Wale Tinubu, group chief executive, Oando Plc has blamed militant activities and oil production disruptions for the company’s continued losses.
Oando’s half year result showed a 49 percent decrease in gross profit, from N37.1 billion in the first half of 2015 to N19 billion in the half ending on June 30, 2016.
Turnover increased by 18 percent from N212 billion compared to N180 billion in H1 2015, while loss-after-tax decreased by 23%, N27 billion compared to N35 billion H1 2015.
Source: The Cable