Oando Minority Shareholders Demand Reimbursement Of AGM Losses

Minority shareholders of Oando Plc, yesterday, condemned the recent cancellation of the company’s 2018 Annual General Meeting (AGM) by the Securities and Exchange Commission (SEC), urging the federal government to mandate the Commission to reimburse them for losses incurred in preparation for the meeting. 

The shareholders insisted that the 2018 financial year has nothing to do with the governance issues in Oando, since the forensic audit is for the previous accounts. The protest follows SEC’srecent suspension of Oando’s AGM, slated for Tuesday, June 11, till further notice. 

The Commission said the decision was sequel 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 and Anor V SEC and Anor, and to allow the parties maintain status quo, while promising to update relevant stakeholders and the public on the outcome of the litigation.

(Guardian)