The Securities and Exchange Commission (SEC) has announced the suspension of Oando PLC’s Annual General Meeting (AGM) slated for Tuesday 11th June 2019.
According to a statement from the commission’s management, the suspension is in accordance with an order from the Federal High Court.
“The Securities & Exchange Commission (‘the Commission’) hereby notifies the public that further to the 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, the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold on Tuesday, June 11, 2019 at 10: 00am has been suspended till further notice,” the statement reads in part.
The SEC noted that it will update the public on the outcome of the ongoing litigation and urged all parties involved to maintain status quo.
Roughly one year ago, a crisis largely preceded by shoddy corporate governance practices at Oando Plc crescended. Some investors cried foul which led to the SEC conducting a series of investigations on the company.
Following findings of the SEC’s investigations, several penalties were meted out including banning the group chief executive and deputy chief executive of the company from holding managerial positions of any listed firm for the next five years.
It will be recalled that the company’s 40th AGM held in Uyo, Akwa Ibom State, was characterized by protest and violence as well as low representation, as reported by investors of the company who were locked out of the venue.