Oando to stop fuel importation


Mr Wale Tinubu, the Managing Director, Oando Plc on Thursday said that the company would seek approval from the Federal Government for the refurbishment of one or two refineries.

Tinubu stated this at the company’s facts behind the figures at the Nigerian Stock Exchange (NSE) in Lagos.

He said that refurbishment of the refineries would enable the country to end fuel importation.

Tinubu stated that the company would take advantage of its indigenous status by participating in the Federal Government bid.

He added that militancy activities were affecting its production in the Niger Delta.

The managing director said that 2016 was a challenging year for companies due to foreign exchange challenges.

He added that the company was besieged with liquidity constraints, devaluation of the naira and a slump in oil earnings due to low oil prices intensified by the insurgency in the Niger…

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