The shareholders at Oando Plc passed a vote of confidence yesterday on the management team led by Wale Tinubu, retaining the company’s Board of directors. This took place during the successful 40th Annual General Meeting (AGM) held yesterday.
Recently, as explained in an exclusive on Nairametrics, Alhaji Dahiru Mangal and Ansbury lnc, are alleging that a gross abuse of corporate governance and financial mismanagement by the Wale Tinubu-led management is leading to a downturn in the fortunes of the company. The petitioners wanted the Securities Exchange Commission (SEC) to force a reconstitution of the management board, bringing the current management team to book for their alleged financial recklessness.
As the matter was being investigated, the petitioners further requested that Oando’s 40th Annual General Meeting be postponed until the Securities Exchange Commission (SEC) concluded their investigation. The conclusion of the investigation however, last week, yielded no material evidence that could trigger the postponement of the 40th AGM and Oando was given the go-ahead to hold its AGM.
During the AGM, the shareholders present commended Tinubu and the management for keeping their promise to return the company to profitability by the end of 2016 and for staying on track in 2017. They urged that Tinubu continued in the light of the company’s recent success and assured him of their trust in his leadership and ability.
The CEO, Wale Tinubu, received the announcement with gratitude, assuring the shareholders that the trust placed on him was not misplaced. He assured the shareholders that he along with members of the management board will be focused on getting returns and profit for the shareholders.
The AGM was disrupted for about 10 – 15 minutes as shareholders opposed to the management held a protest outside the venue. The crowd dispersed after key representatives of the shareholders association intervened. Oando claims that the protesters were non-shareholders that were probably paid to disrupt the meeting following the failure of the protesters to postpone the 40th AGM.
Wale Tinubu remained undeterred in the face of this development and the meeting proceeded as scheduled after the 10 – 15 minutes interlude by the protesters. By the end of the meeting, though, Tinubu’s persistence paid off as he retained the position of CEO, Oando plc.