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OAO - Oando Plc - Unaudited results for the first quarter ended 31 March 2010

Release Date: 11/05/2010 11:15:03      Code(s): OAO
OAO - Oando Plc - Unaudited results for the first quarter ended 31 March 2010   
Oando Plc                                                                       
(Incorporated in Nigeria and registered as an external company in South Africa) 
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 2010                     
-   Turnover of $618 million                                                    
-   Gross profit of $86 million                                                 
-   Operating profit of $56 million                                             
-   Profit after tax of $21 million                                             
-   Attributable profit after tax of $21 million                                
-   Earnings per share of 2.38 cents                                            
-   The Group`s first independent power project (IPP) was commissioned          
   during the period                                                            
-   Rig upgrade revenue income was recognized in the income statement           
-   Increase in crude oil production from OML 125 & 134 during the period       
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 full period ended 31 March 2010 of $21.20 million.                      
Income statement analysis                                                       
The Group`s revenue increased by 15% when compared with 2009 figures. In        
addition, profit after tax rose by about 69% over the same period in 2009. This 
improved performance levels relative to 2009 can be attributed to the following 
-   the Group commenced revenue generation from Lagos State Water               
Corporation (LSWC) IPP project during the period;                            
-   one of the rigs deployed to operation in 2009 generated income              
   throughout the first quarter of 2010 whereas the rigs were yet to be         
   put into use during the corresponding period of 2009; and                    
-   in order to improve the bottom line, the Group embarked upon processes      
   improvement initiatives which have started manifesting positive impacts      
   in efficiency and cost reduction.                                            
Expenses review                                                                 
Marketing and selling expenses reduced by about 37% due to our Marketing        
Division expenses experiencing petroleum products supply shortages during the   
early part of the quarter, emanating from suspension of petroleum products      
importation during the last quarter of 2009.                                    
Administrative expenses increased over previous years due to operational costs  
in respect of rigs and IPP project which were charged to the income statements  
in 2010. Similar costs were not incurred during the same period in 2009 because 
the assets have not been put into use. In addition, the rigs and IPP assets were
depreciated during the period whereas no depreciation was charged on the assets 
in 2009.                                                                        
Finance costs also increased during the period compared with the corresponding  
period in 2009 as a result of recognition of finance costs on rigs and IPP      
assets in the income statement during the period, whereas the finance charges   
were previously capitalised before the assets were put into use.                
Balance sheet analysis                                                          
Non-current assets including property, plant and equipment and pipeline assets` 
costs included in long term receivables, rose by 25% over the balance in March  
2009 as a result of additional capital expenditure on ongoing projects like LSWC
IPP, East Horizon Gas pipeline project, upstream assets` development, etc.      
during the period.                                                              
Inventory increased by about 17% over the level recorded during the same period 
of 2009 due to ordering of more petroleum products cargoes by our Supply and    
Trading business towards the end of first quarter of 2010, to make up for       
shortages experienced during suspension of products importation in the last     
quarter of 2009. Trade and other receivables reduced by 40%. This was           
attributable to deliberate efforts at reducing working capital requirements.    
Prospects for the future                                                        
We are desirous of enhancing revenue and cash generation from the investments   
hitherto made in rigs, upstream and gas & power assets.                         
In order to actualise this, we have intensified development efforts on our      
upstream assets. We have also strategically positioned ourselves to acquire     
upstream assets with immediate or near term cash flow generation capabilities.  
With the commissioning of the LSWC IPP project, the contribution of the gas and 
power arm of the business to the Group`s revenue is set to increase             
significantly. We have also strengthened the marketing team to fully sell out   
the additional capacity provided by the recently completed Greater Lagos Phase 3
pipeline project, by connecting more customers to the gas distribution          
infrastructure. We continue to vigorously pursue to ongoing construction work at
the Eastern Horizon Company`s 128km pipeline project, and this is expected to be
completed before the year runs out.                                             
The Federal Government of Nigeria (FGN) recently passed the Local Content Bill  
into Law, however we are still awaiting for the FGN`s announcement of a definite
position on the deregulation of the downstream sector of the petroleum industry,
while the draft Petroleum Industry Bill (PIB) before the National Assembly is   
yet to be promulgated into law. In spite of these delays, our Supply and Trading
and Marketing businesses continue to wax stronger by improving product delivery 
channels within Nigeria while also consolidating entry into other markets within
the West African Sub region.                                                    
We shall also take full advantage of the FGN`s revision of Petroleum Subsidy    
Fund administrative processes.                                                  
In addition, we are working tirelessly to ensure that the remaining rigs are    
awarded contracts and are deployed into drilling operation. While another rig is
about to be mobilised, refurbishment of the others are at various stages of     
We believe that all these investments will significantly improve the returns the
Group would deliver to the stakeholders going forward.                          
