Oando Plc has disclosed that it has no intention to cancel its 42nd Annual General Meeting (AGM), as directed by the Securities and Exchange Commission (SEC).
In a statement issued to the Nigerian Stock Exchange which also serves as a response to the regulator’s order, the oil and gas company disagreed with SEC’s position to have its AGM suspended.
According to the statement, the directive/order by the apex capital market regulator is not in the best interest of the company and its shareholders.
“It is the Company’s position that the action taken by SEC in directing a cancellation of the AGM is not in the best interests of the Company and its Shareholders who have traveled at great expense, from far and wide, to attend the annual meeting of their Company.
“The Company also stands to lose significant shareholder funds by the attendant cancellation of the AGM at such short notice.”
Recall that Nairametrics had reported that SEC ordered the indefinite suspension of the AGM scheduled to hold today (Tuesday). This, according to the regulator, was in furtherance to an earlier Ex-parte Order by the Federal High Court in Lagos.
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.”