Buy Recommendation for Oando Shares

Stockbrokers are continuing to recommend Oando as a good buy. The company has seen its share price drop after being linked with former governor, James Ibori, in the UK attempt to freeze Ibori’s assets. During the hearing, an allegation was made that Ibori owns shares in Oando. Oando has since denied the allegations and sought to distance itself from the...

Oil Meets Runway: Oil Magnate Aluko and Fashion Designer Boateng Launch Development Fund

Oil tycoon, Kola Aluko and fashion designer, Ozwald Boateng have launched a $500 million fund for African infrastructure investment. The launch of the Made in Africa Fund, which took place at Nasdaq in New York was also attended by Hollywood actor, Jamie Foxx who created some extra razzmatazz around the event. African Development Bank (AfDB) co-founded the...

Oando Shares Hit by Allegations of Ibori Share Ownership

Oando has issued a stringent denial of the allegations made in a London court that the former Governor of Delta State, james Ibori, who was convicted of, and imprisoned in the UK for, money laundering, owns a 30 per cent stake in Oando. The denial came as Oando’s shares traded low for a third day on the Nigerian Stock Exchange dropping by 21 per cent to...

Eland Oil Shares Rise on Expectation of First Oil

Eland Oil and Gas which is listed on the London Stock Exchange’s Alternative Investment Market (AIM) has received a buy recommendation from broker Canaccord on the back of news of first oil which is expected next month. Eland Oil, which is focused on Nigeria, expects to restart the 2 wells on Oil Mining Lease (OML) 40, which were shut in more than 6 years...

CAMAC Energy Inc. Announces Losses for First Quarter 2013

U.S.-based exploration and production company, CAMAC Energy Inc, whose Chairman and Chief Executive Officer is Nigerian-born business man, Dr. Kase Lawal, has announced a net loss of $3.8 million, or $(0.02) per diluted share for the quarter ended March 31, 2013. For the same period in 2012, CAMAC Energy reported a net loss of $1.3 million, or $(0.01) per...

Forte Oil Profits Rose 63 Per Cent for Q2 2013

Forte Oil Plc (formerly African Petroleum Plc) has announced a whopping 63 per cent rise in profits for the half year to June 2013. Profits after tax rose to N1.39 billion from N855 billion in the same period in 2012. Revenue for the company rose to N59.9 billion from N49.7 billion in 2012 representing an increase of 21 per cent. Gross profit dropped 14 per...