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.
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.
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.
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.