By Audrey Lotechukwu
MON 19 JULY, 2021-theGBJournal- Oando PLC Monday announced that it has entered into a settlement with the Securities and Exchange Commission (SEC), ‘’of all matters subject of litigation and other issues flowing therefrom,’’ effectively ending the long-standing rift that snowballed after the Commission placed Oando on suspension for alleged rules infractions.
Oando is a statement to the Nigerian Exchange Group said the agreement was reached last Thursday July 15, 2021.
According to Oando, both parties believe that a settlement is the most appropriate course of action and one that is in the best interest of the Company, its employees, shareholders as well as the capital market.
Specifically, the settlement reached by the parties seeks to prevent further market disruption and harm to Oando PLC’s shareholders.
‘’As a result, Oando’s directors and management team can now fully focus on business operations whilst continuing to ensure that it is in compliance with all governing statutes,’’ Oando said.
The Commission had in the course of the dispute (June 2019) directed Oando Plc to suspend its Annual General Meeting (AGM) and prior to the directive, it also ordered Oando’s Group Chief Executive Officer, Mr Wale Tinubu and other affected board members to resign.
The stakeholders’ of Oando Plc kicked against the directive and demanded for the content of an investigation report on the infractions which took two years to compile to be made public, but the Commission refused to oblige the stakeholders access to the investigation report.
The Company will now be convening its 42nd Annual General Meeting (AGM) to give its shareholders the opportunity to exercise their rights to receive information as well as vote on company affairs.
‘’This has been an extraordinary time in the life of the Company and a defining moment in its relationship with the regulator. The Company recognizes and respects the authority of the Commission and will continue to comply with the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, while always acting in the best interest of all its stakeholders,’’ Oando management said.
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