Tuesday, 12 September 2017

Oando holds 40th AGM amidst protest by shareholders

Oando Plc on Monday, 11 September, 2017 held its 40th annual general meeting (AGM) at Uyo, Akwa Ibom State amidst protest by some shareholders which disrupted proceedings at the event for some minutes.

According to reports from the official twitter account of Oando (@Oando_PLC), there was a short protest around the venue for about 10 minutes during the AGM attempting to stop the oil firm from holding the meeting following petitions filed to the Securities and Exchange Commission (SEC), alleging gross misconduct.



The company refuted that "they (protesters) were not shareholders. If they were, they would have been in the venue. There was no protest in the venue."

In a short video on the social network platform, the Group Chief Executive of Oando, Wale Tinubu was shown addressing shareholder concerns surrounding the petition filed with the Securities and Exchange Commission and improving returns for shareholders.

Tinubu said “We did provide disclosures when we received the SEC petitions. Regulators write to us every single day, asking for information, and we were prompt to provide disclosures. These matters were subsequently dealt with and as expected we were allowed to hold our AGM.”

In his closing remarks, Wale Tinubu assured the shareholders of the managements commitment to protect the interest of all Oando shareholders and continue with it’s aggressive debt reduction
programme. “As your management team we assure you that our main focus will continue to be geared towards sustaining your Company’s profitability and ensuring adequate return for you our esteemed shareholders. Our story has always been one of resilience, innovation and growth. I assure you that we are fully committed to positioning your Company to achieving sustained growth moving forward.”

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