Shareholders Reaffirm Confidence In Oando Management, Applaud debt Reduction Strategy

Shareholders of energy group- Oando Plc, on Monday, unanimously passed a confidence vote on the company’s management led by Adewale Tinubu, the Group Chief Executive and the board.
Rising from the 40th annual general meeting in Uyo, Akwa Ibom State, the shareholders however requested a quick resolution to the issues raised by some aggrieved shareholders who petitioned the Securities & Exchange Commission (SEC). This, they explained would enable Oando’s management focus on building the brand.
They further commended the management for delivering on its promise to return the company to profitability by the end of 2016 and continuing with this positive trend in 2017 saying: “We request that you protect our interests, we believe in your leadership and ability as we await good returns on our investment.”
Adeleke Oladimeji, a shareholder, expressed concern over media reports that have gradually eroded shareholders’ investment in the company, lamenting that the media reports were unconsciously doing more harm than good to the investment of many Nigerians through those reports without verification.
The media has been agog with the news of Oando PLC and two petitioners alleging gross abuse of corporate governance and financial mismanagement.
The petitioners, Alhaji Dahiru Managal and Ansbury Inc, further requested a postponement of the company’s 40th Annual General pending the close of the SEC investigation.
The commission had however in its initial finding saw no material evidence that would warrant a postponement of the AGM, further reiterating the company’s position that the petitions lacked merit.
Speaking at the meeting, Mrs. Bisi Bakare, another shareholder advised that petitioners to resolve their disputes with the company privately to avoid unnecessary sensationalism which would in turn result in loss of money for the company and shareholders.
Commenting on the petitions, Tinubu said: “As a reputable company, our approach is not to respond to every allegation in the media, allegations need to be delivered to the company in a particular format before we can respond. The petitioners requested a postponement of our AGM, but we provided the SEC with all the information required and we were cleared to hold the AGM.’’
On the issuance of dividend, the CEO said: “We reacted to the 2014 fall in oil price by providing a detailed restructuring plan which saw us reduce our overall debt by over 40%. Following the completion of our strategic deleveraging initiatives, we have evolved into a leaner but more focused organization with two core dollar earning entities,” as he assured the shareholders of returns in the near future.
There was a protest outside the venue carried out by non-shareholders as all shareholders were allowed access to the venue to raise their legitimate concerns to management and the board. The protest lost steam after 15 minutes when the protestors quietly dispersed without causing any disruption to the AGM. However before dispersing key representatives of the shareholder associations addressed the protestors asking that they raise their concerns the legitimate way either via writing to the Company or by attending the AGM.
The GCE thanked the shareholders for their continued support of the Company in the challenging times and assured them that the management team will focus on sustaining the company’s profitability and ensuring returns to shareholders.
“As your management team we assure you that our main focus will continue to be geared towards sustaining your Company’s profitability and ensuring adequate return for you our esteemed shareholders. Our story has always been one of resilience, innovation and growth, and I assure you that we are fully committed towards positioning your Company towards sustained growth moving forward,” Tinubu said.