SEC clears Oando for AGM

SEC bans another operator Okafor from capital market

Securities and Exchange Commission (SEC), Nigeria’s apex capital market regulator, has given Oando the nod to go ahead with its annual general meeting as scheduled for next Monday in Uyo, Akwa Ibom State.

In a regulatory filing at the Nigerian Stock Exchange (NSE) on Thursday, Oando stated that the special task team set up by SEC to investigate petitions brought by two stakeholders found nothing incriminating against the company.

SEC constituted a special task team to review the petitions by Alhaji Dahiru Mangal and Ansbury Inc against the management of Oando.

But in a letter dated Thursday, August 31, 2017, the SEC wrote to the company and categorically stated that: “Following the submission of an Interim report by the Special Task Team, the Commission is of the opinion that it is unable to identify any material findings that would warrant the postponement of the Company’s 40th Annual General Meeting (AGM) scheduled to hold on September 11, 2017. Consequently, Oando PLC can proceed with its 40th AGM as currently scheduled”.

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Oando noted that it has all the way fully co-operated with the SEC, availed them of all documents requested, and provided clarification and appropriate rebuttals to the issues raised.

Oando had received a letter from the SEC on Wednesday, August 23, 2017, requesting that Oando postpone its 40th AGM so that the Commission could look into the shareholding positions contained in the Company’s 2016 Audited Financial Statements as it was at variance with those alleged by the petitioners.

Oando responded officially on Wednesday, August 23, 2017 addressing all the issues raised by the SEC and concluded that it would not be in the best interests of the company or our shareholders to postpone the AGM.

“The SEC’s response is in line with the Company’s initial position that the request from SEC that Oando postpone its AGM, which was premised upon the allegations and claims raised by the petitioners lacked merit. The reason being that the issues raised by the petitioners were fully and properly disclosed by the Company in its audited financial statements and have received Board, shareholder and where required SEC approval. Other matters highlighted by the petitioners could have been directed to the company and would have received the necessary clarification”, Oando stated.

In a statement signed by the Oando’s chief compliance officer and company secretary, Oando stated that it “remains committed to act in the best interests of all its shareholders and will continue to fully co-operate with the SEC in the discharge of its duties as the capital markets regulator”.


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Chidi Chinedu

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