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Court order forces SEC to suspend Oando AGM till further notice

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$680M DEBT: Tinubu on his own --Oando

The Securities and Exchange Commission (SEC) on Monday announced the suspension of the Tuesday Annual General Meeting (AGM) of Oando Plc.

Following the suspension of top officials of the company by the regulatory agency, Oando Plc had secured a court injunction restraining SEC from executing sanctions against the company.

The notice of the suspended AGM was contained in a statement signed by the management of SEC in Abuja.

In suspending the meeting, the statement referred to a court order.

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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 maintain status quo.

“The Commission will update relevant stakeholders and the public on the outcome of the ongoing litigation.”

By Babatunde Alao…

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