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Wale Tinubu Group CEO of Oando says the company will pay off its existing $450 million in debts in about 2 years.
Tinubu who was speaking at the economist summit said the firm will clear its existing debt (which is down from $900 million) by paying $50 million a quarter over the next 18 – 24 months.
Other thoughts shared by Tinubu include:
- Second tier FX market is probably needed for non CBN priority sectors to improve liquidity and inflows.
- Capital Expenditure (Capex) in Oando’s Joint Ventures (JVs) down to $150 million out of a budget of $1 billion.
- NNPC is in arrears of $10 billion with JV partners.
- Need deregulation in downstream sector.
