Oando Loses N18bn As Equities Market Close Negative

Oando Plc has lost N18bn of its market capitalization after the Nigerian equities market closed negative.

The oil giant was the worst loser after trading on the Nigerian Exchange Ltd closed with All-Share Index falling -0.03 per cent to 68335.72 points.

The market capitalization declined from N37.4trn to N37.36trn on Thursday, resulting to at least N33bn loss.

Oando lost 9.93 per cent of its share price from N14.6 per share on Wednesday to N13.15 per share. The oil company’s market capitalization dropped from N181.49bn to N163.47bn at the close of trade.

Consequently, the oil giant lost N18bn worth of its market value.

The company had on September 18, released its financials for 2021 in which it revealed that ten Nigerian banks restructured the company’s medium-term loan to N115.3 billion from N108.3bn originally negotiated.

The company On March 30, 2023 notified NGX and JSE Limited of Ocean and Oil Development Partners Limited (OODP) intentions to acquire all the shares held by minority shareholders.

Each minority shareholder that qualifies will receive N7.07 in cash or its equivalent in South African Rand (ZAR) per share, based on the deal.

Oando would consequently delist from NGX and JSE and re-registered as a private company, it said in a regulatory filing.