Oando Confirms Planned 40th AGM as SEC Throws Out Petitions

By Modupe Gbadeyanka

Shareholders of Oando Plc across the country have been reassured by management of the leading Nigerian oil firm that its planned 40th Annual General Meeting (AGM) slated for Monday, September 11, 2017, in Uyo, Akwa Ibom State will hold.

Following the response of the Securities & Exchange Commission to petitions raised by Alhaji Dahiru Mangal and Ansbury Inc. objecting to the AGM, the management of Oando Plc, led by the Group Chief Executive Officer, Wale Tinubu, has stated that it remains committed to acting in the best interests of all its shareholders.

It added that the company will continue to fully co-operate with the SEC in the discharge of its duties as the capital markets regulator.

Giving updates on the matter, Oando management noted that, “The Securities & Exchange Commission (SEC) constituted a Special Task Team to review the petitions by Alhaji Dahiru Mangal and Ansbury Inc. To date the Company has fully co-operated with the SEC, availed them of all documents requested, and provided clarification and appropriate rebuttals to the issues raised.

“The Company received a letter from the SEC on Wednesday, 23rd August, 2017, requesting that Oando postpone 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 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 our shareholders to postpone the AGM.”

Furthermore, it stated that 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.”

It added that, “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.”