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Shareholders laud Oando for 2018 AGM, reinforce confidence in management

Shareholders of Oando Plc have lauded the board and management of the company for convening the 2018 Annual General General (AGM), the first in three years.

They gave the commendation at the company’s hybrid AGM on Tuesday in Lagos in the wake of an out-of-court settlement with SEC which had suspended the company’s AGM in 2019.

The company had not held any AGM for three years due to a lingering crisis between it and the Securities and Exchange Commission (SEC). The meeting was convened following the company’s settlement with SEC after years of legal tussle.

It will be recalled that Oando on July 10 entered into a settlement with SEC in the overriding interest of the shareholders of the company and the capital market.

Speaking at the meeting, Mr Boniface Okezie, National Co-ordinator, Progressive Sharesholders Association of Nigeria, commended the management team for resolving its dispute with the regulator.

Okezie said the AGM would enable the shareholders gain an insight into the company’s activities.

He urged the management to keep up the good work and focus on creating value for shareholders.

Also speaking, a shareholder, Mr Patrick Ajudua, commended the company for its resilence all through the crisis.

“I thank the management of Oando for remaining resilient during the trying period. They worked tirelessly to see us through these issues.

“It is in light of this that we, the shareholders, are delighted and supportive of the management,” Ajudua said.

Alhaji Kabiru Tambari, an Oando shareholder with the Sokoto Zone Shareholders Association, described the AGM as historic.

“Today is a historic day for us shareholders. I thank the management and board of the company and I congratulate my fellow shareholders for this achievement.

“This is the only way we can benefit from the company through capital appreciation because, without AGM, there will be no talk of dividends,” Tambari said.

Mr Sunny Nwosu, founder, Independent Shareholders Association, stressed the need for payment of dividends in the years ahead after years of the legal tussle.

“The best thing that would happen to us following the resolution of the SEC dispute is to declare a dividend for shareholders. It will be in the interest of shareholders if this is brought up at the next AGM,” Nwosu said.

Responding, the Group Chief Executive, Mr Adewale Tinubu, assured the shareholders of enhanced value in the years ahead.

Tinubu said the company would convene its outstanding AGMS namely, 2019, 2020 and 2021 as soon as possible.

“Teamwork, respect, integrity, passion and professionalism are things (core values) we take seriously. Our ethos as a corporation has been driven by these values, and the company has evolved and succeeded year after year.

“The ultimate test of our capacity to be sustainable is having challenges. We’re ready to face them and deal with them when they come; ready to ensure that we apply these same principles and maxims in dispute resolution.

“We appreciate everyone who played an active role in enabling us to reach a resolution with the SEC,” Tinubu said.

He assured the shareholders of management’s commitment toward creating value for and protecting the interest of all shareholders. All resolutions passed at the AGM were approved including the re-appointment of Ernst and Young as auditors.

The directors were authorised to fix the auditors remuneration, while and Dr Ainojie Irune was elected to the Board of Directors, among others.

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