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Home Business News

Oando’s shareholders have taken up the National Assembly’s invitation

Onome Ohwovoriole by Onome Ohwovoriole
October 1, 2017
in Business News, Company News
Oando Plc CEO Tinubu speaks during a Reuters interview in Lagos

Wale Tinubu, CEO, Oando Plc

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Shareholders in Oando Plc have taken up the opportunity provided by the National Assembly to send in petitions related to the state of affairs in the company, as they have sent a petition to the body. Shareholders of the company based in the North, also held a protest in Abuja over the state of affairs of the company. The petition signed by 100 shareholders called for the removal of Oando Plc’s management for alleged gross misconduct and corporate governance abuse.

What led to the petition submitted?

The committee had last week summoned the Director-General of SEC Munir Gwarzo over petitions from aggrieved shareholders. Shareholders had recently protested after the recently held Annual General Meeting (AGM) where a vote of confidence was passed on Oando’s management. The House of Representatives Committee on Capital Market and Institutions gave SEC a two week deadline to complete its investigations on Oando Plc, and report its findings. The committee also stated that shareholders whose cases are not covered in the petitions currently being investigated by SEC, to forward theirs to the committee.

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News had broken in July, that SEC was investigating two petitions levelled against the company, but Oando Plc refused to name the parties involved. After much pressure, the company named Alhaji Dahiru Mangal  and Ansbury Investments (a company controlled by Gabriel Volpi) as the petitioners.

The two parties have alleged that the company has been mismanaged, and had requested SEC to suspend the AGM. Volpi and Mangal, also accused the company of not granting them adequate representation on the board despite their large shareholding. The company, has denied the allegations and accused the petitioners of having ulterior motives to take over the company.

Implications of the fresh petition

The lawmakers could decide to hold a public hearing on the matter, if they are not satisfied with the results of SEC’s investigation. Oando shares closed at on Friday’s trading session on the Nigerian Stock Exchange, up 0.1%.


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Tags: News ReviewOando PlcSEC Investigates Oando Plc
Onome Ohwovoriole

Onome Ohwovoriole

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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