Oando's Strategic Move: Sanwo-Olu Lauds Company for Advancing Nigeria's Energy Sector
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Governor Babajide Sanwo-Olu has commended Oando for its pivotal role in Nigeria's energy sector, highlighting their recent acquisition of the Nigerian Agip Oil Company from Eni. This acquisition, priced at $783 million, is expected to boost Oando's oil output significantly, positioning the company as a key player in Nigeria's oil industry. The deal, which aligns with local content policies, is set to enhance local infrastructure and expertise, thanks to Afreximbank's financing support.
Go Outdoors Faces Financial Challenges Amid JD Sports' Mixed Performance
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Recent financial results reveal that Go Outdoors, a subsidiary of JD Sports Fashion plc, reported a pre-tax loss for the year ending January 2023, reversing the previous year's profit. Despite a 7% rise in turnover due to increased demand post-pandemic, the company's gross margins suffered, influenced by escalating costs. Meanwhile, JD Sports anticipates lower-than-expected profits due to external factors, though maintaining a positive outlook for their expansive sales strategy.
The Metropolitan Sacco scandal involving Sh15 billion in deposits has sparked urgent calls for investigation by the Directorate of Criminal Investigations (DCI). Allegations of corruption and mismanagement have left members concerned about their investments. The board demands transparency and accountability to restore trust.
