A one-man army, Engr. Patrick Ajudua, an Oando Shareholder, took it upon himself to legally challenge the Securities and Exchange Commission (SEC), in a suit filed at the High Court of the FCT. The disgruntled shareholder, filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
Engineer Patrick has been hailed a savior of Oando PLC shareholders following his big win in court on Tuesday, February 23. In a hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor. Engr. Patrick who has painfully endured the SEC’s infringement of his rights as a shareholder and an individual, for the past two years, was the much needed respite that the shareholders required especially at a time when many are grappling for survival following the country’s second recession in three years.
In 2019, the SEC suspended the AGM of Oando indefinitely. AGM’s are an important platform for the protection of the shareholders of a company, furthermore they are a legal requirement for all publicly listed companies. By being listed on the Nigerian Stock Exchange (NSE) a company is by virtue owned by her shareholders, thus ultimate control and the destiny of a company should lie in the hands of said shareholders.
Section 81 of the Companies & Allied Matters Act ascribes to every member of an incorporated company, who has fully paid for his or her shares, a right to attend all the shareholders’ meetings of such a company; and to speak and vote at such shareholders’ meetings. According to Patrick Ajudua, the SEC has denied him this right over the last two years.
According to a press statement issued by Oando PLC dated July 20,2020, the suspension of the AGM has also resulted in the inability of the company’s Directors to lay before the shareholders for approval, the Company’s 2018 Audited Financial Statements; inability to appoint auditors to hold office for the 2019 financial year; and the inability of the Company to meet its FYE 2019 NSE Filing of Accounts obligation due date of March 31, 2020; amongst others.
Presiding over the case, Honorable Justice O. A Musa, made the following declarations;
- ordered that Engr. Patrick as a member and shareholder of Oando has a right and freedom of association and assembly with other shareholders and right to receive information at the AGM;
- declared the May 31, 2019 letter of SEC to Oando sanctioning its management, as unconstitutional, null and void and violation of Engr. Patrick’s fundamental right to fair hearing and his human right to receive information on the affairs of Oando and his interest and shares in Oando;
- an order setting aside the directive of SEC suspending/postponing indefinitely the AGM of Oando in violation, breach and contravention of Engr. Patrick’s right and freedom of association and assembly with other shareholders and right to information from other shareholders and Oando PLC;
- an order restraining SEC and Oando from interfering with, disrupting and or interfering with the Engr. Patrick’s constitutional right of association, assembly and right to receive information from other shareholders and members of Oando PLC at the postponed 2019 AGM;
- an order of injunction restraining SEC from acting and /or taking any steps pursuant to its letter of 31st May 2019 or interfering in any manner whatsoever with Directors lawfully appointed by the Engr. Patrick and Shareholder;
- an order directing Oando to convene and hold AGM of Oando plc within 90 days of the order of the Court in compliance with the provisions of CAMA.
Speaking on his win, Engr. Francis Ajudua said: “A win for me is a win for all shareholders. The lingering delay in resolution of the conflict has brought untold hardship, financial difficulty and loss of capital appreciation on our investments. Therefore, we receive this judgement with humility and the pray that with all hands on deck, we can move the company forward. We plead with the regulators to give peace a chance and allow for a harmonious resolution to the conflict. The shareholder community will continue to protect our investments by ensuring a high compliance with code of corporate governance and integrity of the company’s operations in the capital market.”
The anguish of Oando shareholders is based on the erosion of value as a result of the drawn-out crisis. They remain concerned that the regulator tasked with protecting their investments, continues to do the exact opposite with no end in sight.
UBA Business Series to equip SMEs with Performance Management Strategies for Organisational Growth
UBA has been assisting with essential tips to help businesses ensure that they stay afloat and remain thriving.
As part of its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) in the continent, Pan African financial Institution, United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series.
The UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity-building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the face of the difficult operating environment that dominates the African business landscape.
Through this initiative, UBA has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving.
The topic for the next edition of the series is ‘ Managing Performance for Business Growth,’ and it will be held on Wednesday, April 14, 2021, via Microsoft Teams. At this session, the Managing Director, Secure ID Limited, Mrs Kofo Akinkugbe, will be sharing useful tips and insights on the key strategies of performance management to boost business growth.
Akinkugbe is the founder of SecureID Nigeria, a MasterCard, VISA and Verve certified Smartcard Personalization Bureau and Digital Technology company. She currently serves as the Managing Director/CEO, Secure Card Manufacturing, – a Smartcard manufacturing plant producing high-security identity cards and documents for the Banking, Telecoms and Public sectors across Africa and beyond.
The capacity-building event is a virtual session which is open to all – including business owners and leaders – and will be held on Wednesday, April 14th, 2021, at 2pm WAT. Interested participants can register via http://bit.ly/UBASMEWorkshopMarch2021
UBA’s Head, SME Banking, Sampson Aneke said of Akinkugbe, ‘with her vast experience garnered over the years from various sectors, she will help business owners understand how performance management strategies can be effectively implemented to ensure business growth’.
He emphasised UBA’s commitment and deep passion for small businesses, which according to him, remains the engine of any developing economy adding, “We know small businesses are the backbone of the economy in every country. In many climes, businesses with fewer than 100 employees account for 98.2% of all businesses. This no doubt captures the importance of SMEs to a thriving economy which is why UBA is committed to seeing them flourish.”
Konga eyes quality healthcare distribution across Nigeria with Konga Health
Konga Health is set to expand access to quality Medicare for Nigerians as it debuts in June 2021.
Konga Health, a highly anticipated digital health care distribution subsidiary of Nigeria’s leading e-Commerce giant, Konga is set to go live by June 2021.
The tech-driven health care company is expected to expand access to quality Medicare for millions and revolutionize the health care value chain in Nigeria.
Feelers from a reliable source indicate that the management of Konga has secured all pending statutory approvals for the formal launch of the company. Further, the source disclosed that the management of Konga has been testing its robust technology, nationwide logistics and payment platforms in partnership with local and international players in the sector ahead of the rollout in order to achieve a seamless experience from launch.
Konga Health will expectedly provide huge employment opportunities for medical professionals and other Nigerians.
Meanwhile, the expected debut of Konga Health has also been confirmed by a confidential source at Konga. The source, who spoke on the condition of anonymity, revealed that Konga Health will radically improve the speed at which quality drugs are delivered nationwide to pharmacies, hospitals and other health services providers, while also boosting structured last mile delivery to patients and other end-users across Nigeria. In addition, he disclosed that Konga Health will power an unprecedented level of digital health democracy in Nigeria, adding that the company may possibly launch a globally rated blood bank across the six geo-political regions in Nigeria, using cloud-based digital sensors to monitor secure cold rooms in its facilities.
‘‘I can assure you that it is an ambitious project which serious local and international donor agencies, government at all levels, the public sector and corporate organizations will leverage to deliver quality health programs, backed by reliable data at the least cost to the remotest villages,’’ the source stated.
Konga Health was initially due for launch in September 2019.
However, the management of Konga had pushed back the rollout due to delays encountered with approvals from statutory bodies.
Nairametrics | Company Earnings
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