Oando Shareholders Query SEC Over Suspension Of AGM

Minority Shareholders of Oando Plc on Wednesday decried the cancellation of the company’s 2018 Annual General Meeting by the Securities and Exchange Commission on the eve of the programme.

Mr Hamza Ridhwa, who is also the Secretary-General, Association for Investors Liberation, spoke on behalf of the shareholders at a news conference in Lagos.

The News Agency of Nigeria recalls that the commission had on June 10 suspended till further notice, Oando’s AGM scheduled to hold on June 11.

Minority Shareholders of Oando Plc on Wednesday decried the cancellation of the company’s 2018 Annual General Meeting by the Securities and Exchange Commission on the eve of the programme.

Mr Hamza Ridhwa, who is also the Secretary-General, Association for Investors Liberation, spoke on behalf of the shareholders at a news conference in Lagos.

The News Agency of Nigeria recalls that the commission had on June 10 suspended till further notice, Oando’s AGM scheduled to hold on June 11.

The suspension followed an order by a Federal High Court in Lagos due to an application made by the Group Chief Executive Officer of Oando Plc, Mr Adewale Tinubu and his deputy, who were suspended by SEC on May 31.

Ridhwa said that the way and manner the meeting was cancelled was disappointing and disheartening.

“We condemn in absolute terms the way and manner chosen by SEC in announcing the cancellation on the eve of the event, despite having ample time to do the same.

“We have shareholders who have come in from all over the country; it is disappointing and disheartening to think that SEC did not think it worthy to consider us,” he said.

Ridhwa said that SEC should explain to the shareholders, how the last minute suspension of the AGM was in their own interest.

“SEC is a regulator that is here to protect the market, and in particular, we the minority shareholders.

“They have a duty to care for us first. Their actions in the Oando case has neither protected us, nor shown a duty of care,” he said.

Ridhwa said that shareholders were disappointed at SEC current management of the investigation into Oando Plc.

“The actions, over the last two years and specifically the last 10 days, has shown that our voices as minority shareholders are not being listened to,” he said.

Post Author: Friday Ekeoba