Our 40th AGM Not Suspended or Postponed by SEC—Oando Plc
By Dipo Olowookere
Oando Plc has confirmed to Business Post that its 40th Annual General Meeting (AGM) slated for Monday, September 11, 2017 in Uyo, Akwa Ibom State, has not been suspended or postponed as being reported by some news platforms.
Reports had emerged yesterday that the Securities and Exchange Commission (SEC) informed the leading oil firm in Nigeria to put its AGM on hold.
The reason for this, according to the reports, followed developments in and around a petition/investigation of Oando transactions/trades.
This specifically surrounds the 2015 transactions leading up to and after the special listing of Oando Plc shares, which SEC is investigating.
But in an emailed response to Business Post’s enquiry on the matter on Saturday, Head of Corporate Communications at Oando Plc, Alero Balogun, emphasised that the AGM “has not been postponed or put on hold.”
She further stressed that, “The AGM will still hold as planned on Monday, 11th September, 2017 at the Akwa Ibom State Hall, Akwa Ibom.”
Oando Plc, which released its half-year earnings last month, recorded a rise in its turnover by 26 percent, N267.1 billion compared to N212.3 billion achieved in the corresponding period of 2016.
In addition, its gross profit increased by 76 percent to N33.4 billion from N19 billion in H1 2016, while its profit after tax appreciated by 117 percent to N4.6 billion from N26.9 billion loss in the first half of last year.