Shareholders of Oando, at the company’s 40th Annual General Meeting (AGM) held yesterday, passed a vote of confidence in the current management team, ensuring that Wale Tinubu retains his role as CEO of the company. The shareholders also retained the current set of Directors.
Rumours of an internal squabble amongst the company’s major shareholders have swelled in recent weeks, gaining more media coverage when the Securities Exchange Commission (SEC) postponed its just concluded AGM.
In an exclusive on Nairametrics, Alhaji Dahiru Mangal and Ansbury lnc alleged that the Wale Tinubu-led management was perpetuating acts of poor corporate governance, abuse of office and gross mismanagement of the firm. The petitioners wanted the Securities Exchange Commission (SEC) to force a reconstitution of the management board, bringing the current management team to book for their alleged financial recklessness.
The petitioners further requested that Oando’s 40thAnnual General Meeting be postponed until the Securities Exchange Commission (SEC) concluded their investigation. The conclusion of the investigation however, last week, yielded no material evidence that could trigger the postponement of the 40th AGM and Oando was given the go-ahead to hold its AGM, Nairametrics reported.
During the AGM, the shareholders present commended Tinubu and the management for keeping their promise to return the company to profitability by the end of 2016 and for staying on track in 2017. They urged that Tinubu continued in the light of the company’s recent success and assured him of their trust in his leadership and ability.
The CEO, Wale Tinubu, received the announcement with gratitude, assuring the shareholders that the “trust placed on him was not misplaced.” He assured the shareholders that he along with members of the management board will be focused on getting returns and profit for the shareholders.