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Corporate Stories

Corporate Story: Under siege, the battle for Oando

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Oando Plc CEO Tinubu speaks during a Reuters interview in Lagos

This is a story of Nigeria’s biggest indigenous oil and gas company, a 61-year-old entity that was morphed over the years by a combined dose of ballsy youthfulness, ruthless ambition and the kind of opportunity that can only be found in an emerging economy.

The story begins with a historical perspective of the company and how it came to be one of Nigeria’s most controversial businesses. It culminates in the recent board room scandal that is threatening its future, as well as the investment and jobs of thousands of Nigerians.


Part 1

In 1956, just 4 years before Nigeria’s independence, a company named Esso West Africa Incorporated was formed in Lagos Nigeria. The company was owned by Exxon Corporation, one of the largest energy companies in the world at the time. During the oil boom era in 1976, 20 years after, the Nigerian government acquired Esso’s interest, making it the sole owner of the company. The government soon changed its name to Unipetrol Nigeria Limited.

 

 

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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    Corporate Stories

    Standard Alliance Insurance plc: What happened to the most capitalized insurance company of 2010?

    After a 39-year journey of high and lows, shareholders await Awodiya to deliver on the promise of profitability.

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    on

    Standard Alliance Insurance Plc recently held its Annual General Meeting, the first in the last four years. The financial reports received at the AGM were that of FY 2017 and 2018, bringing up the million-dollar question; what is going on with this underwriter?

    Nairametrics Company of the Week focuses on the 39-year-old highly ranked insurance company, its past achievements, and current realities.

    Almost 40 years ago, the company was incorporated in July 1981 as a Private Limited Liability Company. At this time, it was known as Jubilee Insurance Company Limited until August 1996 when it became Standard Alliance Insurance Company Limited.

     


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    Corporate Stories

    Corporate Story: Intriguing tale of Seven-Up’s ugly fight for market share in Nigeria

    For many years, competition in the Nigerian soft drink market was mainly between Coca-Cola and Seven-Up but in 2014, Rite Food came and disrupted the space.

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    on

    Corporate Story: Intriguing tale of Seven-Up’s ugly fight for market share in Nigeria

    It was early morning on Wednesday, November 13th 2019, and Ziad Maalouf was not asleep. He could not sleep, not with his mind burdened by what had become a serious problem facing Seven-Up Bottling Company, which he oversees. It was part of his job as the Managing Director to figure out a solution to this challenge. And that was exactly what he was doing as he sat in his study that early morning, typing furiously on his computer.

    By 4:37 am that morning, Maalouf had sent out an internal memo and copied 25 top executives of the soft drink manufacturing company. In the memo, he made it clear that he was ready to declare war against the company’s competitors. He would not rest until the war was over and Seven-Up had emerged victorious, he declared.

    Corporate Story: Intriguing tale of Seven-Up’s ugly fight for market share in Nigeria

    Seven-Up Factory

    But the internal memo leaked

     


     

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