UPDATE: SEC orders Oando Plc to suspend forthcoming AGM

The Securities and Exchange Commission has informed the general public that Oando Plc‘s Annual General Meeting (AGM) has been suspended until further notice. The AGM was initially scheduled to hold tomorrow, Tuesday, June 11, 2019.

According to a statement issued today by the capital market regulator, this is in furtherance to an earlier Ex-parte Order by the Federal High Court in Lagos.

“The Securities & Exchange Commission (‘the Commission’) hereby notifies the public that further to the Ex-parte Order of the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/Cs/910/19 In Mr. Jubril Adewale Tinubu & Anor V Securities & Exchange Commission & Anor, the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold on Tuesday, June 11, 2019 at 10: 00am has been suspended till further notice.

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“Accordingly, the Commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties to maintain the status quo. The Commission will update the public on the outcome of the ongoing litigation.”

Back story: The Securities and Exchange Commission had ordered Oando Plc‘s Group Chief Executive Officer (CEO), Wale Tinubu to resign from his position over serious infractions ranging from false disclosures, market abuses, amongst others.

SEC’s move to suspend Tinubu came after a shareholder battle ensued in Oando about two years ago. The company’s directors -Gabriel Volpi co-founder of Intel’s Plc and Northern businessman Alhaji Dahiru Mangal, had accused the company’s management of financial recklessness and denying them adequate representation on the board.

Bottom line: While Oando Plc earned a restraining court, which voided SEC’s attempt to remove its Tinubu alongside his Deputy, the trouble is not yet over. SEC insisted thus;

“The actions of the Commission were properly effected pursuant to the provisions of the Investments & Securities Act (ISA) 2007 and the SEC Rules and Regulations made pursuant to the ISA 2007.

“These facts have been properly articulated in the court process filed at the Federal High Court by the Commission in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive officer of Oando Plc.”