Oando’s 40th AGM erupts in protest as Tinubu addresses shareholder concerns
Oando Plc held has confirmed that it held its 40th annual AGM in Akwa Ibom, Uyo state amidst protest which disrupted proceedings for about ten minutes.
According to reports from the official twitter account of Oando, there was a short protest around the venue of the 40th Annual General Meeting (AGM) of Oando Plc on Monday attempting to stop the oil firm from holding the meeting following petitions filed with the Securities and Exchange Commission (SEC), alleging gross misconduct.
The oil firm confirmed that the demonstration, which lasted about 10 minutes, was carried out by those believed to be shareholders of the oil and gas firm. However, the situation was quickly brought under control.
“We have successfully concluded our 40th AGM despite a 10-minute protest,” Oando Plc confirmed through its verified Twitter handle.
Oando’s Group Chief Executive, Mr Wale Tinubu was in a video also published by the verified social media account shown to be addressing shareholder concerns surrounding the petition filed with the Securities and Exchange Commission and improving returns for shareholders.
In his address, Tinubu said “We did provide disclosures when we received the SEC petitions. Regulators write to us every single day, asking for information, and we were prompt to provide disclosures. These matters were subsequently dealt with and as expected we were allowed to hold our AGM”
Speaking on improving returns for shareholders, Tinubu also disclosed that following the collapse of oil prices in 2014, the oil firm had been warned of uncertainties and had reacted by providing a detailed restructuring plan, which has been able to reduce Oando’s overall debts by over 40 per cent as at 2017 half year.
Tinubu told shareholders that the oil firm’s debts have been reduced from 2.5bn dollars as at January 2015 to 600 million dollars as at half year. He said a peak challenge the company erstwhile faced, which was the Niger delta militants had thankfully being reduced and expressed optimism on a more profitable future as an outcome from the firm’s hard-work.
However, a cross section of shareholders of Oando expressed concern on how media reports are gradually eroding shareholders’ investment in the company.
Specifically, Mr. Adeleke Oladimeji, Bisi Bakare among others that spoke recalled that the media were doing more damage than good to the investment of many Nigerians by reporting news without verification from parties invoiced.
His submission was driven by recent media reports in Oando PLC and two petitioners alleging gross abuse of corporate governance and financial mismanagement.
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