Shareholders’ reconciliation tops agenda of Oando Plc’s 42nd Annual General Meeting

Making peace with its shareholders has been listed as one of special issues which embattled oil producing and marketing company, Oando Plc, will deal with at its 42nd Annual General Meeting (AGM) scheduled for Tuesday, 31st August, 2021. The AGM is for the 2018 financial year.

The AGM date, among other issues, were contained in a notification to the Nigerian Exchange Limited signed by Ayotola Jagun, Chief Compliance Officer and Company Secretary, coming two weeks after the settlement with  the Securities and Exchange Commission (SEC), which placed an indefinite suspension on the company’s annual meetings over some infractions.

SEC had in 2019 imposed a wide range of penalties against Oando and some of its directors following the conclusion of a two-year investigation over alleged infractions. Among others, the regulator directed some Board members of Oando Plc, including the Group Chief Executive Officer, Wale Tinubu, and his deputy, Omamofe Boyo, to resign from the company.  In addition, Tinubu and Boyo, were barred from being directors of public companies for a period of five years.

The sanctions subsequently triggered an array of cases in various courts until the recent settlement with the capital market regulator.

At the August 31 meeting, which holds by proxy, the shareholders will be required to consider and if thought fit, pass with or without modifications, the following resolution as an ordinary resolution of the Company: “That the Board of Directors of the Company be and are hereby authorized to negotiate, take all such actions and enter into all such transactions, agreements and appropriate settlements with the Securities and Exchange Commission (SEC) in relation to the investigations, findings and ongoing dispute arising from and relating to petitions brought by Ansbury Inc. (an investor in Ocean and Oil Development Partners Limited (“OODP”) and Alhaji Dahiru Mangal (together the “Petitioners”), against the Company and certain of its directors, and to likewise do all things necessary to settle all disputes between the Company, the said directors and the Petitioners and to ratify and confirm all actions hitherto taken by the management of the Company towards resolving the said disputes.”

Among other issues listed for deliberations and approval at the meeting holding at The Wings Office Complex, 17a Ozumba Mbadiwe Avenue, Victoria Island, Lagos, Nigeria, by proxies, include:

• To receive the audited financial statements of the Company and the Group for the year ended December 31, 2018 and the Reports of the Directors, Auditors and Audit Committee thereon
• To re-appoint Ernst & Young as Auditors and to authorise the Directors of the Company to fix their remuneration
• To elect Dr. Ainojie Irune to the Board of Directors of the Company with effect from August 7, 2019 as a Director whose term expires in accordance with Article 88 of the Articles of Association of the Company but being eligible if he offers himself for appointment
• To re-elect the following Directors who in accordance with Articles 91 and 93 of the Company’s Articles of Association, retire by rotation, but are eligible and offer themselves for re-election;HRM M.A. Gbadebo, CFR as a Director, Olufemi Adeyemo as a Director and Mr. Tanimu Yakubu as a Director and
• To elect members of the Audit Committee.