Economy
Confusion Over Fresh Court Order on Suspended Oando AGM
By Dipo Olowookere
There seems to be confusion over a fresh court order secured by a shareholder of Oando Plc concerning the suspension of the company’s Annual General Meeting (AGM).
In 2019, the Securities and Exchange Commission (SEC) suspended the yearly shareholders’ meeting of Oando, preventing the energy firm from meeting its obligations of filing financial statements to the Nigerian Stock Exchange (NSE).
But on Tuesday, February 23, 2021, one Mr Patrick Ajudua claimed he obtained an order from Justice O. A Musa of the High Court of the FCT, Abuja, declaring the action of SEC, the apex regulator in the nation’s capital market, as illegal and unconstitutional.
It was reported that the court held that Mr Ajudua, as a member and shareholder of Oando, has a right and freedom of association and assembly with other shareholders and the right to receive information at the AGM.
Also, it was reported that a letter dated May 31, 2019, by SEC to Oando sanctioning its management was declared unconstitutional, null and void by the court because it was in violation of Mr Ajudua’s fundamental right to a fair hearing and his human right to receive information on the affairs of Oando and his interest and shares in Oando.
According to reports, the court set aside the directive of SEC suspending/postponing indefinitely the AGM of Oando because it was in violation, breach, and contravention of Mr Ajudua’s right and freedom of association and assembly with other shareholders and right to information from other shareholders and Oando Plc;
The shareholder was said to have obtained an order from the court restraining SEC and Oando from interfering with, disrupting, and or interfering with his constitutional right of association, assembly and right to receive information from other shareholders and members of Oando Plc at the postponed 2019 AGM.
He further received an order of injunction restraining SEC from acting and/or taking any steps pursuant to its letter of May 31, 2019, or interfering in any manner whatsoever with directors lawfully appointed him.
Also, Mr Ajudua was said to have secured an order directing Oando to convene and hold AGM within 90 days of the order of the court in compliance with the provisions of CAMA.
But SEC, in a statement made available to Business Post on Wednesday said it was not aware of the case or the judgment.
“The attention of the commission has been drawn to several publications in the social media, where it is reported that a shareholder of Oando Plc, purportedly obtained a judgment from the Federal Capital Territory High Court against the commission.
“The commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court.
“The commission will consequently take all necessary steps to verify and set aside the purported decision of the said court,” the statement signed by the management disclosed.
However, Mr Ajedua has described his action as “a win” for him and “all shareholders,” noting that, “The lingering delay in resolution of the conflict has brought untold hardship, financial difficulty and loss of capital appreciation on our investments.”
“Therefore, we receive this judgement with humility and the pray that with all hands on deck, we can move the company forward.
“We plead with the regulators to give peace a chance and allow for a harmonious resolution to the conflict.
“The shareholder community will continue to protect our investments by ensuring high compliance with the code of corporate governance and the integrity of the company’s operations in the capital market,” he added.
By Adedapo Adesanya
Nigeria’s Minister of Steel Development, Mr Shuaibu Abubakar Audu, has told European investors that the country’s steel sector alone consumes about $10 billion annually, presenting a huge market opportunity for serious global players.
In a statement by the Director of Information and Public Relations in the ministry, Ms Salamatu Jibaniya, it was stated that the Minister made this disclosure when he took Nigeria’s industrialisation drive to Germany, declaring that the country is ready to trade its abundant raw materials status and embrace full-scale value addition.
Addressing the Nigeria–German Economic Forum in Dortmund, Mr Audu projected Nigeria as Africa’s next industrial hub, in line with the Renewed Hope Agenda of President Bola Tinubu.
“With a population of nearly 250 million, largely youthful and energetic, Nigeria is primed for industrial take-off,” he said.
He disclosed that the country holds over three billion tonnes of iron ore, alongside vast deposits of limestone, manganese, copper, lead-zinc, lithium and rare-earth minerals, positioning Nigeria for both domestic industrial growth and export expansion.
Mr Audu urged EU investors to key into steel and aluminium production, mineral beneficiation and processing, as well as critical infrastructure development covering power, rail, gas and ports.
He stressed that beyond capital inflow, Nigeria is prioritising technology transfer and technical skills development to strengthen local capacity.
