In the latest twist to the Oando Plc saga, members of the House of Representatives Committee on Capital Markets have summoned the Director-General of the Securities and Exchange Commission (SEC) Mallam Mounir Gwarzo and its senior management over the company’s affairs. This was disclosed in a statement issued on behalf of the committee Chairman by Honourable Tony Nwulu
Why the Reps are bothered
The Honourable members may have been pushed to intervene following the media war between all parties involved, and an avalanche of information it had received from analysts, investors and the general public on the matter
The committee has been inundated with information from far and wide by the concerned public, stakeholders, shareholders and investment analyst”, .
The saga so far
Channels television in July, broke the news that some shareholders had petitioned SEC over Oando Plc’s shareholding structure after it had raised $1.35 billion to acquire Conoco Philips assets. After much delay, SEC and Oando Plc revealed the parties behind the petition as Alhaji Dahiru Mangal and Gabriel Volpi. The company, in its response denied the allegations levelled against its management and said it was cooperating fully with regulatory authorities.
SEC declined to suspend the company’s Annual General Meeting (AGM) which held last week in Uyo, Akwa Ibom State, as such an action could only be implemented by a court of law. The commission however stated that it had shareholders interest uppermost. Shareholders who were aggrieved by the resolutions passed at the meeting yesterday held a series of protests.
Oando Plc shares closed at N5.90 in today’s trading session on the Nigerian Stock Exchange (NSE) up 25.53% year to date.
