Economy

SEC Witch-hunting Oando, Wants Its Downfall—Shareholders

Published

7 years ago

13/06/2019

By Dipo Olowookere

The Securities and Exchange Commission (SEC) has been accused of making ‘deliberate’ efforts to frustrate Oando Plc and possibly get it out of business.

These accusations were made on Wednesday by some minority shareholders of the energy firm at a news briefing held in Lagos to frown at the decision of SEC to cancel the Annual General Meeting (AGM) of the company earlier scheduled for Tuesday, June 11, 2019 in the metropolis.

Addressing journalists at the press conference, the shareholders wondered what special interest the apex capital market regulator has in Oando and why it allegedly wants the ‘downfall’ of the firm.

They therefore, called on the Nigerian authorities to prevail on the management of SEC to be fair in its dealings, especially with Oando and let the company be so as not to chase investors away, which could affect the economy.

They described Oando as the only prospering indigenous oil company operating in Nigeria and should not be frustrated out of business because its downfall will definitely not be a loss to the regulator, but shareholders of the company, who have invested their hard earned money in the firm.

“As shareholders, we call on our President, Vice President and members of National Assembly to call the management of SEC, who has been operating without a board in the past four years, to order.

“They need to do this now to save the only prospering indigenous oil company, its enduring shareholders, the capital market and the nation from the erosion of confidence in the capital market and the economy at large,” one of the shareholders of Oando Plc, Mr Patrick Ajudua, said.

Speaking with newsmen at the event, Secretary General of Association for Investors’ Liberation, Mr Hamza Ridhwan, condemned in “absolute terms the way and manner chosen by SEC in announcing the cancellation on the eve of the event, despite having ample time to do same.”

According to him, “We have shareholders who have come in from all over the country, and it’s disappointing and disheartening to think that SEC didn’t think it worthy to consider us, the esteemed shareholders, when determining when to notify the general public on the suspension of the AGM.”

“What kind of regulator disregards the shareholders it is supposed to protect like this? We ask why the AGM was suspended. Why was it done at such short time?” he queried, challenging SEC to “tell us how this last-minute suspension of the AGM is in our best interest.”

Mr Ridhwan further said, “We find the current action of SEC even more alarming, especially after Oando made N180 billion in losses and has reversed this to two consecutive years of profit. Profits that fill us with hope that dividends will be paid soon.”

“We fully support the regulator and applaud the government for institutions such as SEC as we know the imperative role they play in regulating and protecting the capital market.

“However, in the case of Oando, we are not convinced that SEC has acted in our best interest or protected our investments. We call on the government to intervene,” he posited.

Another shareholder, Comrade Lawrence Oguntoye, who is the President of Distinct Shareholders Association, argued that SEC’s action against the valid Oando AGM was an injustice and infringement on the rights of the shareholders.

“Most shareholders who came from very far states were disgraced and highly disappointed at venue. SEC ought to have considered the minority shareholders if truly it is protecting our interest, but it seems there is a skeleton in SEC’s cupboard apart from this forensic report.

“This is not fair considering the fact that shareholders’ funds have been eroded today, share price has dropped drastically, not to talk of negative state of mind of investors,” he said.

Business Post reports that on Monday, SEC announced the suspension of the Oando AGM, citing a suit instituted by the company as the basis for its action.

“The Securities & Exchange Commission (the Commission) hereby notifies the public that further to 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 Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold at the Zinnia Hall, Eko Hotels and Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island, Lagos on Tuesday, June 11, 2019 at 10: 00am has been suspended till further notice.

“Accordingly, the commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo,” it had said.

However, Oando, in a statement, disagreed with the SEC action, saying it would take every legal step to protest its business and shareholders.

Economy

CSCS, Geo-Fluids, FrieslandCampina Lift NASD OTC Bourse by 0.62%

Published

7 hours ago

13/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.62 per cent on Friday, December 12 with the NASD Unlisted Security Index (NSI) jumping by 22.20 points to 3,600.43 points from 3,578.23 points.

In the same vein, the market capitalisation of the trading platform increased by N13.28 billion to close at N2.154 trillion from the previous day’s N2.140 trillion.

During the session, Central Securities Clearing System (CSCS) Plc went up by N2.53 to close at N39.71 per share compared with the previous day’s N37.18 per share, Geo-Fluids Plc added 35 Kobo to its price to finish at N5.00 per unit versus Thursday’s closing price of N4.65 per unit, and FrieslandCampina Wamco Nigeria Plc appreciated by 23 Kobo appreciation to sell at N60.23 per share versus N60.00 per share.

It was observed that yesterday, the price of Golden Capital Plc went down by N1.05 to N9.45 per unit from N10.50 per unit, and UBN Propertiy Plc declined by 21 Kobo to N2.01 per share from the N2.22 per share it was traded a day earlier.

