By Destiny Day
The Annual General Meeting (AGM) of the Oando Plc scheduled for Tuesday, June 11, 2019 has been suspended.
The meeting was suspended by the market regulator, the Securities and Exchange Commission in a statement from the management on Monday.
It was in response to a court order procured by the estranged chief executives of Oando who ran to court to stop the AGM.
“The Securities & Exchange Commission (‘the Commission’) hereby notifies the public that further 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 Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold on Tuesday, June 11, 2019 at 10: 00am has been suspended till further notice.
“Accordingly, the Commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo.
“The Commission will update the public on the outcome of the ongoing litigation,” the statement read.
The SEC recently removed Tinubu and his deputy from the leadership of Oando based or alleged sharp practices traced to them in the management of the affairs of the company.
Tinubu and his deputy were also barred from holding any public office for five years.
The SEC appointed an interim management team to pilot the affairs of Oando, but Tinubu and co are kicking against it and have ran to the court.