12 September 2017, Sweetcrude, Port Harcourt – The Security and Financial Commission, SEC, has acquitted Oando Plc over allegations of financial mismanagement filed against it by two of its shareholders, Alhaji Dahiru Mangal and Ansbury Inc, saying the allegation lacked merit.
The company revealed this in a statement to the Nigerian Stock Exchange obtained by SweetcrudeReports.
According to the letter signed by the company’s Chief Compliance Officer & Company Secretary, Ayotola Jagun, SEC dropped investigation against it after constituting a special task team to review the petitions.
“SEC’s response is in line with the Company’s initial position that the request from SEC that Oando postpone its AGM, which was premised upon the allegations and claims raised by the petitioners lacked merit”.
Providing further explanation on why SEC eventually discredited the allegation, Oando said the issues raised by the petitioners were “fully and properly” disclosed by the company in its audited financial statements and have received board, shareholder and where required SEC approval.
It added that the company “fully co-operated with the SEC”, availed it with all documents requested, and provided clarification and appropriate denials to the issues raised.
“Other matters highlighted by the petitioners could have been directed to the Company and would have received the necessary clarification. The Company remains committed to act in the best interests of all its shareholders and will continue to fully co-operate with the SEC in the discharge of its duties as the Capital Markets regulator”.
The company then revealed that it had received a letter from SEC on Wednesday, 23rd August, asking it to put on hold its Annual General Meeting, AGM holding today, September 11 however, SEC again gave the AGM a nod after it (Oando) had given reasons it could not put it on hold, likewise providing necessary evidences to aid the investigation.
“The Securities & Exchange Commission (SEC) constituted a Special Task Team to review the petitions by Alhaji Dahiru Mangal and Ansbury Inc. To date the Company has fully co-operated with the SEC, availed them of all documents requested, and provided clarification and appropriate rebuttals to the issues raised”
“The Company received a letter from the SEC on Wednesday, 23rd August, 2017, requesting that Oando postpone its 40th AGM so that the Commission could look into the shareholding positions contained in the Company’s 2016 Audited Financial Statements as it was at variance with those alleged by the petitioners”.
“Oando responded officially on Wednesday, 23rd August, 2017 addressing all the issues raised by the SEC and concluded that it would not be in the best interests of the Company or our shareholders to postpone the AGM”.
“In a letter dated Thursday, 31st August, 2017, the SEC wrote to the Company and categorically stated: ‘Following the submission of an Interim report by the Special Task Team, the Commission is of the opinion that it is unable to identify any material findings that would warrant the postponement of the Company’s 40 th Annual General Meeting (AGM) scheduled to hold on September 11, 2017”.
“Consequently, Oando PLC can proceed with its 40th AGM as currently scheduled.”