There was a significant improvement in the level of activity for the day, as the volume of transactions increased by 6.2 per cent to 37.4 million units from the previous day’s 35.2 million units, the value of trades went up by 265.1 per cent to N4.9 billion from N1.4 billion, and the number of deals soared by 13.80 per cent to 33 deals from 29 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the last trading day of this week as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, the second spot was taken by Okitipupa Plc with 178.9 million units traded for N9.5 billion, and third space was occupied by a new comer in MRS Oil Plc with 36.1 million units worth N4.9 billion.

InfraCredit Plc also finished the session as the most active stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units valued at N420.3 million, and Impresit Bakolori Plc with 537.0 million units sold for N524.9 million.

Economy

Guinness Nigeria, Others Buoy NGX Index 1.00% Growth

Published

7 hours ago

13/12/2025

Dipo Olowookere

By Dipo Olowookere

The bullish run on the Nigerian Exchange (NGX) Limited continued on Friday with a further 1.00 per cent growth buoyed by gains recorded by Guinness Nigeria, Champion Breweries, and others.

Data showed that the consumer goods space expanded by 1.53 per cent during the last trading session of the week, as the insurance counter grew by 0.51 per cent, and the industrial goods sector marginally gained 0.01 per cent.

However, the banking index depreciated by 0.54 per cent due to a pocket of profit-taking, and the energy industry shrank by 0.09 per cent, while the commodity sector closed flat.

Guinness Nigeria gained 10.00 per cent to trade at N217.80, Morison Industries rose by 9.84 per cent to N4.69, Champion Breweries jumped by 9.69 per cent to N14.15, Austin Laz grew by 9.66 per cent to N2.27, and C&I Leasing appreciated by 9.62 per cent to N5.70.

Conversely, eTranzact lost 10.00 per cent to finish at N12.60, Chellarams slumped by 9.00 per cent to N13.20, Eunisell depleted by 9.89 per cent to N75.15, Africa Prudential moderated by 9.77 per cent to N12.00, and DAAR Communications decreased by 9.18 per cent to 89 Kobo.

The busiest stock on Friday was Access Holdings with 107.6 million units sold for N2.2 billion, Consolidated Hallmark traded 59.9 million units worth N245.8 million, Zenith Bank transacted 48.2 million units valued at N3.1 billion, Transcorp Power transacted 42.8 million units for N13.1 billion, and Champion Breweries exchanged 36.4 million units valued at N510.2 million.

At the close of business, a total of 602.8 million units worth N30.7 billion exchanged hands in 20,550 deals yesterday, in contrast to the 529.7 million units valued at N12.3 billion traded in 18,159 deals on Thursday, representing a surge in the trading volume, value, and number of deals by 13.80 per cent, 149.59 per cent, and 13.17 per cent apiece.

Business Post reports that the All-Share Index (ASI) soared during the session by 1,485.89 points to 149,436.48 points from 147,950.59 points and the market capitalisation moved up by N945 billion to N95.264 trillion from N94.319 trillion.

Economy

Naira Chalks up 0.11% on USD at NAFEM as CBN Defends Market

Published

7 hours ago

13/12/2025

Adedapo Adesanya

By Adedapo Adesanya

An intervention of the Central Bank of Nigeria (CBN) in the foreign exchange (FX) market eased the pressure on the Naira on Friday.

The apex bank sold forex to banks and other authorised dealers in the official window to defend the domestic currency, helping to calm the FX demand pressure, with the Nigerian currency appreciating against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.11 per cent or N1.57 to sell at N1,454.50/$1 compared with Thursday’s closing price of N1,456.07/$1.

Also, the domestic currency improved its value against the Pound Sterling in the official market yesterday by N3.95 to close at N1,946.15/£1 versus the previous day’s N1,950.11/£1 but lost 10 Kobo on the Euro to quote at N1,706.46/€1 compared with the N1,706.36/€1 it was exchanged a day earlier.

At the black market segment, the Nigerian Naira maintained stability against the Dollar during the session at N1,470/$1 and also traded flat at N1,463/$1 at the GTBank forex counter.

Despite the sigh of relief, demand pressures outweighed the robust supply from the CBN and inflow from offshore players looking to participate at the OMO bills auction.

Gross FX reserves increased for the twenty fifth consecutive week, growing by a strong $396.84 million week-on-week to $45.44 billion.

As for the cryptocurrency market, it was down on Friday as pressure remained after Federal Reserve chair Jerome Powell’s speech on Wednesday, which hinted at a possible rate cut pause in January. As a result, markets now expect only two rate cuts in 2026 instead of three.

However, Chicago Federal Reserve President Austan Goolsbee, who was against a December rate cut, said he expects more in 2026 than the current median projection.

Ethereum (ETH) slumped by 5.1 per cent to $3,090.61, Solana (SOL) declined by 4.5 per cent to $132.79, Cardano (ADA) depreciated by 3.8 per cent to $0.4103, and Dogecoin (DOGE) dropped 2.5 per cent to trade at $0.1373.

In addition, Bitcoin (BTC) lost 2.4 per cent to sell at $90,342.74, Litecoin (LTC) tumbled by 1.9 per cent to $81.86, Binance Coin (BNB) fell by 0.6 per cent to $886.93, and Ripple (XRP) slipped by 0.5 per cent to $2.02, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.