SEC orders Oando to suspend AGM

SEC orders Oando to suspend AGM

Ebun Francis|

The Securities and Exchange Commission (SEC) has directed Oando Plc to suspend its scheduled Annual General Meeting.

The directive was contained in statement made availabe to newsmen on Monday by SEC.

The statement read, “The Securities and Exchange 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 Commision & 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 10:00 a.m. has been suspended till further notice.”

“Accordingly, the commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties to maintain status quo.”

The commission further said it would update stakeholders and the public on the outcome of the ongoing litigation.

It will be recalled that the capital marker regulator last month ordered Oando’s Group Chief Executive Officer, Wale Tinubu, and other affected board members to resign.

Tinubu and his deputy were equally barred by the commission from holding any office in public quoted companies for the next five years.