After clearance from SEC, Oando to proceed with AGM

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.