Read:Oando must reduce debt to N100bn by Sept

Oando Plc has disclosed that it was focusing on aggressive debt re­duction and recapitalisation drive to optimise its balance sheet.

According to its Group Chief Ex­ecutive Officer, Mr. Wale Tinubu, the company had successfully re­structured its existing debt through a N94.6 billion medium-term note with a local consortium with lower interest rates and a renewed five-year tenor.

He said the company’s debt has been substantially reduced from over N500 billion in 2014 to N303 billion in the first quarter(Q1) of 2016 and is targeting to bring it down to N100 bil­lion by September 2016.

The company’s Q1 result was welcomed with disappointment by investors and shareholders alike, fol­lowing the dismal 2015 financial performance, which was significantly impacted by impairments and foreign exchange pressures.

Commenting on the performance, the Oando boss highlighted the com­pany’s drive to ensure profitability go­ing forward.

He said: “This first quarter of 2016 demonstrates our dedication to re­turn our business to profitability by the end of the year. We have imple­mented constructive corporate initia­tives, which are driving forces for our business in this new global reality of economic restraint and lower oil pric­es in our industry.

“The successful and ongoing imple­mentation of these initiatives reiter­ates our strategy of growth, deliver­ables and a return to profitability by the end of 2016.”