The Federal High Court in Lagos has postponed the hearing for the petition filed by 14 shareholders of Oando Plc. This marks the third time it has been adjourned this year.
This is according to a corporate disclosure filed on the NGX website and signed by Oando’s Company Secretary, Ayotola Jagun. It is noted that the adjournment was to allow the company to produce a report of compliance with the Court’s order dated June 7, 2022, which requires it to submit its Scheme of Arrangement document to the Securities and Exchange Commission (SEC) and the NGX within 30 days, along with other instructions.
It was noted in the corporate disclosure, “The Petition was filed by Venue Construction Company Limited, acting by itself and for and on behalf of other minority shareholders of Oando, and is brought under sections 353, 354 and 355 of the Companies and Allied Matters Act 2020 (“CAMA”).”
Oando’s majority shareholder, Ocean and Oil Development Partners Limited (“OODP”) and the company itself are listed as 1st and 2nd respondents in the suit.
What you should know
The case against Oando Plc was filed on March 25, 2021, as the minority shareholders of the company filed a petition for Oando requesting a buyout of their entire shareholding either by OODP or Oando Plc. However, Oando filed a cross-petition expressing its readiness to buy out all the minority shareholders of Oando via a court-ordered Scheme of Arrangement.
In March 2023, Oando announced its decision to delist from the NGX and JSE, however, this is subject to approval from the company’s shareholders as well as the Federal High Court. With this court case, the process of delisting has been turbulent hence Oando’s shares are still trading in the NGX.
Year-to-date, Oando’s share price has spiked by 193%, closing at N11.50 yesterday.
Grand deceit by oando management led by Adewale Tinubu to push out minority shareholders who contributed hard earned resources to aid acquisition of Conoco_Philips assets in Nigeria. May GOD never grant evil men rest in their graves,Amen.
May god never give this oando management peace of mind as they play with investor mind
5 Shareholders have already applied to the Federal High Court to set aside the Order granting Ocean & Oil Development Partners Limited the go-ahead to acquire the 43% Minority shares in Oando Plc on the ground that the Order was obtained through “concealment, deception, misrepresentation, collusion and fraud” as there were several facts concealed from and misrepresented to the Court including the fact that one of the Petitioners is in fact a non-Executive Director of Oando Plc was intended to assist Ocean & Oil Develpment Partners to acquire the minority shares through the Court process. The application will be heard whenever the Court sits. Unfortunately, the Company Secretary simply put out only the information that favours and aligns with the majority shareholder’s interest in public space without informing other shareholders that some shareholders have applied to the Court to discharge its Order and dismiss the case.
Nigeria is the only country where minority shareholders are being oppressed because of the connection of management with the people on top (rulers of the country). But I believe that God in His infinit mercy will be on side of the minority shareholders. A country where big fish swallow smaller fish to get bigger. God is watching every deals we do with other people.
May the right be done by the grace of Alimighty God, amen.
Legal personalities around the world are of the opinion that (justice delayed is justice denied) For a Nigerian judge to postpone a matter for about two good Legal years is enough evidence that justice has been denied( through deceit,kickbacks,collusion etc) Know this! This Oando minority shareholders case will certainly make or mar the chances of Nigeria companies to assess the South Africa Stock Exchange,or overseas in the future.The balls are in the courts of both the Nigerian Security and Exchange Commission and Nigerian Stock Exchange.They can stop this criminality.Yes they can;but I wonder why!