Nigeria, April 24 -- 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, according to its latest audited accounts for the year ended 2022.

The most pressing of its obligations is the sum of N686.6 billion (84.1 per cent of outstanding borrowings), which fell due within the last twelve months of the period under review, and lenders now need to be paid as soon as possible.

Oando, listed in Lagos and Johannesburg, saw the arrears it owed trade partners and other payables climb by more than half to N705.8 billion, causing liabilities to surge past assets and leaving shareholders' funds in the red.

"A material uncertainty, therefore, ...