The share price of Oando Plc declined at the close of trading on the Nigerian Stock Exchange on Monday after the Securities and Exchange Commission suspended the firm’s annual shareholder meeting.
The oil firm’s share price, which rose by 5.26 per cent to N4.00 on Thursday after falling by 9.52 per cent to N3.80 on June 3, was unchanged at N4.00 on Friday.
But the share price dipped by 3.75 per cent to close at N3.85 on Monday.
The apex capital market regulator announced on Monday morning in a statement that it had directed Oando to suspend its Annual General Meeting slated for Tuesday (today).
The statement read, “The Securities and Exchange Commission hereby notifies the public that further to the ex-parte order of the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/CS/910/19 IN Mr Jubril Adewale Tinubu & Anor V Securities and Exchange Commision & Anor, the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold on Tuesday, June 11, 2019 at 10:00am has been suspended till further notice.
“Accordingly, the commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo.”
The commission said it would update relevant stakeholders and the public on the outcome of the ongoing litigation.
On May 31, SEC ordered Oando’s Group Chief Executive Officer, Mr Wale Tinubu, and other affected board members to resign. But the company immediately replied, saying the alleged infractions and penalties were unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.
The oil firm said it had not been given the opportunity to see, review and respond to the forensic audit report and so was unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before SEC.
Teleology Holdings gets deadline to pay $450m to takeover Nigeria's 9mobile
Banking stocks buoy Nigeria equities index as market traded positive in second consecutive session
Oil revenue records another monthly decline of N62bn
Ahead 2019: Analysts see huge gaps in APC, PDP campaign documents
Late rally sees Dangote Cement, GTB drive Nigeria's major stock index up 0.88%
Shell, Imo inaugurate cluster boards for multi-billion-dollar Assa North Gas project with N1bn commi...
SHFE base metals prices edge higher across board
African corporate heavyweights working to increase economic integration, says BCG
Nigeria's Dangote withdraws bid for South Africa’s cement maker, PPC
Osinbajo charges African leaders, business giants on youth empowerment at TEF entrepreneurship forum
Frontpage September 16, 2019