SEC Clears Oando; Approves Planned AGM

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Oando
Oando

The Securities and Exchange Commission has given approval to Oando Plc to conduct its Annual General Meeting hitherto slated for September 11, 2017.

This came after the Special Task Team constituted by SEC to review petitions filed by Alhaji Dahiru Bara’u Mangal and Ansbury Inc against Oando, submitted an interim report, which cleared the oil major of the allegations.

This was contained in a letter to the Group Chief Executive of Oando, Mr. Wale  Tinubu dated August 31, 2017.

In its interim report, SEC confirmed that it was unable to identify any material findings that would warrant the postponement of the company’s 40th AGM.

On July 10, there were reports that Oando was being investigated by SEC over observed malpractices in the company’s financial statements.

The investigation was reported to have been triggered by the petition filed by some foreign investors over the shareholding structure following the $1.65bn paid by Oando for the acquisition of the oil production assets of ConocoPhilips in 2014.

Responding to the report then, analysts at Meristem Securities Limited said, “We expect this news to drag the share price performance of the ticker as investors flee for safety.”

In the past weeks, the company has been on the receiving end of media speculations. These were said to have happened as a result of alleged leaks by SEC on an ongoing investigation.

As a result of the leak, traders had estimated the loss in the market, over a period of six days, to N20bn.

Source: The Punch

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