Oando Disagrees with SEC’s Decision to Cancel AGM

By Dipo Olowookere

Embattled leading Nigerian energy firm, Oando Plc, has reacted to the decision of the Securities and Exchange Commission (SEC) to cancel its Annual General Meeting (AGM) earlier scheduled to hold today.

Yesterday, SEC announced the cancellation of the meeting on the basis of a court action taken by Oando last week.

But Oando faulted this, saying the AGM was properly convened and saw no reason why its should be cancelled by the apex regulatory agency in the nation’s capital market.

Oando stressed that SEC’s action was capable of affecting its image and said it would do everything within the ambit of the law to protest its business.

However, it said a new date for the AGM would be announced.

“We have received notification from the Securities and Exchange Commission (SEC) by a letter dated today, Monday, June 10, 2019 at 12:42pm directing the suspension of the validly convened 42nd Annual General Meeting (AGM) of Oando PLC on the  premise  of  the  ex-parte  order  of  the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/Cs/910/19 in Mr Jubril Adewale Tinubu & Anor V Securities & Exchange Commission & Anor.

“The company disagrees with the SEC’s position that its directive to suspend the 42nd AGM accords with the Ex-parte Order.

“Oando PLC by notice to the public and its shareholders on May 10, 2019 validly convened its 42nd Annual General Meeting.

“The actions contained in the SEC’s letter to the Company dated Friday, May 31, 2019 was effectively put in abeyance by the Ex-parte Order of the Federal High Court, which was granted on Monday, June 3, 2019.

“It is the company’s position that the action taken by SEC in directing a cancellation of the AGM is not in the best interests of the company and its Shareholders who have travelled at great expense, from far and wide, to attend the annual meeting of their company.

“The company also stands to lose significant shareholder funds by the attendant cancellation of the AGM at such short notice.

“The company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders.

“A new date for the AGM will be announced in due course,” the statement from the company stated.