The shareholders at Oando Plc passed a vote of confidence yesterday on the management team led by Wale Tinubu, retaining the company’s Board of directors. This took place during the successful 40th Annual General Meeting (AGM) held yesterday.
Recently, as explained in an exclusive on Nairametrics, Alhaji Dahiru Mangal and Ansbury lnc, are alleging that a gross abuse of corporate governance and financial mismanagement by the Wale Tinubu-led management is leading to a downturn in the fortunes of the company. The petitioners wanted the Securities Exchange Commission (SEC) to force a reconstitution of the management board, bringing the current management team to book for their alleged financial recklessness.
As the matter was being investigated, the petitioners further requested that Oando’s 40th Annual General Meeting be postponed until the Securities Exchange Commission (SEC) concluded their investigation. The conclusion of the investigation however, last week, yielded no material evidence that could trigger the postponement of the 40th AGM and Oando was given the go-ahead to hold its AGM.
During the AGM, the shareholders present commended Tinubu and the management for keeping their promise to return the company to profitability by the end of 2016 and for staying on track in 2017. They urged that Tinubu continued in the light of the company’s recent success and assured him of their trust in his leadership and ability.
The CEO, Wale Tinubu, received the announcement with gratitude, assuring the shareholders that the trust placed on him was not misplaced. He assured the shareholders that he along with members of the management board will be focused on getting returns and profit for the shareholders.
The AGM was disrupted for about 10 – 15 minutes as shareholders opposed to the management held a protest outside the venue. The crowd dispersed after key representatives of the shareholders association intervened. Oando claims that the protesters were non-shareholders that were probably paid to disrupt the meeting following the failure of the protesters to postpone the 40th AGM.
Wale Tinubu remained undeterred in the face of this development and the meeting proceeded as scheduled after the 10 – 15 minutes interlude by the protesters. By the end of the meeting, though, Tinubu’s persistence paid off as he retained the position of CEO, Oando plc.
Seplat gives notice of board meeting, to consider Q2 financial result
The notification is in conformity with the rules of the Nigerian bourse on the obligations of the issuer.
The indigenous oil and gas firm, Seplat Petroleum Development Company Plc has given notice of its board of director meeting which has been scheduled for Tuesday, July 28, 2020 through a teleconference in Lagos between 10 am and 3 pm.
This was disclosed in a notification that was sent to the Nigerian Stock Exchange (NSE) on July 3, 2020 and signed by the oil firm’s Company Secretary, Edith Onwuchekwa.
The notification is in conformity with the rules of the Nigerian bourse on the obligations of the issuer, in this case, Seplat, to notify the Exchange at least 14 days ahead of the due date and time when the board of directors hopes to meet to discuss its financial results.
The notification from Seplat states, ‘’In line with the rules of the NSE on the obligation of the Issuer to notify the Exchange at least 14 days in advance, in respect of the date and time when the board of directors will meet to discuss its Q2 2020 Financial Results, we wish to state the meeting details as follows,’’
‘’Date: Tuesday 28th July 2020, Venue: Via Teleconference, Lagos, Time: 10.00am – 3.00pm’’
Seplat, in its statement, also said they were going to notify the Exchange of the details of the Board’s decision on the 2020 second-quarter financial results immediately after the meeting as required by the rules.
Nairametrics had earlier reported that following the global oil crisis triggered by the coronavirus pandemic, the oil and gas firm, in its released financial statement, announced that revenue declined from $159.5 million in Q1 2019 to $130.5 million in Q1 2020. That represented an 18.2% drop.
The gross profit dropped from $81.4 million in Q1 2019 to $33.1 million in Q1 2020. This shows a drop of 59.3%. The profit before deferred tax showed a loss of $105.8 million in Q1 2020 as against the profit before deferred tax of $35.8 million that was achieved in Q1 2019. This represented a huge drop of 395.5%.
The company’s CEO, Austin Avuru, said that as part of its strategy, Seplat was shifting focus to its gas business which is less exposed to the oil price drop which is currently ravaging the upstream sector.
The current share price of Seplat on the Nigerian Stock Exchange is N386 per share as at July 3, 2020.
Microsoft plans to train 25 million workers for free in 2020
A number of organizations, over the past few months have come up with similar training programs.
Microsoft Corp aims to provide free online classes and resources for job-hunting to 25 million people by the end of 2020 as a way to mitigate the impact of the COVID-19 pandemic. The classes are going to be held on LinkedIn and GitHub online platforms and are expected to teach 10 highly demanded jobs.
The training is available to workers across the globe and it is geared towards teaching digital skills. The pandemic, having created a more technology-dependent face of work, and Microsoft is on a quest to aid the development of digital skills ranging from data analysis, digital marketing, and help-desk services.
Microsoft, leveraging data from its LinkedIn business, chose 10 job roles as a result of the growing demand for them as well as their potential to provide opportunities for a wide range of people – including those without college degrees.
Brad Smith, Microsoft’s president, called it “the largest skills initiative” explaining that Automation and artificial intelligence are changing the skills required for probably every occupation; hence, workers without digital skills will fall further and further behind.
“Everything we envisioned when 2020 began has accelerated more quickly than we imagined. Even when COVID-19 is in the rearview mirror, equipping individuals with work skills will remain an extremely important priority for companies like us and for the economy as a whole.”
Skills training in recent years has moved increasingly online, as providers of online classes like LinkedIn Learning, Coursera and others have emerged, offering ease and affordability compared to traditional education options.
A number of organizations, over the past few months have come up with similar training programs. Just last month, Bank of America noted that job training and career reskilling would be one of its four focus areas for $1 billion in funding for economic-opportunity initiatives over the next four years. In the same month, Walmart Foundation had also donated $6 million to Jobs for the Future, a nonprofit organization focused on identifying and scaling successful workforce-development programs.
Microsoft will give users access to LinkedIn content for “learning paths” relating to the 10 jobs until the end of 2020. Its commitment also includes $20 million in grants to organizations that will support individuals using the free resources, as well as $5 million to companies that cater to the needs of communities of color.
Andela to expand presence to all African countries
Andela also announced it will accept Pan African applications from engineers with full-stack programming experience.
Global Engineering Talent company, Andela that helps companies build remote engineering teams announced on Wednesday that it now accepts Engineers from all African countries.
Andela says it is a bid “ to double is final talent pool and connect an even greater number of specialist engineers with opportunities”.
Andela also announced it will accept Pan African applications from engineers with full-stack programming experience such as Node, React, Python and Ruby.
Andela co-founder, Jeremy Johnson says, “Over the past five years, we have become experts at identifying engineering excellence from non-traditional backgrounds. We know that there are extremely talented engineers across Africa and we believe that opportunity should not be limited by proximity to a major tech hub. Being a remote-first engineering organization allows us to open up access to Andela for engineers across the continent.”
He added that the removal of location-based restrictions will help double Andela’s talent pool to roughly 500,000 engineers in Africa, who will leverage on Andela’s work with top international engineering teams.
Andela’s customers include Cloudflare, Wellio, ViacomCBS and Women Who Code and helps them gain access to high-quality software engineers who work as long-term, embedded team members.
Andela said the announcement will enable companies that it works with to source the talent they need, “by opening up to additional talent pools access the continent.”
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Co-founder Johnson also said the world is realising remote work will be a catalyst for “democratization of opportunity by doubling our talent pool, we are professional to help accelerate their critical work of building the future.”
Absa was launched in 2014 and prior to being a fully remote organization, Andela operated in Nigeria, Kenya, Uganda, and Rwanda. the company says it has fully completed the transition to full remote with a pilot program in Ghana (2018) and Egypt last year.