40th AGM: Oando Confirms SEC Clearance

By Dipo Olowookere

Oando Plc has confirmed getting clearance from the Securities and Exchange Commission (SEC) to hold its 40th Annual General Meeting (AGM) in Uyo, Akwa Ibom State next Monday.

In a statement issued yesterday by the oil firm, it said the capital market regulator wrote a letter to it dated August 31, 2017, that it could go on with the event.

“In a letter dated Thursday, 31st August, 2017, the SEC wrote to the company and categorically stated: ‘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’,” the company said in the statement.

It was gathered that Oando received a letter from the SEC on Wednesday, 23rd August, 2017, requesting it postpones its 40th AGM so that the Commission could look into the shareholding positions contained in the Company’s 2016 Audited Financial Statements as it was at variance with those alleged by the petitioners.

Oando said it responded officially on Wednesday, 23rd August, 2017 addressing all the issues raised by the SEC and concluded that it would not be in the best interests of the Company or its shareholders to postpone the AGM.

Commenting on the development, Oando said, “The SEC’s response is in line with the Company’s initial position that the request from SEC that Oando postpone its AGM, which was premised upon the allegations and claims raised by the petitioners lacked merit.

“The reason being that the issues raised by the petitioners were fully and properly disclosed by the Company in its audited financial statements and have received Board, shareholder and where required SEC approval. Other matters highlighted by the petitioners could have been directed to the Company and would have received the necessary clarification.

“The Company remains committed to act in the best interests of all its shareholders and will continue to fully co-operate with the SEC in the discharge of its duties as the Capital Markets regulator.”

Ansbury Inc and Alhaji Dahiru Mangal petitioned the market regulator, alleging gross abuse of corporate governance and financial mismanagement.