Economy
Tension as Oando 40th AGM Finally Holds Today in Uyo
By Modupe Gbadeyanka
The atmosphere around Akwa Ibom State Hall located on IBB Avenue, Uyo, is tensed and this is because shareholders of Oando Plc are converging to make crucial decisions that will chart the course of the leading oil firm in Nigeria.
It is the 40th Annual General Meeting (AGM) of the company, which takes place today, Monday, September 11, 2017.
Before now, there had been an attempt to cancel the meeting, but the Securities and Exchange Commission (SEC) finally said the event could go on as planned.
This followed an interim report submitted by the Special Task Team set up by the capital market regulator, giving the firm the approval to carry on with the AGM.
SEC had received petitions from two shareholders of Oando; Dahiru Manga and Ansbury Inc, requesting that the event be suspended due to alleged gross financial misconduct.
But in a letter dated Thursday, August 31, 2017, which SEC wrote to Oando, it said, “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.”
According to speculations, both petitioners are making efforts to remove Mr Wale Tinubu as the Group Chief Executive Officer of Oando Plc.
It was also speculated in the media that shareholders of the firm, during today’s AGM, will vote to sack the Mr Tinubu-led board.
One of the petitioners, Mr Dahiru Manga, is believed to currently hold shares worth $250 million or 17 percent stake in the company, but allegedly wants Mr Tinubu out by all means.
Business Post gathered that some shareholders of the company have already arrived in Uyo, Akwa Ibom State in preparation for today’s meeting, while others will fly in this morning.
A source in the firm informed us that Mr Tinubu will most likely survive this storm and that he seems not to be too worried about the game plan to remove him.
“I am certain he (Mr Tinubu) will come out unscathed after tomorrow (Monday’s) AGM,” an official of the company, who asked not to be named, told our correspondent on Sunday.
However, observers would be very keen to know the outcome of today’s meeting, waiting to see if Mr Tinubu will eventually come out smiling at the end of the AGM.
Meanwhile, Business Post could not reach Oando Plc for comment on today’s AGM.
However, the last time we contacted the company, it was confirmed to us that all was set for the event.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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