A group of shareholders of Oando Plc has cautioned the management of the company against moves to reconcile with Ansbury Investments Incorporated, owned by Mr. Gabriele Volpi.
The group, Pacesetters Shareholders Association, Distinct Shareholders Association and Sage Shareholders, said their objection to the reconciliatory moves was based on an ongoing investigation of Volpi for alleged money laundering and tax evasion by Italian authorities.
According to media reports, the group revealed that the investigation which is being conducted by the Italian Economic and Financial Crimes Police also focuses on Volpi’s longtime associate, and popular Italian banker, Giampiero Fiorani.
It, however, advised Volpi to do the right thing by sorting every issue he has with the law before seeking to reconcile with Oando.
The shareholders further noted that reconciling Ausbury and Oando may raise fundamental ethical questions on Oando and cause the Italian anti-corruption police to beam its searchlight on Oando.
Recall that recently another group of shareholders of the company called on the company’s management to resolve its dispute with Ansbury Investments Incorporated.
The group who referred to themselves as Concerned Oando Shareholders, said the prolonged war and bickering is not in the best interest of the shareholders or the company.
The group in a statement appealed to the management of Oando not to miss out on the golden opportunity provided by the turnaround of the oil industry to improve on the fortunes of shareholders.
“We want to see better returns, capital appreciation of our shares and payment of dividends in the not too distant future. This can only happen, however, if the management resolves all pending rifts to enable it to concentrate on running the company.”
Trouble started with Oando when two of its shareholders Alhaji Dahiru Mangal and Ansbury Inc. on, October. 20, 2017 filed a petition alleging infractions and mismanagement against the management of Oando.
The Nigerian Stock Exchange (NSE), on the directive of the Securities and Exchange Commission (SEC), placed a suspension on the trading of shares of Oando.
This was followed with a forensic audit of the company but the suspension was lifted on April 12. Since the lifting of suspension on the shares of Oando Plc, it has recorded significant appreciation.
Besides, the company recorded a revenue of ₦497 billion for the year ended December 2017 compared to ₦455 billion reported for the year ended December 2016. This represents a 9.2% increase year on year.
Profit before tax for the company was ₦20.7 billion for the year ended December 2017, as against a loss before tax of ₦62.9 billion reported a year earlier.
Its share price currently trades at ₦7.20 on the floor of the Nigerian stock exchange. While its 1-year return dropped by 15.79%
Oando PLC is Africa’s leading indigenous energy company operating in the upstream, midstream and downstream. With a primary listing on the Nigerian Stock Exchange, it’s the first African company to have a cross-border inward listing on the Johannesburg Stock Exchange.
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