SEC suspends Oando AGM indefinitely

The Securities and Exchange Commission (SEC) has suspended till further notice, Oando Plc’s annual general meeting earlier scheduled to hold today.

The suspension follows an order by a Federal High Court in Lagos due to an application made by the Group Chief Executive Officer of Oando Plc, Adewale Tinubu and his deputy who were suspended by SEC on May 31.

In a statement in Lagos on Monday, SEC said that it directed the suspension to allow parties involved in the suit to maintain status quo. The statement, signed by the SEC’s Head of Corporate Communications, Mrs. Efe Ebelo, was made available to newsmen in Lagos.

The commission said that it would update relevant stakeholders and the general public on the outcome of the litigation. The annual general meeting was scheduled to hold at Eko Hotel, Lagos, at 10a.m.

SEC had on June 2, following the outcome of its forensic audit on Oando, constituted an interim management team to be headed by Sunmonu. It said that Sunmonu would oversee the affairs of the company and conduct an extra -ordinary general meeting on or before July 1, to appoint a new board of directors.

The commission said that the new board of directors would subsequently select a management team for Oando Plc. It however, reiterated its commitment to maintaining the integrity of the Nigerian stock market.

But, on June 3 the Federal High Court granted an interim injunction restraining SEC from executing the interim management in the company as planned and also restrained commission from imposing a fine of N91.13 million on Tinubu, including barring him and Boyo from being directors of public companies for five years.  

The application for the injunction was filed by Tinubu and his deputy, Omamofe Boyo, seeking an enforcement of their fundamental rights.