Wale Tinubu Group CEO of Oando says the company will pay off its existing $450 million in debts in about 2 years.
Tinubu who was speaking at the economist summit said the firm will clear its existing debt (which is down from $900 million) by paying $50 million a quarter over the next 18 – 24 months.
Other thoughts shared by Tinubu include:
- Second tier FX market is probably needed for non CBN priority sectors to improve liquidity and inflows.
- Capital Expenditure (Capex) in Oando’s Joint Ventures (JVs) down to $150 million out of a budget of $1 billion.
- NNPC is in arrears of $10 billion with JV partners.
- Need deregulation in downstream sector.
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.