The Securities and Exchange Commission (SEC) has suspended the Annual General Meeting (AGM) of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) earlier scheduled on Tuesday, June 11, 2019 at 10: 00am.
In a statement by SEC, the Commission directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo.
This is in adherence 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 & Exchange Commission & Anor.
The AGM would have held at the Zinnia Hall, Eko Hotels and Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island Lagos.
“The Commission will update relevant stakeholders and the public on the outcome of the ongoing litigation”, the statement reads.
Recall that the Federal High Court of Lagos had restrained the Securities and Exchange Commission from executing sanctions on Oando Plc’s Group Chief Executive, Adewale Tinubu, and Deputy Group Chief Executive, Omamofe Boyo. The court also directed all parties to maintain the status quo pending the determination of the motion on notice.
Iheanyi Nwachukwu
