• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Federal High Court further adjourns hearing on Oando scheme of arrangement to 10th October

Chris Ugwu by Chris Ugwu
May 22, 2023
in Business News, Company News, Legal & Regulations
Federal High Court further adjourns hearing on Oando scheme of arrangement to 10th October
Share on FacebookShare on TwitterShare on Linkedin

Article Summary

  • Honourable Justice Aneke sitting at the Federal High Court, Ikoyi, Lagos Division has further adjourned the matter to 10th October 2023.
  • The Petition was filed by Venus Construction Company Limited, acting by itself and for and on behalf of other minority shareholders of Oando.
  • Ocean and Oil Development Partners Limited (OODP), the majority shareholder of Oando and the Company are listed as the 1st and 2nd Respondents.

The Federal High Court, Ikoyi, Lagos Division has further adjourned the hearing on the matter of Oando Plc’s scheme of arrangement to 10th October 2023.

This was contained in the company’s notice to the Nigerian Exchange Limited seen by Nairametrics.

The statement signed by Ayotola Jagun, Company Secretary said: “Oando Plc wishes to notify the public and its shareholders, pursuant to the press statement issued on the Company’s website on January 30, 2022, titled “‘Oando Plc Announces Federal High Court’s Adjournment of Hearing on a date to file its Scheme Of Arrangement Document”, that Honourable Justice Aneke sitting at the Federal High Court, Ikoyi, Lagos Division has further adjourned the matter to 10th October 2023.

RelatedStories

GTCO Makes History with ₦1 Trillion Profit l Market Weekly

GTCO Makes History with ₦1 Trillion Profit l Market Weekly

April 2, 2025
The Untold Story of Oando: How Jibril Adewale Tinubu Built an Oil Empire

The Untold Story of Oando: How Jibril Adewale Tinubu Built an Oil Empire

April 2, 2025

The company noted that the petition in Suit No: FHC/L/CP/494/2021- Venus Construction Company Ltd &13 others vs. Ocean and Oil Development Partners & Oando Plc, was filed in Court on March 25, 2021, by fourteen (14) shareholders of the Company.

Reason for adjournment

The adjournment to 10th October 2023 according to the company was to enable the report by the Company of its compliance with the Court’s order dated June 7, 2022, and update the Court on the status of the Scheme of Arrangement.

The Petition was filed by Venus Construction Company Limited, acting by itself and for and on behalf of other minority shareholders of Oando, and is brought pursuant to sections 353, 354, and 355 of the Companies and Allied Matters Act 2020 (CAMA).

Ocean and Oil Development Partners Limited (OODP), the majority shareholder of Oando and the Company are listed as the 1st and 2nd Respondents.

Recall

The Federal High Court, Lagos Division had adjourned to March 30, 2023, to file its Scheme of Arrangement document following a petition filed on March 25, 2021, at the Court by fourteen shareholders of Oando holding a total of 299,257,869 shares.

Oando in a statement signed by Jagun noted that the Federal High Court, Lagos Division did not sit on the last adjourned date of January 26, 2023, previously communicated in the Press Release, due to the unavoidable absence of the presiding Judge.

  • “This matter has now been adjourned to March 30, 2023, for the report of compliance with the Court’s order dated June 7, 2022, directing the Company to file its Scheme of Arrangement document with the Securities and Exchange Commission (SEC) and the NGX, among other orders,” the statement noted.

Follow us for Breaking News and Market Intelligence.
Tags: Oando
Chris Ugwu

Chris Ugwu

Chris is a Senior Financial Analyst at Nairametrics Advocates Limited with over a decade stint in active journalism and public relations practice.

Related Posts

GTCO Makes History with ₦1 Trillion Profit l Market Weekly
Digital Media

GTCO Makes History with ₦1 Trillion Profit l Market Weekly

April 2, 2025
The Untold Story of Oando: How Jibril Adewale Tinubu Built an Oil Empire
Business News

The Untold Story of Oando: How Jibril Adewale Tinubu Built an Oil Empire

April 2, 2025
Oando, REA sign MOU for 1.2GW solar energy project in Nigeria 
Energy

Oando, REA sign MOU for 1.2GW solar energy project in Nigeria 

March 19, 2025
House of Reps, cybersecurity levy, CBN
Energy

House of Reps summons Shell, Oando, 46 other oil companies over N9.4 trillion debt 

March 3, 2025
NGX
Equities

All-Share Index falls 0.11%; OANDO and PZ Cussons surge, FCMB trades 102 million shares 

February 27, 2025
VFD Group’s Bold Move, FBN’s Rebrand, and Oando’s Stock Surge—Can the Rally Hold? | Market Weekly
Digital Media

VFD Group’s Bold Move, FBN’s Rebrand, and Oando’s Stock Surge—Can the Rally Hold? | Market Weekly

February 19, 2025
Next Post
Nigeria’s 18% MPR is highest among BRICS, N-11 countries

Dangote Refinery to save Nigeria over $25 billion, bring $10 billion in exports - Emefiele

Comments 4

  1. Anuoluwapo Oladopo says:
    May 22, 2023 at 8:18 pm

    Wale Tinubu and by large Oando after mismanaging our investments now wants to buy us out. Wale Tinuba and all the boards of directors of Oando should be in prison.
    Nigeria is indeed a zoo.

    Reply
  2. Bon says:
    May 23, 2023 at 7:58 am

    Even if it is agreed for majority share holders to buy out minority share holders Oando should render account and even pay dividend for all the periods they used our money to operate business.
    The last report showed a profit of about N30 billion for which minority share holders are entitled to.

    Reply
  3. Shaibu Malik says:
    June 7, 2023 at 3:33 pm

    We can not continue to hide under the rule and regulation on the market to defraud minority share holders of their hard earned investment, this are the same people that rundown the business by stealing the resources of oando plc they now see that the company is coming back to life for all the share holder to enjoy, they are now going through back door to take peoples wealth at a low price.
    question to ask Adewale Tinube and his cronies is that why did they file in document to buy out oando a day after they declare billion profit.
    Because they know that the share price will rise up astronomical beyond 10 to 15 Naira..
    Enough is enough for this gang of criminals in our society call billionaire investors.
    I implore all minority share holders to vote against this gang up plan to defraud us our hard earned investment that the gang had mess up before this time.
    They are all gang of criminals call billionaire.

    Reply
  4. Ahmed Akintunde says:
    October 12, 2023 at 9:09 am

    @ Chris Ugwu what is the latest please as 10th of October has come and gone. Please enlighten us and give us the update on the scheme of arrangements. Is it going ahead or Oando is going to remain listed on NGX?
    Thank you.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • CBN Forbearance hits FUGAZ stocks—except GTCO
  • EFCC arraigns Oil Magnate over alleged N750 million bank fraud in Port Harcourt 
  • FIRS extends tax office operations to weekends in June 2025 

Follow us on social media:

Recent News

GTCO to write off Aiteo loan and switch to aggressive recovery plan

CBN Forbearance hits FUGAZ stocks—except GTCO

June 17, 2025
EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says

EFCC arraigns Oil Magnate over alleged N750 million bank fraud in Port Harcourt 

June 17, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics