Following the review of petitions filed by Alhaji Dahiru Bara’u Mangal and Ansbury Inc against Oando by the Special Task Team, the Securities and Exchange Commission (SEC) has cleared the company of the allegations.
This lead to the express approval to Oando Plc to conduct its Annual General Meeting hitherto slated for September 11, 2017.
In a letter to the Group Chief Executive of Oando, Mr. Wale Tinubu dated August 31, 2017, SEC averred that it was unable to identify any material findings that would warrant the postponement of the company’s 40th AGM.
It would be recalled that on July 10, there were reports that Oando was being investigated by SEC over observed malpractices in the company’s financials.
There were indications that entire disruption stemmed from petitions 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.
