Lagos — The Security & Exchange Commission, SEC, has suspended embattled Oando’s Annual General Meeting, AGM scheduled to hold on Tuesday, June 11.
In a statement published on Monday, the Commission said the meeting has been suspended “till further notice”.
According to the notice, SEC said it had notified the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/Cs/910/19.
“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: 00 am has been suspended till further notice”.
Accordingly, the Commission explained that the AGM suspension directive will allow the parties to maintain the status quo.
The SEC had on Sunday, defended allegation by Oando, that it was not allowed a fair hearing before the determination of the investigation.
According to the Commission, in the course of the investigations, communications such as letters and phone calls were exchanged and meetings held with Oando Plc, requesting for its comments and explanations on issues relating to the investigations.