SEC suspends Oando’s annual shareholder meeting

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Oando CEO, Adewale Tinubu
Oando CEO, Adewale Tinubu
Oando CEO, Adewale Tinubu
Oando CEO, Adewale Tinubu

Nigeria’s securities regulator has ordered the suspension of Oando’s annual shareholder meeting due to be held on June 11, the Securities and Exchange Commission (SEC) said on Monday.

The regulator said the suspension was due to ongoing litigation after it set up an interim management team and ordered Oando’s chief executive, Wale Tinubu and others to resign following an investigation over financial infractions.

A federal court in Lagos last week blocked the securities regulator from replacing Oando’s chief executive and taking other action against the oil company, pending further hearings on the case, a court document seen by Reuters showed.

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Tinubu has dismissed the SEC charges as unsubstantiated.

Last month, the SEC ordered Lagos-listed Oando, which also has a dual listing in Johannesburg, to hold an extra-ordinary meeting before July 1, to appoint new directors after its regulatory action against certain members of the board including Oando’s chief executive.

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