Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Oando Nigeria Falls to 9-Year Low on Share Offer: Lagos Mover

Oando Plc, the Nigerian energy company that announced a share offer yesterday, fell to the lowest in nine years on concern the amount raised will be insufficient to cover debt.

The stock dropped by the daily limit of 5 percent to close at 12.21 naira in Lagos, its lowest since May 2003.

Oando will raise 35 billion naira ($222 million) in an offer to existing shareholders in the fourth quarter to cut debt and increase crude exploration, Chief Executive Officer Wale Tinubu said in a statement yesterday to the Johannesburg Stock Exchange. He gave no details of Oando’s debts.

“Investors’ perception is that compared to the company’s debts, the amount they are raising is too small,” Raheem Mohammed, chief operating officer of Kundila Finance Ltd., said by phone today.

Oando has expanded its operations in Africa’s top oil producer to include crude and gas exploration and production, with additional plans to build a fuel-receiving terminal and refinery in Nigeria’s commercial capital, Lagos.

Oando shares have fallen 45 percent this year, compared with a 24 percent rise in the Nigerian Stock Exchange All-Share Index.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.