Wale Tinubu, CEO, Oando Plc

In a press release issued today on the Nigerian Stock Exchange (NSE) today, OANDO Plc finally shed more light about the petitions sent to the Securities and Exchange Commission (SEC). News had broken last month, that SEC was investigating the company based on two petitions sent by shareholders.

Here are highlights of the petitions:

One of the petitioners is Ansbury Plc.  Ansbury Plc is not a shareholder in Oando but a shareholder in a company domiciled outside the country which in turn holds shares in a Nigerian investment company that has shares in Oando.
The second petitioner is Alhaji Dahiru Mangal. Alhaji Mangal indicated in his petition indicated that he holds a 17.9 % interest in Oando, of which 4% in his personal capacity. He is yet to disclose his beneficial ownership of 13.9%, in accordance with the Corporate and Allied Matters Act (CAMA). Failure to do so is a violation of the act, and Oando has written to inform both SEC and Alhaji Mangal.

Questions yet unanswered

Why did Oando Plc have to wait for over a month before disclosing parties behind the petition? Who are the beneficial owners of the Nigerian investment company that Ansbury Plc has a stake in ? Why has SEC maintained silence in the midst of the controversy, and when will the results of the SEC investigation be released. SEC has also kept silent in the midst of rumours of instructions to Oando to suspend its Annual General Meeting (AGM) and a possible appointment of an interim board.

Here is a copy of the press release

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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