Oando Plc is set to hold its annual general meeting
(AGM) on September 11 in Uyo, the Akwa Ibom state
capital, after it got a nod from the Securities and
Exchange Commission (SEC).
Ansbury and Dahiru Mangal, major shareholders of
Oando, had submitted a petition to SEC demanding the
postponement of the AGM, while objecting the choice
of Uyo as the venue, citing ease of movement of
shareholders.
The duo had also accused the management of abuse
of corporate governance and financial
mismanagement.
In response, the SEC set up a special task team to
review the petition.
The team’s interim report established that it found
nothing to warrant the postponement of the AGM.
Consequently, SEC cleared Oando, giving the company
approval to hold the AGM as scheduled.
On the allegations contained in the petition, the
management of Oando has said, “from the SEC’s initial
correspondence to the company to date, we have
availed them with all documents requested, provided
clarification on, and rebuttals to, the issues raised and
await a speedy conclusion to the enquiry.
“The company will continue to fully cooperate with the
SEC in the discharge of its duties as the capital
markets regulator.
“As a public company listed on both the Nigerian and
Johannesburg Stock Exchanges we will provide full
disclosure of the outcome as soon as the SEC enquiry
is completed.”
Ahead of the AGM, Oando recently declared a profit
after tax (PAT) of N4.6 billion for the half year which
ended on June 30, 2017, as against a loss of N26.9
billion in the corresponding period of 2016.
TheCable
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