Oando pledges 1.5% of 2011 pofits for education in West Africa
NewYork- IN an effort aimed at boosting basic education in sub-saharan Africa Oando PLC, one of Africa’s leading indigenous integrated energy group, has announced that the company is committing 1.5 percent of its pretax profits in 2011, and 1 percent in subsequent years, to support basic education in West Africa.
Mr. Wale Tinubu, Group Chief Executive pledged the Commitment to Action during the 2011 Clinton Global Initiative (CGI) Annual Meeting in New York, United States of America on September 21, 2011.
According to him, Oando commits to increasing access to quality basic education for more than 60,000 children in 100 schools across West Africa by 2015. The company will achieve this by enhancing infrastructure to create conducive learning environments; providing educational resources and teaching aids for effective learning, and promoting technology driven empowerment programs in public schools.
Commenting further on the commitment Mr Tinubu, said “We are passionate about increasing access to education in our region because we believe that knowledge is the bedrock of world-class aspirations.”
Mr. Tinubu also featured as panelist in a CGI Special Session on “Game-Changing Innovation: Technologies for Building Social and Economic Value.” The Special Session, which took place on Thursday, September 22, also featured John Chambers, Chairman and CEO, Cisco, Tarja K. Halonen, President of the Republic of Finland, Andrew N. Liveris, Chairman and CEO, the Dow Chemical Company, and Bob McDonald, Chairman of the Board, President and CEO, Procter & Gamble.
Mr. Tinubu used the opportunity to draw attention to homegrown solutions to meet Africa’s huge energy challenges and to asked global leaders and other stakeholders to join Oando’s pursuit of sustainable community development through education.
Commenting further Mr. Tinubu said, “We are honoured to be part of the Clinton Global Initiative. CGI provides an important forum to rally leaders from around the globe to join with Oando to address the education and energy challenges that face Nigeria and sub-Saharan Africa, broadly.”
Oando initiated the “Adopt-A-School” programme in April 2007 as its corporate social responsibility strategy aimed at supporting the development of basic education in Nigeria and the West Africa sub region. The company has currently adopted 28 government-owned primary schools.
It would be recalled that Oando Group posted a profit before tax (PBT) of N24.318 billion in its 2010 full year results. It has also grown 2011 Half Year PBT by 33% to N12.8 billion compared to N9.6 billion for the same period in 2010.