…..Board got approval to settle disputes with SEC
Oando PLC, Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange on Tuesday held its 42nd Annual General Meeting (AGM), the first since July 27, 2018 after when it had a running battle with the Securities and Exchange Commission (SEC).
OANDO
The issues with the SEC got a special attention at the 42nd AGM with the passage of a mandate (Resolutions 8) authorizing the board to negotiate, take all such actions and enter into all such transactions, agreements and appropriate settlements with the Securities and Exchange Commission in relation to the investigations, findings, dispute and settlement arising from and relating to petitions brought by Ansbury Inc. (an investor in Ocean and Oil Development Partners Limited and Alhaji Dahiru Mangal, against the Company and certain of its directors, and to likewise do all things necessary to settle all disputes between the Company, the said directors and the Petitioners and to ratify and confirm all actions hitherto taken by the management of the Company towards resolving the said disputes.
A statement on the AGM signed by Ayotola Jagun, Company Secretary said Ocean and Oil Development Partners Limited, Alhaji Mangal and their affiliates did not exercise their right to vote on Resolutions 7 and 8.
Other resolutions unanimously passed at the AGM include the re-appointment of Ernst and Young as Auditors; Dr. Ainojie Irune was elected to the Board of Directors of the Company with effect from August 7, 2019.
The directors who retired by rotation, and re-elected as Directors of the Company include HRM M.A. Gbadebo, (CFR); Mr. Olufemi Adeyemo as a Director, Mr. Tanimu Yakubu as a Director.
