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OAO - Oando Plc - Audited results for the full year ended 31 December 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")
Audited results for the full year ended 31 December 2010
Highlights
- Turnover of US$2.5 billion
- Gross profit of US$364.6 million
- Operating profit of US$186.8 million
- Profit after tax of US$77.9 million
- Attributable profit after tax of US$77.9 million
- Earnings per share of 4.49 cents
- Increased contribution from upstream and gas distribution operations
- A second rig (Teamwork) was contracted out during the year
- 12.15MW Independent Power Plant ("IPP") was commissioned during the
year.
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 year ended 31 December 2010 of US$77.9 million.
Statement of comprehensive income analysis
The Group`s revenue and PAT increased by 12% and 5% respectively when compared
to the 2009 period. In addition, profit before tax rose by 56% compared to the
figures for the 2009 period. The improved performance over 2010 is attributable
to the following:
Turnover (12% increase)
Turnover increased due to the following:
- The commissioning of the 12.15MW Akute Power Plant in March 2010. The plant
was under construction in 2009.
- Additional customers connected to the gas distribution network.
- The first rig was operational for the full year compared to five months of
operations during the 2009 period.
- The Second rig (Teamwork) became operational during April 2010 compared to one
operational rig during the 2009 period.
- Full year production from Oil Mining License ("OML") 56 compared to seven
months of production during 2009 and crude oil price increases.
- Increased level of gross production from OML 125 by 8.4% compared to 2009.
Other operating income (66% decrease)
Other operating income decreased due to the acquisition and receivables
factoring that occurred during 2009, which did not re-occur during 2010.
Administrative expenses (28% increase)
Administrative expenses increased due to the following:
- Additional operating expenses incurred by the Akute Power Plant that was
operational for nine months of the period under review.
- Additional operational expenses arising from two operational rigs during the
full period under review compared to one operational rig during five months of
the 2009 period.
Selling and marketing expenses (4% decrease)
Selling and marketing expenses decreased due to lower volumes of petroleum
products transported and sold at the upcountry locations during 2010, compared
to the 2009 period.
Finance cost (27% decrease)
Finance costs decreased due to the relatively lower interest rates during 2010
and the restructuring of current borrowings to non-current borrowings during
2010. In addition, the successful completion of the rights issue during 2010
assisted the Company to improve its liquidity and to reduce further borrowings.
Income tax expenses (250% increase)
Income tax expenses increased during the period under review as a result of a
company income tax rate of 30% and an education tax rate of 2% on additional
revenue from non-upstream businesses as well as a relative 17% increase in
petroleum profits tax rate for marginal fields resulting from the increased
production during 2010.
Statement of financial position analysis
Property, plant and equipment (16% increase)
Property, plant and equipment increased due to capital expenditure incurred on
the power plants, rigs refurbishment and upstream assets development.
Non-current receivables(23% increase)
Non-current receivables (cost of gas distribution pipeline assets) increased due
to additional capital expenditure on the ongoing East Horizon`s Gas pipeline
project and new customers being connected to the Greater Lagos distribution
network.
Inventory(129% increase)
Inventory for the period increased when compared to 2009 and is attributable to
the receipt of inventory of petroleum products by the supply and trading
subsidiary towards the end of the current period under review. The 2009 period
witnessed suspension of imports due to accumulated Petroleum Support Fund
("PSF") debt and uncertainties about deregulation of the downstream sector.
Trade and other receivables (21% decrease)
The 21% decrease in trade and other receivables is attributable to the improved
credit management and collections including receipt of outstanding PSF
receivables from the Federal Government.
Borrowings
During the 2010 period, US$405 million of current borrowings was restructured to
a five-year medium term note facility. In addition, some current borrowings were
liquidated with proceeds of the rights issue.
Prospects
The Group will continue to leverage the synergy provided by the diversified
portfolio to deliver superior value to stakeholders.
The Group intends to continue the investment in OML 90. It will collaborate with
relevant partners to develop upstream assets owned by Equator Exploration
Limited, a subsidiary acquired during 2009. Further growth in upstream portfolio
is envisaged through the strategic acquisition of producing or near term assets,
on an ongoing basis. These efforts are intended to improve contribution by the
upstream business to the Group`s revenue and profitability in the future.
More customers are being connected to the Greater Lagos distribution network in
order to utilise the additional capacity provided by the completed Greater Lagos
Phase 3 pipeline network. Construction work at the Eastern Horizon Gas Company`s
128 kilometre pipeline project is at an advanced stage and is expected to be
commissioned during 2011.
The Supply & trading business will continue to take advantage of this window and
consolidate its foray into the West African markets. In addition, the Marketing
business has positioned itself to take full advantage of the inherent gains from
the deregulation of the downstream sector immediately after commencement of this
policy.
The Energy services business commenced refurbishment of the third rig. The third
rig is expected to become operational during 2011.
The Group is confident that the diversified asset portfolio will continue to
deliver continuous improved revenue and profitability.
AUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 31
DECEMBER 2010
31 December 31 December 2009
2010
ASSETS US$`million US$`million
Non-current assets
Property Plant & Equipment 1,043.92 900.13
Intangible Assets 164.22 166.49
Deferred income tax assets 21.52 62.23
Long Term Receivables 160.44 130.20
1,390.10 1,128.85
Current assets
Inventories 150.54 65.64
Trade & Other Receivables 523.63 665.11
Cash & Cash Equivalents 81.91 174.49
756.08 905.24
Total assets 2,146.18 2,164.29
Equity
Capital & Reserves attributable to
equity holders
Share Capital 6.59 3.53
Share Premium 361.52 231.66
Other Reserves 76.67 0.73
Retained Earnings 179.93 119.52
624.71 355.44
Minority Interest 6.81 6.22
Total equity 631.52 361.66
Liabilities
Non-Current Liabilities
Borrowing 503.11 141.74
Deferred income tax liabilities 51.21 97.10
Retired benefit obligation 9.47 7.21
Provisions for other liabilities and 12.38 10.79
charges
576.17 256.84
Current Liabilities
Trade & Other Payables 423.73 572.56
Current Income Tax Liabilities 37.16 22.55
Borrowings 477.60 950.68
Total Liabilities 938.49 1,545.79
Total Equity & Liabilities 2,146.18 2,164.29
AUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31
DECEMBER 2010
31 December 2010 31 December
2009
US$`million US$`million
Sales 2,547.97 2,283.56
Cost of Sales (2,183.41) (2,041.94)
Gross Profit 364.56 241.62
Selling & Marketing Costs (48.68) (50.65)
Administrative Expenses (157.24) (122.47)
Other Operating Income 28.13 82.28
Operating Profit 186.77 150.78
Net Finance Costs (42.15) (57.78)
Profit Before Taxation 144.62 93.00
Income Tax Expense (66.75) (19.05)
Profit After Expense 77.87 73.95
Attributable to:
Non-Controlling Shareholders (0.03) (0.99)
Equity Holders of the Company 77.90 74.94
77.87 73.95
The Group is divided into six main business divisions:
- The Exploration and production of oil and gas business ("E&P") is
involved in the exploration for 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 interests
in OML 56, OML 90, OML 123 and OML 134 and Oil Prospecting License
("OPL") 236 and OPL 278, amongst others.
- The Refining and Terminals business is involved in the refinement 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.
- The Gas and power business is involved in the distribution of natural
gas through its subsidiaries, Gaslink Nigeria Limited ("GNL") and East
Horizon Gas Company Limited ("EHGC"). GNL operates approximately 100
kilometres of the Greater Lagos natural gas distribution franchise and
has connected over one hundred industrial customers. EHGC is
constructing a 128 kilometre natural gas pipeline network to supply
natural gas to the United Cement Company ("UNICEM") and other customers
in Calabar, Eastern Nigeria. The Gas and power business also
incorporates Akute Power Limited that has built and commissioned an
Independent Power Plant to supply electricity to Lagos State Water
Corporation ("LSWC").
- The Energy services business 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 Energy services business presently has five swamp rigs.
- The Marketing business is involved in retail and commercial sales of
refined petroleum products with over 600 retail outlets in Nigeria and
West African countries.
- The Supply and trading business imports cargoes of petroleum products
for sale to marketing companies and other corporate bodies within and
outside Nigeria.
AUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER`S EQUITY ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY FOR THE YEAR ENDED 31 DECEMBER 2009 (RESTATED)
Share Capital Other reserves Retained
and share earnings
premium
US$`million US$`million US$`million
235.07 39.84 62.56
Balance as at 1 January 2008
Profit for the year - - 74.94
Other comprehensive income - (39.11) 0.11
for the year
Transaction with owners
Value of employee services- - - 0.31
share option scheme and
award
Tax credit relating to share - - 0.09
option and award
Minority interest on - - -
business combination
Issue of Shares 0.13 - -
Dividend - Final for 2008 - - (18.49)
Balance as at 31 December 235.20 0.73 119.52
2009(Restated)
AUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER`S EQUITY ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY FOR THE YEAR ENDED 31 DECEMBER 2009 (RESTATED)
(CONTINUED)
Non- Total equity
controlling
interest
US$`million US$`million
1.65 339.12
Balance as at 1 January 2008
Profit for the year (0.99) 73.95
Other comprehensive income for the year - (39.00)
Transaction with owners - -
Value of employee services- share option - 0.31
scheme and award
Tax credit relating to share option and - 0.09
award
Minority interest on business combination 5.56 5.56
Issue of Shares - 0.13
Dividend - Final for 2008 - (18.49)
Balance as at 31 December 2009(Restated) 6.22 361.67
AUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER`S EQUITY ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY FOR THE YEAR ENDED 31 DECEMBER 2010.