Consolidated Balance Sheet                                                      
as at 31 March 2010                                                             
                                             2010          2009                 
ASSETS                                        US$ million   US$ million         
Non-current assets                                                              
Property Plant & Equipment                    1,058.53      268.75              
Intangible Assets                             167.77        207.86              
Long term investments                         0.01          0.07                
Long Term Receivables                         126.07        152.52              
                                             1,352.37      629.20               
Current assets                                                                  
Inventories                                   151.63        129.25              
Trade & Other Receivables                     476.42        794.04              
Cash & Cash Equivalents                       336.20        226.99              
                                             964.25        1,150.28             
Total assets                                  2,316.63      1,779.48            
Capital & Reserves attributable to equity                                       
Share Capital                                 3.06          3.12                
Share Premium                                 201.06        204.66              
Revaluation Reserve                           50.53         49.70               
Exchange Difference                           7.52          0.19                
Retained Earnings                             119.85        62.86               
                                             374.50        320.53               
                                             6.26          1.04                 
Minority Interest                                                               
Total equity                                  388.28        321.57              
Non-Current Liabilities                                                         
Borrowing                                     172.82        330.61              
Deferred income tax liabilities               24.34                             
Retired benefit obligation                    8.47                              
                                             205.634       330.61               

Current Liabilities                                                             
Trade & Other Payables                        677.88        200.92              
Current Income Tax Liabilities                33.58         24.43               
Borrowings                                    1,010.19      901.97              
    Dividend payable                         0.5           -                    
                                             1,927.78      1,457.93             
Total Liabilities                                                               

Total Equity & Liabilities                    2,316.06      1,779.50            
Consolidated Income Statement                                                   
For the period ended 31 March, 2010                                             
2010             2009                   
                                        US$ million      US$ million            
Sales                                    617.83           533.98                
Cost of Sales                            (531.46)         (475.67)              
Gross Profit                             86.37            58.31                 
Selling & Marketing Costs                (11.21)          (17.71)               
Administrative Expenses                  (35.17)          (10.95)               
Other Operating Income                   15.83            6.03                  
Operating Profit                         55.82            35.68                 
Shares of Profit  of Associates                           -                     
Net Finance Costs                        (21.44)          (18.91)               
Profit Before Taxation                   34.38            16.77                 
Income Tax Expense                       (13.18)          (4.24)                
Profit After Expense                     21.20            12.53                 
Attributable to:                                                                
Non-Controlling Shareholders             0.04             0.02                  
Equity Holders of the Company            21.17            12.51                 
                                        21.20            12.53                  
The Group is organised into six main business divisions:                        
-   Exploration and production of oil and gas (E&P) is involved in the          
exploration and production of oil and gas through the acquisition of         
   rights in oil blocks on the Nigerian continental shelf and deep              
   offshore. The E&P segment of the business owns interest OML 56, OML 90,      
   OML 123 and OML 134 and OPL`s 236 and OPL 278, amongst others.               
-   Refining and Terminals is involved in the refining of crude and storage     
   and logistics for distribution of petroleum products. This division was      
   recently carved out of the downstream marketing business. It has             
   initiated steps towards establishing a refinery at the Lekki Free Trade      
Zone in Lagos.                                                               
-   Gas and power is involved in the distribution of natural gas through        
   its subsidiaries, Gaslink Nigeria Limited (GNL) and East Horizon Gas         
   Company Limited (EHGC). GNL operates about 100kilometers Greater Lagos       
natural gas distribution franchise and has connected over one hundred        
   industrial customers.  EHGC is constructing 128km natural gas pipeline       
   network to supply natural gas to United Cement Company (UNICEM) and          
   other customers at Calabar, Eastern Nigeria. The Division also               
incorporated Akute Power Limited that is building an Independent Power       
   Plant to supply electricity to LSWC.                                         
-   Energy services is involved in the provision of services such as            
   drilling and completion fluids and solid control waste management; oil-      
well cementing and other services to upstream companies. The Division        
   presently has five swamp rigs.                                               
-   Marketing division is involved in retailed and commercial sales of          
   refined petroleum products with over 600 retail outlets in Nigeria and       
West African countries.                                                      
-   Supply and Trading imports cargoes of petroleum products for sale to        
   marketing companies and other corporate bodies within and outside            
Consolidated Statement of changes in Shareholder`s Equity Attributable to equity
holders of the Company for the period ended 31 March, 2010                      
                                Share    Share    Revaluation  Cumulative       
                                Capital  Premium  reserve      translation      
                                US$m     US$m     US$m         US$m             
Balance as at 31 December, 2009  3.54     231.66   39.84        (17.54)         
Retained profit for the period                                                  
Bonus issue of shares                                                           
Dividend paid                                                                   
Exchange difference              (0.48)   (30.60)                               
Reversal of revaluation surplus                    10.69                        
Deferred tax on revaluation                                                     
Share Issue/acquisition Cost                                                    
Balance as at 31 March 2010      3.06     201.06   50.53        (1.95)          
Retained   Minority    Total           
                                         earnings   interest    equity          
