SEC Suspends Oando AGM Holding Tuesday

By Tony Obiechina, Abuja

The Securities & Exchange Commission (SEC), has suspended indefinitely, the Annual General Meeting (AGM) of Oando PLC scheduled to hold in Lagos on Tuesday June 11, 2019.
This followed a Lagos Federal High Court Exparte Order on the suit filed by the Group Chief Executive Officer of Oando, Wale Tinubu and other directors of the company challenging their suspension by SEC.
The commission had also barred Tinubu and his deputy from being directors of public companies for a period of five (5) years and directed the convening of an Extra-AGM of Oando on or before July 1, 2019, to appoint new directors. 
But in a statement by SEC Head of Public Communication, Mrs Efe Ebelo in Abuja on Monday, the commission announced the suspension of the AGM until further notice.
According to the statement, the Commission ordered the suspension of the company’s AGM “to allow the parties maintain status quo”.
“The Commission will update relevant stakeholders and the public on the outcome of the ongoing litigation”, the statement added.

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