The books opened and now we can see why Oando has not released its 2022 annual report. The report is very bad: the “Oil driller Oando requires at least N3 trillion to clear its debts and inject the rest of the cash into its operation to stand a chance of staying in business”, notes Premium Times.

“A material uncertainty, therefore, exists that may cast significant doubt on the company’s and group’s ability to continue as a going concern, thereby resulting in the company’s and group’s inability to realise the assets and settle the liabilities in the ordinary course of business at the amounts recorded in these consolidated and separate financial statements,” said Independent auditor BDO Professional Services.

It is scary as the business is now in a zombie state with liabilities larger than the assets. But for an oil drilling company in Nigeria, things can turn around fast. If we have a developed private equity, someone can just take this business private. But it all depends on how confident the shareholders are that the reports are indeed factual.

The claim that Tesla vehicles are the lowest cost cars to maintain has been a topic of discussion among consumers and industry experts alike. With the automotive landscape rapidly evolving, particularly with the advent of electric vehicles (EVs), maintenance costs have become a crucial factor for potential buyers.

Tesla, a leader in the electric vehicle market, has often been cited for its innovative approach to vehicle maintenance. Unlike traditional internal combustion engine vehicles, Tesla’s electric cars require no oil changes, fuel filters, spark plug replacements, or emission checks. These factors contribute to the lower routine maintenance needs of Tesla vehicles.

When it comes to maintenance, Tesla has taken a unique approach. The company recommends specific maintenance services on an “as-needed” basis, which means that instead of a fixed schedule, Tesla’s engineers continuously review, and update maintenance recommendations based on the vehicle’s condition and performance data. This can lead to cost savings over time, as unnecessary services are avoided.

Recent data suggests that the average annual repair cost for a Tesla is approximately $832, which is higher than the industry average of $652 across all brands. However, it’s essential to consider that Tesla’s maintenance schedule operates on an “as-needed” basis, as opposed to a fixed schedule. This means that Tesla engineers continuously review, and update maintenance recommendations based on the vehicle’s condition and performance data.

For instance, Tesla recommends cabin air filter replacements every two to three years, depending on the filter type, and tire rotations every 6,250 miles or when there is a significant tread depth difference. These recommendations are relatively standard across the industry.

When comparing long-term maintenance costs, a Tesla Model Y’s 100,000-mile maintenance estimate ranges from $8,250 for base trims to $15,000 for performance trims. In contrast, a Toyota Highlander had a 100,000-mile maintenance and repair cost of $14,029, while a Honda Accord came in at $7,684. These figures indicate that while Tesla’s maintenance costs are competitive, they are not necessarily the lowest in the industry.

It’s also worth noting that while the upfront maintenance costs for Tesla vehicles may be lower, some repairs can be expensive due to the specialized care required for electric vehicles. This is where third-party extended warranties can play a role in managing ownership costs, especially as the vehicle ages.

While Tesla vehicles do offer some advantages in terms of maintenance costs due to their electric nature, the claim that they are the lowest cost cars to maintain does not hold universally. Maintenance and repair costs can vary widely based on the model, usage, and individual circumstances. Prospective buyers should consider the total cost of ownership, including potential repairs, when making their decision.

Tesla’s maintenance costs are competitive within the EV market, but not necessarily the lowest. The company’s “as-needed” maintenance philosophy can lead to savings, but potential owners should be aware of the possibility of higher repair costs. As the EV market continues to expand and evolve, maintenance costs will likely become an even more critical factor for consumers. Keeping an eye on how Tesla and other EV brands adapt their maintenance strategies will be essential for those look1ing to make an informed decision on their next vehicle purchase.

In a move aimed at curbing illicit financial activities, the Economic and Financial Crimes Commission (EFCC) announced on Tuesday the freezing of approximately 300 suspected illegal forex accounts operating on a peer-to-peer platform. 

The chairman of the EFCC, Ola Olukoyede, disclosed this during an interactive session with journalists in Abuja, revealing that the accounts were suspended following a court order issued on Monday.

The action comes amidst growing concerns that the administration of President Bola Tinubu is mirroring its predecessor by clamping down on crypto activities and foreign exchange rate aggregators. This crackdown is fueled by allegations that such activities contribute to the depreciation of the naira in the foreign exchange market.

Olukoyede said the “P to P” (peer-to-peer) financial trading scheme poses a severe threat to the stability of the naira, operating beyond the oversight of official banking channels. He further disclosed that over $15 billion had passed through one of these forex platforms within the last year, operating outside of financial regulations.

Olukoyede justified the EFCC’s intervention as a measure to safeguard the foreign exchange market and protect the economy, noting that recent efforts have helped bolster the weakened naira. He warned that failure to intervene swiftly could have led to another crash in the forex market within a week.

“Over 300 accounts in illicit forex trading would have led to another crash in the next one week if we hadn’t moved in quickly,” Olukoyede stated, highlighting the urgency of the situation. He expressed frustration at individuals who derive pleasure from seeing the country in turmoil, emphasizing the need for concerted efforts to combat economic sabotage.

“We got an order to freeze those accounts. Somebody would come and asked us ‘what is your business with forex transactions? Some people are happy; they take pleasure in seeing this country boiling and I’ve come to realise that in the course of this work, some people want to see things go bad! From bad to worse,” he added.

The move follows the recent depreciation of the naira in the forex market, dropping from N1120/$1 to N1300/$1, creating room for speculation and exacerbating concerns about the currency’s stability.

In agreement with Olukoyede’s assertion, Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), affirmed the commitment of BDC operators to prevent speculators from undermining the naira. 

“People have turned dollar to be an asset; to be a commodity of trade that is why those platforms continue to thrive. We have seen where people are buying dollars into their domiciliary accounts to finance these schemes. A lot of millions of dollars are going out from the system. It is one USD to one USDT. The market can be liquid,” he said.

He outlined measures taken by ABCON, including the establishment of state chapters for data repository and collaboration with regulatory authorities for enhanced oversight.

Gwadabe underscored the need for harmonization, centralization, and Know Your Customer (KYC) protocols in the foreign exchange market to identify and regulate all participants effectively. He likened the activities of P2P platforms to Binance, which was accused of facilitating illegal forex trading, and called for concerted action by regulatory agencies to address these threats.

Mr Gwadabe explained, “I am happy that the authorities, and even the BDCs as operators, have identified the peer-to-peer (P2P) platform. The P2P is a platform like Binance, where speculators use the dollar to buy USDT, a stablecoin that is pegged at one to the dollar.

“As long as Binance and such other platforms continue to be profitable, the naira will continue to depreciate. There are many of them in the system. Binance has been nipped in the bud, but there are still many. They are online platforms with no registration, no restrictions.”

The Central Bank of Nigeria (CBN) had previously compelled Binance, the world’s largest crypto exchange platform, to largely exit Nigeria following regulatory pressure. Following these measures, critics argue that suspending P2P accounts may not effectively address the root causes of the naira’s depreciation, citing past unsuccessful attempts by the CBN.

Economists have attributed the free falling of the naira to insufficient dollar liquidity, emphasizing the need to increase FX earnings through exports to stabilize the currency.