Business

Oando Plc: Petitioners’ allegations unsubstantiated for SEC investigation

SEC-2

By Ebenezer Adaramodu

Owing to growing reports of the Securities and Exchange Com-mission (SEC) investigation on petitions levelled against Oando Plc by two petitioners, Oando has claimed that the allegations are not supported by enough evidence.

In an enquiry made by the Nigerian NewsDirect correspondent, one of the officials of Oando Plc, who pleaded anonymity, said the allegations by the petitors were not factual and as a result they lack the credence to bring about any penalty or sanctions which could disrupt proceedings or engagements of the company.

“Our Annual General Meeting is going to hold as scheduled, that is where we are and there is no more. Those allegations are unsubstantiated, they lack numbers,” he said.

The two petitors, Ansbury Inc and Alhaji Dahiru Mangal, filled the petition with the SEC over gross abuse of corporate governance and financial mismanagement.

Oando has since released a statement on the allegations, “The company’s position remains that these petitions have no merit as the issues raised have received board, shareholder and where required SEC approval. Other matters highlighted by the petitioners could have been directed to the Company and would have received the necessary clarification.

“Furthermore the petitions have been filed by:

Ansbury Inc (“Ansbury”): This petitioner is not a shareholder of the Company, but a shareholder in a company domiciled in a jurisdiction outside Nigeria which in turn holds shares in a Nigerian investment company that is a shareholder in Oando; and

Alhaji Dahiru Mangal (“Alhaji Mangal”): Alhaji Mangal is an individual who requested clarification from the SEC on issues which he could easily have obtained from the Company and indicated in his petition to the SEC that he holds a 17.9% interest in Oando. However, based on the Company’s register of members maintained by, First Registrars & Investor Services Limited , he owns approximately 4% of Oando PLC’s shares in his personal capacity. He is yet to disclose beneficial ownership of 13.9% in accordance with Section 95 of the Companies and Allied Matters Act, Cap. C20 LFN 2004 (‘CAMA’); failure to do so is a violation of CAMA and this has been flagged by the Company in writing to Alhaji Mangal and the SEC since Wednesday, 24th May, 2017.”

Just as the company prepares for it 40th Annual General Meeting, a notice has been given that the meeting will be held in Akwa Ibom, with the purpose of receiving the audited financial statements of the company and Group for the year ended December 31, 2016.

Several appointments of auditors and directors are also expected to be done at the AGM.

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