At the high-level forum, the minister was received by Germany’s Minister for Federal, International and European Affairs, Mr Nathanael Liminski; Lord Mayor of Dortmund, Mr Alexander Kalouti; President of the Dortmund Chamber of Commerce and Industry, Mr Heinz-Herbert Dustmann; and Consul General to Slovakia, Mr Klaus Wagener.
By Aduragbemi Omiyale
To boost Nigeria’s cocoa export value chain, Sunbeth Global Concepts Limited has secured approval to issue commercial papers worth N200 billion to investors.
In the first tranche, the cocoa exporter will sell the debt instrument worth about N100 billion in three series across three tenors of 180 days, 270 days and 364 days.
Subscription for the CP commenced on Friday, February 27, 2026, and will close on Thursday, March 5, 2026, with allotment and settlement scheduled for Friday, March 6, 2026.
Interested investors can purchase the commercial papers with a minimum of N5 million and in multiples of N1,000 thereafter.
The company stated that proceeds from the exercise would be used to finance contractual working capital requirements, including inventory procurement and the execution of physical and hedged offtake obligations within its export operations.
The Chief Operating Officer of Sunbeth, Mr Nzubechukwu Anisiobi, said the programme reflects the firm’s disciplined capital strategy and strong credit fundamentals.
“The establishment of our N200 billion Commercial Paper Programme reflects our disciplined capital strategy and solid credit profile.
“In a working capital-intensive export business, access to structured short-term funding strengthens liquidity, supports efficient contract execution and preserves balance sheet stability,” he stated.
Further emphasising investor confidence in the company’s governance and risk framework, he noted that, “The Programme underscores the confidence the capital markets have in our governance standards, earnings resilience and robust risk management discipline.”
Sunbeth, which is a top-five non-oil export contributor in Nigeria, was established in 2017 and has exported over 200,000 metric tonnes of cocoa beans and 60,000 metric tonnes of cashew nuts to international markets.
In 2025, it recorded over N600 billion in revenue, reinforcing its scale within Nigeria’s agricultural export ecosystem.
The organisation works directly with more than 30,000 farmers and collaborates with over 250 local buying agents across Nigeria.
Its global strategic partners include Cargill, GCB Group, JB Cocoa, Touton, Macquarie and StoneX, enabling diversified offtake and multi-destination market access across Europe, Asia and the United States.
By Adedapo Adesanya
Five price advancers buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 1.88 per cent on Tuesday, March 3, as the demand for unlisted stocks continues to grow.
During the session, the market capitalisation added N46.64 billion to close at N2.524 trillion versus the Monday session’s N2.477 trillion, and the NASD Unlisted Security Index (NSI) increased by 77.94 points to finish at 4,219.47 points compared with the previous day’s 4,141.53 points.
11 Plc gained N13.23 yesterday to sell at N290.23 per share compared with the preceding session’s N277.00 per share, FrieslandCampina Wamco Nigeria Plc appreciated by N7.76 to N117.76 per unit from N110.00 per unit, Central Securities Clearing System (CSCS) Plc improved by N7.05 to N84.05 per share from N70.00 per share, First Trust Mortgage Bank Plc added 17 Kobo to close at N1.92 per unit versus N1.75 per unit, and Industrial and General Insurance (IGI) Plc advanced by 4 Kobo to settle at 49 Kobo per share versus 45 Kobo per share.
On the flip side, Food Concepts Plc dropped 37 Kobo to sell at N3.39 per unit compared with the previous day’s N3.76 per unit, and NASD Plc dipped 20 to N56.21 per share from N56.41 per share.
On Tuesday, the volume of securities went down by 19.6 per cent to 1.4 million units from 1.8 million units, but the value of securities increased by 447.2 per cent to N93.4 million from N17.1 million, and the number of deals soared by 118.5 per cent to 59 deals from 27 deals.
At the close of transactions, CSCS Plc remained the most active stock by value (year-to-date) with 35.8 million units sold for N2.2 billion, trailed by Okitipupa Plc with 6.3 million units worth N1.1 billion, and Geo-Fluids Plc exchanged 122.8 million units valued at N480.4 million.
The most active stock by volume (year-to-date) was Resourcery Plc with 1.05 billion units worth N408.7 million, followed by Geo-Fluids Plc with 122.8 million units worth N480.4 million, and CSCS Plc with 35.8 million units transacted for N2.2 billion.
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