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

Bloomberg Customers

Oando Falls to Week-Low on Share Sale, Borrowings: Lagos Mover

Oando Plc fell to its lowest level in more than a week after the energy company agreed to buy the Nigerian assets of Houston-based ConocoPhillips, funding the deal with debt and a share sale.

The stock dropped 5 percent to 12.45 naira by the close in Lagos, Nigeria’s commercial capital, its lowest on a closing basis since Dec. 11. The number of shares traded was nearly double the three-month daily moving average, according to data compiled by Bloomberg.

Oando signed a deal yesterday to buy ConocoPhillips’s oil and gas assets in the West African country for $1.79 billion, it said in an e-mailed statement. The company has secured regulatory approval to raise 54.6 billion naira ($347 million), it said in a statement on the Nigerian Stock Exchange website today. Oando’s total liabilities rose to $2.49 billion in the third quarter through Sept. from $1.8 billion a year earlier, it said in a filing to the Johannesburg Stock Exchange on Oct. 29

“Investors are worried over the level of the company’s level of indebtedness, which is already very high relative to its turnover,” Raheem Mohammed, the chief operating officer of Lagos-based Kundila Finance Ltd., said by phone today.

Oando will secure a loan of $800 million from a consortium of banks, the Lagos-based company said. The share sale will run from Dec. 28 to Feb. 6, it said.

The shares have fallen 43 percent this year, compared with a 33.5 percent advance 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.