton, 2196, South Africa                                          
Office of the South African registrars: Computershare Investor Services         
(Proprietary) Limited (Registration number: 2004/003647/07)                     
70 Marshall Street, Johannesburg, 2001. PO Box 61051, Marshalltown, 2107        
8 July 2009                                                                     
Sponsor: Deutsche Securities (SA) (Proprietary) Limited                         
Date: 08/07/2009 12:44:01 Supplied by www.sharenet.co.za                     
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