Why we ordered suspension of Oando AGM – SEC

Why we ordered suspension of Oando AGM – SEC

Monday, June 10, 2019 7:21 pm

Oando headquarters in Lagos

The Securities and Exchange Commission (SEC) has suspended till further notice, Oando Plc’s Annual General Meeting (AGM) scheduled to hold on Tuesday.

According to SEC, The suspension followed an order by a Federal High Court in Lagos due to an application made by the Group Chief Executive Officer of Oando Plc, Mr 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 Mrs Efe Ebelo, SEC’s Head of Corporate Communications, was made available to the News Agency of Nigeria (NAN) in Lagos.

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

NAN reports that the AGM was scheduled to hold on Tuesday (June 11) 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 for the oil company.

It said that Sunmonu would oversee the affairs 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 reiterated its commitment to maintaining the integrity of the Nigerian stock market.

However, the Federal High Court on June 3 granted an interim injunction restraining SEC from executing the interim management in the company.

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

It also restrained SEC from imposing a fine of N91.13 million on Tinubu and barring him and Boyo from being directors of public companies for five years.

Join The Conversation

What do you think?

This site uses Akismet to reduce spam. Learn how your comment data is processed.