Shareholders of Oando Plc have applauded the management team for resolving its dispute with the regulator, enabling them gain oversight into the company’s activities.
The shareholders made this commendation at the long-awaited 42nd Annual General Meeting (AGM) for the year ended December, 2018 held in Lagos in line with COVID-19 protocols.
The meeting was the company’s first-ever hybrid AGM in the wake of an out-of-court settlement with the Securities and Exchange Commission (SEC) who hitherto, suspended the company’s AGM in 2019.
The shareholders at the meeting further encouraged management to keep up the good work and focus on creating value for shareholders. Speaking, a shareholder, Patrick Ajudua said, “I thank the management of Oando for remaining resilient during the trying period. They worked tirelessly to see us through these issues. It is in light of this that we, the shareholders, are delighted and supportive of the management.”
Another shareholder, Alhaji Kabiru Tambari said, “Today is a historical day for us shareholders. I thank the management and board of the company and I congratulate my fellow shareholders for this achievement. This is the only way we can benefit from the company through capital appreciation because, without AGM, there will be no talks of dividends.”
The founder of Independent Shareholders Association of Nigeria (ISAN), Mr Sunny Nwosu said, “The best thing that would happen to us following the resolution of the SEC dispute is to declare a dividend for shareholders. It will be in the interest of shareholders if this is brought up at the next AGM.”
The Group CEO of Oando, Adewale Tinubu said, “Teamwork, Respect, Integrity, Passion and Professionalism are things we take seriously. Our ethos as a corporation has been driven by these values, and the company has evolved and succeeded year after year.
“The ultimate test of our capacity to be sustainable is having challenges. We are ready to face them and deal with them when they come; ready to ensure that we apply these same principles and maxims in dispute resolution.”
He said that “We appreciate everyone who played an active role in enabling us to reach a resolution with the SEC.” He assured the shareholders of management’s commitment towards creating value for and protecting the interest of all shareholders.
Meanwhile, all resolutions passed at the AGM were approved.