SEC Suspends Oando AGM 24 Hours Ahead Of Time

The Securities & Exchange Commission has suspended the scheduled Annual General Meeting, AGM of Oando plc 24 hours before it was to commence.

The AGM was scheduled to hold at Eko Hotels and Suites to review the activities of the company in the past year and appoint directors. However, SEC, the apex regulator of the capital market on Monday morning decided to suspend the meeting upon the recent crisis that has engulfed the company.

The managing director of the company, Wale Tinubu who was removed from his position by SEC upon its investigations into the affairs of the company had taken the SEC to court in suit NO: FHC/L/CS/910/19 and secured an exparte order seeking the sustenance of the status quo.

Upon that order, SEC decided to suspend the AGM pending the resolution of the issue.

SEC had last Friday defended its decisions on the issue and said that it acted in the public interest and in accordance with the Investment and Securities Act, ISA and that the management of Oando was given enough opportunity to defend itself.

“The Commission confirms that Oando Plc was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation. The responses given by Oando Plc, were however considered unsatisfactory; prompting, the decision by the Commission to penalize the company and some of the individuals related to it for violations of securities laws,” SEC said in  the statement last Friday.

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