Amaka Obiefuna.

Mr. Wale Tinubu, Oando Plc’s MD says the oil giant plants to seek the approval of the Federal Government to refurbish one or two refineries as part of measures to end fuel importation.

He was speaking during the company’s facts behind the figure at the Nigerian Stock Exchange (NSE). Mr. Tinubu explained that the company would take advantage of its indigenous status by participating in the Federal Government’s bid.

According to him, despite challenges, the company has mapped out strategies to mitigate the foreign exchange challenges, adding that 90 per cent of its earnings focus will be on dollar, while 10 per cent will be in naira.

Meanwhile, for the year ended December 31, 2016, the company posted a profit after tax of N3.5 billion, as against a loss after tax of N47.6 billion posted in the preceding period of 2015.

The company posted a turnover of N569 billion against N380 billion recorded in the comparative period of 2015, representing an increase of 49 per cent.