SEC suspends Oando’s AGM ‘till further notice’

Friday Ajagunna
Friday Ajagunna
Oando Plc

The Securities and Exchange Commission, SEC has suspended the 2019 annual general meeting (AGM) of Oando Plc.

In a statement issued on Monday, the commission cited the ex-parte order of the federal high court, Ikoyi, Lagos, as the basis for the suspension.

SEC had on June 2, constituted an interim management team to be headed by Mutiu Sunmonu, Julius Berger Nigeria chairman, for the oil and gas firm.

The team was to conduct an extraordinary general meeting (EGM) on or before July 1, to appoint new board of directors who would subsequently select a new management team for Oando.

Following a suit initiated by Wale Tinubu, chief executive officer of Oando and Mofe Boyo, his deputy, the court granted an interim injunction restraining SEC from executing an interim management in the company.

But in its statement, SEC said the suspension of Oando’s AGM was to allow all parties involved in the suit “maintain status quo”.

“The Securities & Exchange Commission (‘the Commission’) hereby notifies the public that further to the Ex-parte Order of the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/Cs/910/19 In Mr. Jubril Adewale Tinubu & Anor V Securities & Exchange Commission & Anor, the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold on Tuesday, June 11, 2019 at 10: 00am has been suspended till further notice,” the statement read.

“Accordingly, the Commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo.

“The Commission will update the public on the outcome of the ongoing litigation.”

In the last one week, Oando shares has under performed in the stock market, hitting its lowest on Monday June 3, at N3.8 per share.

Its share price decreased from N4.20 on May 31 to N4.00 as of the close of trading on Friday, representing a 4.76% decline.

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