Oando reacts on SEC’s investigation

Shareholders of Oando Nigeria Plc have cause to strengthen their resolve in the Nigerian indigenous major upstream player, as the Securities and Exchange Commission (SEC), secures the company’s unhindered cooperation in its investigation.

Oando, while acknowledging that its 40TH Annual General meeting (AGM) will hold on 11th September, said that the apex capital market regulator’s endorsement of its forthcoming AGM, is coming on the heels of the submission of an Interim Report by the Special Task Team.

According to the report, a statement from SEC said “The commission is of the opinion that it is unable to identify any material findings that would warrant the postponement of the company’s 40th Annual General Meeting (AGM) scheduled to hold on September 11, 2017. Consequently, Oando PLC can proceed with its 40th AGM as currently scheduled.”

The statement signed by Oando’s Chief Compliance Officer & Company Secretary, Ayotola Jagun; and released by the NSE, pointed that authorization for the meeting, reverses the earlier memo by the commission on Wednesday, 23rd August, 2017, for postponement of its 40th AGM, so that the Commission could look into the shareholding positions contained in the company’s 2016 Audited Financial Statements, based on petition written by Alhaji Dahiru Mangal and Ansbury Inc.

“In a letter dated Thursday, 31st August, 2017, the SEC wrote to the company and categorically stated: ‘Following the submission of an Interim Report by the Special Task Team, the commission is of the opinion that it is unable to identify any material findings that would warrant the postponement of the company’s 40 th Annual General Meeting (AGM) scheduled to hold on September 11, 2017. Consequently, Oando PLC can proceed with its 40th AGM as currently scheduled.’

The company stated that SEC’s response was in line with the company’s initial position that the request from SEC that Oando postpones its AGM, which was premised upon the allegations and claims raised by the petitioners lacked merit. “The reason being that the issues raised by the petitioners were fully and properly disclosed by the company in its audited financial statements and have received the board, shareholders’ and where required, SEC approval.’

Giving assurance of its commitment to act in the best interests of shareholders and sustained full cooperation with the SEC in the discharge of its duties, Oando assured that other matters highlighted by the petitioners could have been directed to the company; and would have received the necessary clarification.

Bonny Amadi