SEC suspends Oando’s AGM

Oando

The Nigerian Securities and Exchange Commission has just announced the suspension of the planned annual general meeting of Oando Plc.

This is a follow-up development to the row and or stand-off between Oando and the SEC after the securities regulator ordered the replacement of Oando board of directors.

The SEC said in the statement that:

“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: 00am has been suspended till further notice.”

“Accordingly, the Commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo. The Commission will update the public on the outcome of the ongoing litigation.”

It could be recalled that Oando Plc filed a lawsuit to secure an exparte motion against the SEC’s order to replace its board and management.

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