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About Oando Group
Group CE's Report
I am delighted to present to you a summary of our performance in 2007, the drivers for our expected performance in 2008 and indeed a future outlook for your company Oando Plc. Over the last 7 years we have earnestly pursued our mission to be the leading integrated energy solutions provider, while simultaneously delivering optimal value to our shareholders.
I am pleased to inform you that in 2007, our profit before and after tax rose by 69% and 126% respectively compared to 2006, our business has also experienced substantial growth compared to the previous year. Our financial performance for the period shows our commitment to continue to grow the income of your company year on year.
Some of the initiatives which underpinned our successes in 2007 despite the tumultuous business terrain were:
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- Corporate Restructuring: After your approval of the corporate restructuring of Oando Plc at the last Annual General meeting, I am pleased to inform you that this process has now been completed. Oando Plc is now better positioned to realize untapped value from any of the subsidiaries in the Group.
- Oracle Implementation: One significant requirement to be a world class company is a world class operating system that will enable us realize the synergies in all our divisions and ensure all our processes are visible, simple, adaptable and have sufficient controls. To effectively compete in our environment and be ahead of our competitors in response time to customers, new products and services, availability of clean data and correct management reports, we were clear about the need for an Enterprise Resource Planning tool. This we successfully implemented in 2007. Oando has now joined the elite group of companies worldwide bold enough to implement an ERP tool and structured enough to use it.
- Staff Competency Framework: In the year under review we embarked on a job competency profile update of all the jobs and positions in the organization. Our decision to ensure all jobs and positions are competency based is premised on the need to ensure all our members of staff have clearly defined career paths which with our support they can achieve. The data from this exercise has now been loaded into our Oracle Core HR application and has been launched for use in the company.
- In 2007, your company embarked on an inward search to rediscover and clearly articulate its core values. Our decision to be a world class company driven by world class people and processes requires that we all understand the values we are building our company on and learn to imbibe these values.
This project which we named “Restore”, culminated in T.R.I.P.P., which means, Teamwork, Respect, Integrity, Professionalism and Passion. It was a year long project which saw the executives of your company visit all the locations in which we operate to ensure these core values were well understood and in the process receive feedback from the field about issues disturbing their performance. I am proud to inform you that this project was a huge success and we are well on the way to ensure working in Oando is a pleasant and enriching experience for all members of staff.
- Finally, within the year under review and as a result of our resolve to retain our employees and ensure they are well compensated for their efforts in delivering our promises to you our esteemed shareholders, the company embarked on specific people and incentive oriented initiatives which are now fully operational within the Group. These initiatives are:
- Career Progression and Succession planning framework: to ensure all key positions are well backfilled thereby creating redundancies in the organization for these positions.
- Training Management System: to ensure our staff training is proactive and competency based rather than reactive.
- Leadership Development Framework: to ensure our people management system is not only developing technically sound people but also leaders who can ensure our organization continues to grow.
- Reward Management: a system of consistently rewarding our best staff while ensuring they are well challenged and adequately mentored.
- Industrial Relations: a system of ensuring our industrial relations are professionally done.
- Equal Opportunity Employer: a system to ensure that we remain an equal opportunities employer.
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