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 Aduragbemi Omiyale
The national scale long-term issuer rating of Fidson Healthcare Plc has been upgraded to A+(NG) from A(NG), with its short-term issuer ratings of A1(NG) affirmed.
This action was taken by GCR Ratings, which also accorded the leading healthcare organisation in Nigeria with a stable outlook in a statement obtained by Business Post.
It was explained that the company achieved this latest development amid its strong competitive position and improved financial profile.
GCR said Fidson Healthcare’s debt metrics remain moderate, bolstered by a successful N21 billion rights issue expected in Q2 2026 and robust cash flows that support strong liquidity, though large expansionary investments and heightened working capital requirements slightly constrain the rating.
Fidson is a prominent pharmaceutical manufacturer in Nigeria, with over 350 products registered with the National Agency for Food and Drug Administration and Control (NAFDAC). Its product portfolio encompasses a wide range of therapeutic categories, including antibiotics, infusion products, over-the-counter products, and lifestyle healthcare solutions.
The company is enhancing its market position through ongoing investments in manufacturing capacity, product innovation, automation, and operational efficiency.
The firm operates through an extensive network of over 120 distributors across Nigeria, ensuring strong retail visibility and market penetration.
To further strengthen its competitive position, the company is investing in a greenfield automated manufacturing facility, additional infusion lines, and expanded tablet lines, all expected to become operational in the near term. This capital expenditure will significantly increase productive capacity, improve operational efficiency, and enhance export competitiveness in the medium term.
In terms of its liquidity assessment, its 12-month sources versus uses coverage at 1.6x and 24-month coverage at 1.4x, supported by access to diverse funding sources.
Estimated liquidity sources include forecasted operating cash flow of N15.1 billion, cash holdings of N4.7 billion, inventory valued at approximately N17.5 billion, and cash of N21 billion from the equity raise. These resources are sufficient to cover anticipated near-maturing debt obligations of N23.4 billion and forecast medium-term capital spending of around N20 billion, as well as a dividend payout of N3.7 billion in 2026.
By Bon Peters
The new acting Comptroller of the Eastern Marine Command of the Nigeria Customs Service (NCS), Mr Esien Etim Esiet, a Deputy Comptroller of Customs, has promised to maintain an open-door policy with stakeholders, including licensed agents and partners.
He gave this assurance when he officially assumed leadership of the command on Wednesday, May 20, 2026, according to a statement issued by the command’s spokesman, Mr Joshua Iliya, a Deputy Superintendent of Customs (DSC), in Port Harcourt, Rivers State.
In a proactive move to strengthen maritime security and trade facilitation, he immediately initiated an extensive tour of operational facilities and high-level engagements across the region, including Rivers (Abonnema and Onne Outstations), Akwa Ibom (Oron Outstation), and Cross River (Calabar Outstation) States.
During the visitations, Mr Esiet conducted rigorous inspections of equipment and personnel readiness, emphasising that the success of the command relied on a united front, adding that a “sustained synergy is our greatest weapon in combating smuggling and maritime crimes,” insisting that a united front was non-negotiable for national security.
On the inter-agency level to foster a one-service approach, DC Esiet held strategic meetings with the Customs Area Controllers of Port Harcourt II (Onne), the Oil and Gas Free Trade Zone, and the Cross River/Calabar Free Trade Zone/Akwa Ibom Area Command.
To further reinforce maritime safety, he equally paid courtesy visits to top maritime security brass, including the Commander, NNS Pathfinder, Port Harcourt, the Commanding Officer, Navy Forward Operation Base (FOB), Ibaka, the Flag Officer Commanding (FOC), Eastern Naval Command, and the Cross River State Commissioner of Police.
On community and private sector partnership and in recognition of the vital role of grassroots support, DC Esiet visited monarchs in the region, underscoring commitment to maintaining deep-rooted ties with host communities, among others.
On fiscal policy compliance, he reiterated his administration’s resolve to strictly align with the policy direction of the Comptroller-General of Customs, Mr Bashir Adewale Adeniyi, emphasising that his leadership would focus on streamlining maritime enforcement protocols, ensuring officers were motivated and equipped while maintaining an open-door policy with licensed agents and partners.
The Eastern Marine Command, which is a specialised wing of customs, is dedicated to patrolling the nation’s Eastern Waterways, preventing smuggling, and ensuring the security of maritime trade.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal loss of 0.02 per cent on Tuesday, May 26, due to selling pressure, as investors cut down their exposure to unlisted stocks.
During the session, the volume of securities traded by investors jumped by 45.6 per cent to 2.2 million units from the previous day’s 1.5 million units, the value of securities increased by 119.5 per cent to N129.9 million from the N59.2 million recorded a day earlier, and the number of deals soared by 92.6 per cent to 52 deals from the preceding day’s 27 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities and Clearing System (CSCS) Plc with 61.2 million units exchanged for N4.1 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc followed with 1.1 billion units traded for N415.7 million.
Five securities recorded various movements yesterday at the OTC securities exchange, with three price gainers and two price losers.
For the advancers, they were led by 11 Plc, which added N22.11 to its share price to close at N243.11 per unit versus N221.10 per unit, CSCS Plc grew by N2.95 to N77.80 per share from N74.85 per share, and IPWA Plc expanded by 80 Kobo to N8.83 per unit from N8.03 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc shrank by N12.11 to N167.89 per share from N180.00 per share, and Geo-Fluids Plc lost 2 Kobo to sell at N2.98 per unit versus Monday’s N3.00 per unit.
As a result, the market capitalisation dropped N600 million to close at N2.571 trillion compared with the previous day’s N2.571 trillion, and the NASD Unlisted Security Index (NSI) fell by 1.00 points to 4,297.17 points from 4,298.17 points.
The market will be closed on Wednesday (May 27) and Thursday (May 28) for the Eid al-Kabir holidays.
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