                                         US$m       US$m        US$m            
Balance as at 31 December 2009            124.56     6.22        366.70         
Retained profit for the period            21.17      0.04        21.20          
Bonus issue of shares                                                           
Dividend paid                                                    (7.52)         
Exchange Difference                       (25.91)                               
Reversal of revaluation surplus                                                 
Deferred tax on revaluation surplus                                             
Share Issue/acquisition Cost                                                    
Balance as at 31 March, 2010              119.85     6.26        388.28         
Consolidated Statement of changes in Shareholder`s Equity Attributable to equity
holders of the Company for the period ended 31 March 2009                       
                                Share    Share    Revaluation  Cumulative       
                                Capital  Premium  reserve      translation      
                                US$m     US$m     US$m         US$m             
Balance as at 31 December 2008   3.54     231.53   39.84                        
Retained profit for the period                                                  
Bonus issue of shares                                                           
Dividend paid                                                                   
Exchange difference              (0.42)   (26.87)  (9.86)                       
Reversal of revaluation surplus                                                 
Deferred tax on revaluation                                                     
Share Issue Cost                                                                
Balance as at 31 March2009       3.12     204.66   49.70        (0.19)          
Retained   Minority   Total          
                                           earnings   interest   equity         
                                           US$m       US$m       US$m           
Balance as at 31 December 2008              66.43      1.65       342.99        
Retained profit for the period              12.51      0.02       12.53         
Bonus issue of shares                                                           
Dividend paid                                                                   
Exchange Difference                         (16.08)    (0.63)                   
Reversal of revaluation surplus                                                 
Deferred tax on revaluation surplus                                             
Share Issue Cost                                                  )             
Balance as at 31 March,2009                 62.86      1.04       321.57        
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 FGN. The Company
was partially privatised in 1991. It was however fully privatised in the year   
2000 consequent upon the sale of FGN`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.                                      
The principal activity of the Company locally and internationally is to have    
strategic investments in energy companies across West Africa. The Group is      
involved in the following business activities via its subsidiary companies:     
-   marketing of petroleum products, manufacturing and blending of              
lubricants - Oando Marketing Limited;                                        
-   distribution of natural gas for industrial customers - Gaslink Nigeria      
-   supply and distribution of petroleum products - Oando Supply and            
Trading, Nigeria and Oando Trading, Bermuda;                                 
-   energy services to upstream companies - Oando Energy Services; and          
-   Exploration and Production - Oando Exploration and Production.              
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 loss.                     
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 Audited financial      
report for the full year of 2009.                                               
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 obtained approval for its share option scheme from the            
   regulatory authority in February 2009. Accordingly all shared-based          
payment in operation has been subjected to and accounted for under IFRS      
   2 for the first time in 2008.                                                
-   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; and       
   -   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 interests.         
(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      
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 impairment.                 
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; and                                        
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 (EPS)                                                     
Basic 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.                                                                     
                                                          2010    2009          
Profit attributable to equity holders of the Company ($`m) 21.17   12.51        
Average number of shares in issue (millions)               904.88  904.88       
Basic EPS (cents)                                          2.34    1.38         
Profit attributable to equity holders of the Company       21.17   12.51        
Weighted average number of shares in issue (millions)      904.88  904.88       
Adjustment for bonus issues                                                     
Weighted average number of shares for diluted EPS          904.88  904.88       
Diluted EPS (cents)                                        2.34    1.38         
Headline Earnings Per Share (HEPS)                         2.34    1.38         
Profit attributable to equity holders of the Company       21.17   12.51        
Adjusted for:                                                                   
Profit on sale of buildings associated with discontinued   0       0            
Profit/(Loss) on sale of other assets                      0       0            
Loss on sales of investment in affiliate companies         0       0            
Tax thereon                                                0       0            
HEPS attributable to earnings basis (cents)                2.34    1.38         
HEPS attributable to diluted earnings basis (cents)        2.34    1.38         
Net assets per share (cents)                               42      35           
Tangible assets per share (cents)                          149     110          
4. Independent audit by the auditors                                            
These condensed consolidated results have 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 a material impact on the accounts herein presented.         
For and on behalf of the Board                                                  
Mr J Adewale Tinubu                                                             
Group Chief Executive                                                           
10 May 2010                                                                     
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 Exec. Director        
5  Mr. O. Adeyemo                                   Exec. Director              
6  Chief S. Anthony                                 Director                    
7  Mr. Navaid Burney                                Director                    
8  HRM. Oba. A. Gbadebo CFR                         Director                    
9  Mr. Onajite Okoloko                              Director                    
10 Ms. A. Pepple                                    Director                    
11 Ms. G. Sangudi                                   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        
11 May 2010                                                                     
Sponsor: Deutsche Securities (SA) (Proprietary) Limited                         
Date: 11/05/2010 11:15:02 Supplied by www.sharenet.co.za                     
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Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.