{"id":47010,"date":"2021-02-24T16:09:59","date_gmt":"2021-02-24T15:09:59","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=47010"},"modified":"2021-02-24T16:09:59","modified_gmt":"2021-02-24T15:09:59","slug":"agm-suspension-oando-share-price-up-by-10-off-the-back-of-court-ruling","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/agm-suspension-oando-share-price-up-by-10-off-the-back-of-court-ruling\/","title":{"rendered":"AGM Suspension: Oando Share Price Up By 10% Off The Back Of Court Ruling"},"content":{"rendered":"

…As SEC Kicks<\/p>\n

Oando PLC joined the Nigerian Stock Exchange (NSE) top gainers with a 10% increase in share price from N3.18 on Tuesday, February 23, 2021 to N3.41 on Wednesday, February 24, 2021.<\/p>\n

The share price appreciation can be attributed to the recent announcement of the nullification of the Securities and Exchange Commission\u2019s (SEC) suspension of Oando\u2019s Annual General Meeting (AGM), in a ruling presided over by Justice O A Musa, at the High Court of the FCT.<\/p>\n

The court ruling, deemed a big win for Oando shareholders, was filed by Engr. Patrick Ajudua an Oando shareholder. According to, Engr. Olowola Kehinde, an Oando shareholder and Coordinator, Sage Shareholders and Inc, \u201cThis news is evidence that if given the opportunity, our shares could be doing considerably better on the capital market. Overnight, this positive ruling by the court has seen our share price go up by 10%, imagine how much more it could have appreciated by if given a favourable operating environment since 2017. The SEC issue has evidently, harmed our share price and we hope the regulator can see this and will look for a resolution that benefits shareholders\u201d.<\/p>\n

Following the news, investors poured into the stock helping it top the gainer\u2019s chart. Recall that in 2019, after the Securities and Exchange Commission (SEC) dismissed Oando\u2019s board over allegations of poor corporate governance and management infractions, the company\u2019s share price dropped by 20% from N4.65 per share on Friday 31 May 2019, the day of the announcement to N3.80 per share on Monday 3 June 2019.\u00a0 Nearly 2 years on and as a result of the suspension of the company\u2019s AGM there has been no insight into the company\u2019s corporate initiatives and financials leaving little room for growth in share price.<\/p>\n

Speaking on the jump in share price,\u00a0an Oando shareholder in Lagos said, \u201cFor four years, Oando and SEC have been in a tussle and we the shareholders have been the ones on the receiving end. We bought these shares as investments and it’s painful not being able to reap any benefits from this investment especially for an issue that can be resolved in a boardroom. We\u2019ve pleaded with SEC to allow the management team to focus on running the business rather than fighting in court but there has been no movement until the court ruling yesterday. For two years we have had no oversight of our investment or what the company is doing, we value the role of the regulator and want them to do their jobs properly but at the same time we are hopeful that SEC will see this as an opening for a resolution that will benefit all starting with us shareholders whose interests they are to protect.\u201d<\/p>\n

Nigeria is in a recession for the second time in four years, brought on by an unexpected and still ongoing pandemic. It saw the Nigerian Government in 2020 looking for ingenious ways to support individuals and businesses to ensure their survival; globally it has seen the collapse of well-known brands and substantial losses by leading companies.\u00a0 It is against this backdrop that Oando shareholders are clamouring for a resolution so the company\u2019s management team can focus on ensuring the future of the business and their investments.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Market players will be watching the impact of the signalling effect of the court\u2019s ruling and SEC action on Oando\u2019s share price in subsequent days as well as the implications of finally being allowed to hold an AGM<\/p>\n

Meanwhile, the Securities and Exchange Commission (SEC) has distance itself from the court ruling saying that \u201cattention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the social media, where it is reported that a shareholder of\u00a0Oando Plc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.<\/p>\n

\u201cThe Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter\u00a0at the FCT High court.\u00a0The Commission will consequently\u00a0take all necessary steps to\u00a0verify and\u00a0set aside the\u00a0purported\u00a0decision of the\u00a0said\u00a0Court\u201d, it added.<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Oando PLC joined the Nigerian Stock Exchange (NSE) top gainers with a 10% increase in share price from N3.18 on Tuesday, February 23, 2021 to N3.41 on Wednesday, February 24, 2021.<\/p>\n","protected":false},"author":6,"featured_media":18297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[8249],"coauthors":[2391],"class_list":["post-47010","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-oando-agm-suspension-lifted"],"yoast_head":"\nAGM Suspension: Oando Share Price Up By 10% Off The Back Of Court Ruling - National Wire<\/title>\n<meta name=\"description\" content=\"Oando PLC joined the Nigerian Stock Exchange (NSE) top gainers with a 10% increase in share price from N3.18 on Tuesday,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/agm-suspension-oando-share-price-up-by-10-off-the-back-of-court-ruling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AGM Suspension: Oando Share Price Up By 10% Off The Back Of Court Ruling - 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