SEC orders Oando to suspend AGM

The Securities and Exchange Commission said on Monday that it had directed Oando Plc to suspend its Annual General Meeting slated for Tuesday (tomorrow).

The apex capital market regulator made the announcement in a statement.

The statement read, “The Securities and Exchange 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 Commision & 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 10:00 a.m. has been suspended till further notice.

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

The commission said it would update relevant stakeholders and the public on the outcome of the ongoing litigation.

On May 31, SEC ordered Oando’s Group Chief Executive Officer, Mr Wale Tinubu, and other affected board members to resign. But the company immediately replied, saying the alleged infractions and penalties were unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.

The oil firm said it had not been given the opportunity to see, review and respond to the forensic audit report and so was unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before SEC.

SEC announced on June 2 that it had set up an interim management team to oversee the affairs of the company and conduct an extraordinary general meeting on or before July 1, 2019 to appoint new directors who would subsequently select a management team for the company.

However, the Federal High Court sitting in Lagos granted an interim injunction on June 3 following an application by Oando’s GCEO and his deputy, restraining SEC from executing the sanctions.