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Oando Shareholders Disagree With SEC Over Suspended AGM

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By OLUSHOLA BELLO, Lagos

Some shareholders of Oando Plc yesterday showed their disagreement with the Securities and Exchange Commission (SEC) over the suspension of the company’s annual general meeting (AGM).

The company’s AGM, which was supposed to hold yesterday, June 11, 2019, was suspended by SEC in furtherance of an 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.

SEC stated that the suspension was based on the Ex-parte order of the Federal High Court, Ikoyi, Lagos, which ordered status quo to remain. But shareholders said the AGM was part of status quo since notice for the meeting had been served many weeks ago.

Shareholders under the Pragmatic Shareholdes Association of Nigeria expressed displeasure and disappointment at SEC’s suspension of the 42nd annual general meeting of the company.

According to them, we think it is unacceptable that SEC had it as at last week not to suspend the AGM but instead they choose to make their announcement on the eve of the event, of which the AGM has duly informed SEC and published in the national newspaper more than twenty one days before now.

“We have members that had come in from all over the country and it is disheartening to think that the SEC did not consider we minority shareholders when determining to notify the general public on the suspension of the scheduled AGM.”

They also stated that Oando had planned and paid for the AGM event venue as far back as the month of May as this is going to be a loss to the company, saying this is shareholders money that have not been used judiciously as a result of SEC intervention.

Also, the national chairman, New Dimension Shareholders Association, Patrick Ajidua said that “I strongly believe that SEC action on Oando leave much to be desired. As a regulator, they must be seen to operate within the rule of law, uphold transparency, due process and principle of fair hearing.

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