SEC suspends Oando Plc AGM till further notice

The Securities and Exchange Commission (SEC) has suspended till further notice the Annual General Meeting (AGM) of Oando Plc scheduled to hold Tuesday.
The Commission made this known on Monday in a statement duly signed by its management in Abuja.
According to the statement: “The Securities & Exchange Commission (‘the Commission’) hereby notifies the public that further 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 & ANOR V SECURITIES & EXCHANGE COMMISSION & ANOR, the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold at the Zinnia Hall, Eko Hotels and Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island, Lagos on Tuesday, June 11, 2019 at 10: 00am has been suspended till further notice.
“Accordingly, the Commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties to maintain status quo.
“The Commission will update relevant stakeholders and the public on the outcome of the ongoing litigation.”
The Commission added that it would update stakeholders and the public on the outcome of the ongoing litigation.
It would be recalled that the SEC ordered the Group Chief Executive Officer of Oando, Mr. Wale Tinubu, the Deputy Group Chief Executive Officer and other affected board members to resign. The Commission also barred them from being directors of public companies for a period of five years.
Subsequently, In June 2, the SEC constituted an Interim Management Team to oversee the affairs of Oando Plc, and conduct an Extra Ordinary General Meeting on or before July 1, 2019 to appoint new Directors to the Board of the Company, who would subsequently select a Management Team for Oando Plc.
Mr. Mutiu Olaniyi Adio Sunmonu, was appointed by the Commission to head the interim management team of Oando Plc.
In a rebuttal, the oil company said that the penalties meted out were unsubstantiated and ill calculated to prejudice the business of the company.
Two non-executive directors of the company have already resigned amidst the ongoing crisis.