Share Capital Other reserves Retained
and share earnings
premium
US$`million US$`million US$`million
Balance as at 1 January 2010 235.20 0.73 119.52
Profit for the year - - 77.91
Other comprehensive income - 75.94 0.07
for the year
Transaction with owners
Value of employee services- - - 2.09
share option scheme and
award
Tax credit relating to share - - 0.63
option and award
Issue of Shares 142.05 - -
Share issue cost (11.17) - -
Bonus issue 2.03 - (2.03)
Dividend - Final for 2009 - - (18.26)
Balance as at 31 December 368.11 76.67 179.93
2010
AUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER`S EQUITY ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY FOR THE YEAR ENDED 31 DECEMBER 2010.
(CONTINUED)
Non- Total equity
controlling
interest
US$`million US$`million
Balance as at 1 January 2010 6.22 361.67
Profit for the year (0.03) 77.88
Other comprehensive income for the year 0.62 76.63
Transaction with owners - -
Value of employee services- share option - 2.09
scheme and award
Tax credit relating to share option and - 0.63
award
Issue of Shares - 142.05
Share issue cost - (11.17)
Bonus issue - -
Dividend - Final for 2009 - (18.26)
Balance as at 31 December 2010 6.81 631.52
NOTES TO AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010
1. General information
Oando 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 during 2000
consequent upon the sale of Federal Government`s 40% shareholding in the
Company. 30% was sold to core investor, Ocean and Oil Investments Limited, and
the remaining 10% to the Nigerian public. In December 2002, the Company merged
with Agip Nigeria Plc following the 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 during December 2003.
The principal activity of the Company locally and internationally is 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 and manufacturing and blending of
lubricants via Oando Marketing PLC.
- Distribution of natural gas for industrial customers via Gaslink
Nigeria Limited and East Horizon Gas Company Limited.
- Supply and distribution of petroleum products via Oando Supply and
Trading, Nigeria and Oando Trading, Bermuda.
- Energy services to upstream companies via Oando Energy Services Limited
and OES Integrity Limited.
- Exploration and Production via Oando Exploration and Production
Limited, Oando OML 125 & 134 Limited, Oando Production and Development
Company Limited.
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
During 2004, the Group early adopted the IFRS below, which are relevant to its
operations. These and changes to IFRS 2, IFRS 1, IFRS 8, IAS 1, IAS 7, IAS 18,
IAS 36, IAS 32, IAS 19 have been considered in the preparation of the audited
financial report for the year ended 31 December 2010.
IAS 2 (revised 2003) Inventories
IAS 8 (revised 2003) Accounting Policies, Changes in Accounting Estimates and
Errors
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.
IAS 1
- The early adoption of IAS 10 has resulted in a change in the accounting
policy for dividends. Proposed dividends, which were previously
recognised during 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 the Generally Accepted Accounting Principles ("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 equipment.
- 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..
- 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
date.
- 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
standards
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
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 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.
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.
31 December 2010 31 December 2009
Profit attributable to equity holders 77.90 74.94
of the Company (US$`million)
Average number of shares in issue 1,734.75 904.88
(millions)
Basic EPS (cents) 4.49 8.28
Headline Earnings Per Share ("HEPS")
Profit attributable to equity holders 77.90 74.94
of the Company
Adjusted for:
Profit on sale of buildings associated 0 0
with discontinued operations
Profit/(Loss) on sale of other assets 0 0
Loss on sales of investment in 0 0
affiliate companies
Tax thereon 0 0
HEPS attributable to earnings basis 4.49 8.28
(cents)
Net assets per share (cents) 35 40
Tangible assets per share (cents) 77 139
4. Independent audit by the auditors
The condensed consolidated results have been audited by PricewaterhouseCoopers
who perform their audit in accordance with the International Standards on
Auditing.
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
June 7, 2011
Directorate:
1 Maj. Gen. M. Magoro (Rtd), OFR Chairman
2 Mr. J.A.Tinubu Group CE
3 Mr. O. Boyo Deputy Group CE
4 Mr. B. Osunsanya Group Executive Director
5 Mr. Olufemi Adeyemo Group Executive Director-Finance
6 Mr. A. Akinrele, SAN Director (Retired May 7, 2010)
7 Mr. Oghogho Akpata Director (Appointed November 11, 2010)
8 Chief Sena Anthony Director (Appointed January 31, 2010)
9 Ms. Nana Afoah Appiah-Korang Director (Appointed November 11, 2010)
10 Mr. Navaid Burney Director (Resigned September 17, 2010)
11 HRM. Oba A. Gbadebo, CFR Director
12 Mr. O. Ibru Director (Resigned April 30, 2010)
13 Alhaji H. Mahmud Director (Retired May 7, 2010)
14 Mr. O.P. Okoloko Director (Resigned November 11, 2010)
15 Ms Amal Pepple, CFR Director (Appointed January 31, 2010)
16 Ms Genevieve Sangudi Director (Resigned November 11, 2010)
Chief Compliance Officer & 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 transfer secretaries: Computershare Investor
Services (Proprietary) Limited (Registration number: 2004/003647/07)
70 Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107)
Sandton
15 June 2011
Sponsor: Macquarie First South Advisers (Pty) Limited, The Place, 1 Sandton
Drive, South Wing, Sandton, Johannesburg, 2196, South Africa.
Date: 15/06/2011 10:00:01 Supplied by www.sharenet.co.za
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