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Tension as Oando 40th AGM Finally Holds Today in Uyo

By Modupe Gbadeyanka

The atmosphere around Akwa Ibom State Hall located on IBB Avenue, Uyo, is tensed and this is because shareholders of Oando Plc are converging to make crucial decisions that will chart the course of the leading oil firm in Nigeria.

It is the 40th Annual General Meeting (AGM) of the company, which takes place today, Monday, September 11, 2017.

Before now, there had been an attempt to cancel the meeting, but the Securities and Exchange Commission (SEC) finally said the event could go on as planned.

This followed an interim report submitted by the Special Task Team set up by the capital market regulator, giving the firm the approval to carry on with the AGM.

SEC had received petitions from two shareholders of Oando; Dahiru Manga and Ansbury Inc, requesting that the event be suspended due to alleged gross financial misconduct.

But in a letter dated Thursday, August 31, 2017, which SEC wrote to Oando, it said, “Following the submission of an interim report by the Special Task Team, the Commission is of the opinion that it is unable to identify any material findings that would warrant the postponement of the Company’s 40th Annual General Meeting (AGM) scheduled to hold on September 11, 2017. Consequently, Oando PLC can proceed with its 40th AGM as currently scheduled.”

According to speculations, both petitioners are making efforts to remove Mr Wale Tinubu as the Group Chief Executive Officer of Oando Plc.

It was also speculated in the media that shareholders of the firm, during today’s AGM, will vote to sack the Mr Tinubu-led board.

One of the petitioners, Mr Dahiru Manga, is believed to currently hold shares worth $250 million or 17 percent stake in the company, but allegedly wants Mr Tinubu out by all means.

Business Post gathered that some shareholders of the company have already arrived in Uyo, Akwa Ibom State in preparation for today’s meeting, while others will fly in this morning.

A source in the firm informed us that Mr Tinubu will most likely survive this storm and that he seems not to be too worried about the game plan to remove him.

“I am certain he (Mr Tinubu) will come out unscathed after tomorrow (Monday’s) AGM,” an official of the company, who asked not to be named, told our correspondent on Sunday.

However, observers would be very keen to know the outcome of today’s meeting, waiting to see if Mr Tinubu will eventually come out smiling at the end of the AGM.

Meanwhile, Business Post could not reach Oando Plc for comment on today’s AGM.

However, the last time we contacted the company, it was confirmed to us that all was set for the event.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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