SEC clears Oando for AGM

Nigeria’s Securities & Exchange Commission (SEC) refused a request to postpone Oando’s AGM over an ongoing investigation into corporate governance following accusations of mismanagement.

The SEC said, “Following the submission of an interim report by the special task team, the commission is of the opinion that it is unable to identify any material findings that would warrant the postponement of the company’s 40^th annual general meeting (AGM).” The AGM will be held on the 11 September, 2017.

The investigation concerns petitions by Alhaji Dahiru Mangal and Ansbury Inc. – both shareholders of Oando – who were reported to be involved in financing the 2014 purchase of ConocoPhillips’ producing assets in Nigeria. Reports in local media said that Ansbury is owned by Italian-Nigerian businessman Gabriel Volpi.

Oando welcomed the SEC statement on the AGM. It said “The SEC’s response is in line with the company’s initial position that the request from SEC that Oando postpone its AGM, which was premised upon the allegations and claims raised by the petitioners lacked merit.  The reason being that the issues raised by the petitioners were fully and properly disclosed by the company in its audited financial statements and 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.”