Dipo Olowookere
By Dipo Olowookere
Shareholders of Oando Plc have appealed to management of the energy firm to urgently sort out its rift with one of its major investors, Ansbury Investments Incorporated, before things get out of control.
In a statement issued on Monday, the shareholders, under the aegis of Concerned Oando Shareholders, lamented that the dispute with Ansbury was having a negative effect on the company and its shares listed on the floor of the Nigerian Stock Exchange (NSE).
They said instead of fighting with Ansbury, the management of Oando should be more concerned about giving shareholders better returns, payment of dividends in the not too distant future and “capital appreciation of our shares.”
Last year, Mr Gabriel Volpi, who has an indirect holding in Oando Plc through Ansbury, petitioned the Securities and Exchange Commission (SEC) alongside Mr Dahiru Mangal, accusing the management of gross financial misconduct.
Whilst the management of Oando settled its disagreement with Mr Mangal with the help of the Emir of Kano, Ansbury is yet to resolve its issues with the management.
Worried about the effect on shares of the firm at the stock market, the shareholders’ group, through its spokesman, Mr Atobatele Musibau, said the matter should be trashed quickly.
“These days, Oando is always in the news for the wrong reasons. The negative exposure the company has experienced for almost one year running has a telling effect not just on the shares, but the entire fortune of the company,” Mr Musibau said in the statement.
He stressed that, “The earlier this matter is resolved, the better for the company and its shareholders.
“Whether the management of Oando likes it or not, this unending war of attrition has impacted and will continue to impact the company negatively.”
Mr Musibau said further that, “One must state that Oando has not recorded any meaningful capital gains, or has it paid dividends to investors in more than four years. We are therefore the grass that suffers as these two elephants slug it out.
“We, therefore, call on the management of Oando not to miss out on the golden opportunity provided by the turnaround of the oil industry to improve on the fortunes of shareholders.
“We want to see better returns, capital appreciation of our shares and payment of dividends in the not too distant future. This can only happen, however, if the management resolves all pending rifts to enable it to concentrate on running the company.”
The shares traded at N7. 40k at the stock market on Tuesday, losing 4.52 percent today.
SEC, which suspended the firm last year and lifted it some weeks ago, announced a forensic audit of the company, but the outcome is yet to be revealed to the investing public and shareholders.
