Oando Seeks Shareholders Nod To SettleAnsbury, MangalPetitions With SEC
The board of Oando Plc, at the weekend scheduled Tuesday, August 31, 2021, for its annual general meeting in Lagos, where it would, as part of the ordinary business, represent the audited financials for the year ended December 31, 2018, to shareholders.
Recall that the 2018 audited financials were to be presented at the AGM that was cancelled by the Securities and Exchange Commission (SEC) following the outcome of a forensic audit. This resulted to a plethora of court cases with judgments and counter-judgments cross the land, which necessitated the recent political solution that gave way for the coming annual meeting.
Oando is seeking shareholders resolve at the meeting to authorize the board to negotiate and enter into all such transactions, agreements and appropriate settlements with the SEC“in relation to the investigations, findings and ongoing dispute arising from and relating to petitions brought by Ansbury Inc. (an investor in Ocean and Oil Development Partners Limited) and AlhajiDahiruMangal (together the “Petitioners”), against the Company and certain of its directors.”
The directors, at the meeting, are also seeking approval to “do all things necessary to settle all disputes between the Company, the said directors and the Petitioners and to ratify and confirm all actions hitherto taken by the management of the Company towards resolving the said disputes.”
In January 2018, Oando Plc informed the capital market community through the Nigerian Exchange (NGX) of a peace accord with Alhaji Dahiru Mangal, of a peace deal leading to a withdrawal of his petition.
As part of the deal, Oandoacknowledged Mangal as a substantial shareholder, with over 10% stake, which entitled him to representation on the board, in the form of directorship.
On the strength of that agreement, the board of Oando Plc, appointed Alhaji Bukar Goni Aji, former Head of Civil Service of the Federation (HoSF), as a Non-Executive Director.
At the meeting of August 31, 2021, shareholders will also elect Dr. AinojieIrune to the board with effect from August 7, 2019, and to re-appoint Ernst & Young as Auditors and to authorise the Directors to fix their remuneration.