25 October 2017, Sweetcrude, Lagos – Still suffering the suspension of trading of its shares at the Nigerian Stock Exchange, NSE, Oando Plc says it remains committed to act in the best interests of all its shareholders.
In a notice on its website, Securities and Exchange Commission, SEC, lat week directed the Nigerian Stock Exchange to stop the sale of Oando shares, which the NSE promptly complied with.
Chief Compliance Officer/Company Secretary of Oando, Ayotola Jagun, acknowledged the company receiving the “communication” from both the NSE and SEC, adding that it is “reviewing” the letter and will reply as soon as possible.
“The company remains committed to act in the best interests of all its shareholders,” Jagun said in a statement.
The action against Oando followed petitions against the company received by SEC from Alhaji Dahiru Barau Mangal and Ansbury Incorporated, which SEC investigated and found the oil company guilty.
Oando’s recent crisis had led to some shareholders disrupting its annual general meeting held in Uyo, Akwa Ibom State last month.
Although the meeting was reportedly disrupted by protesters for few minutes, the protesters reportedly chanted songs, asking for the resignation of the company’s Group Chief Executive Officer, Wale Tinubu.
Shareholders of the company had accused the present management of the company of mismanagement and abuse of corporate governance.