10 Days After Barring Wale Tinubu, SEC Suspends Oando AGM

The Securities and Exchange Commission (SEC) on Monday, suspended Oando Plc from holding its 2019 Annual General Meeting slated for Tuesday till further notice.

A statement on its website read “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 suspension of the AGM according to the capital market regulator is to allow the parties maintain status quo.

The latest development is coming ten days after the commission barred the chief executive officer of Oando Plc, Wale Tinubu, alongside the Deputy Group Chief Executive Officer of the company, Mr. Omamofe Boyo, from being directors of any public company for a period of five (5) years.

Following the several crises surrounding the oil and gas firm, two of its non-executive directors resigned last week.

The Commission, however, promised to keep the public updated on the outcome of the ongoing proceedings.