Nigerian integrated oil and gas firm, Oando Plc, confirmed on Wednesday that it has now obtained approval from the Security and Exchange Commission (SEC) to proceed with its AGM, scheduled to hold on the 11th of September, 2017, Nigerian business news service Nairametrics has confirmed.
A letter dated August 31, 2017, which was sent to the company by SEC read; “Following the submission of an interim report by the Special Task Team the commission is of the opinion that it is unable to identify any material findings that would warrant the postponement of the Company’s 40th Annual General Meeting (AGM) scheduled to hold on September, 2017. Consequently Oando Plc can proceed with its 40th AGM as currently scheduled.”
News first broke last July that the Security and Exchange Commission had received a petition from some “shareholders of the company ” around a “petition/investigation of Oando transactions/trades.” Oando promptly debunked the reporting leading to the story being withdrawn by Channels TV, the media outlet that initially broke the story.
Oando later revealed on August 28, 2017 that two petitions were filed with the Securities and Exchange Commission (SEC) alleging gross abuse of corporate governance and financial mismanagement.
It also alleged that one of the petitioners, Ansbury Plc was not a shareholder in Oando but a shareholder in a company domiciled outside the country which in turn holds shares in a Nigerian investment company that has shares in Oando.