A major brand in Nigeria’s petroleum sector, Oando Plc has said the Securities and Exchange Commission (SEC) has approved its forthcoming annual general meeting.
Oando, in a statement, said SEC granted it the approval to proceed with the AGM after considering the merits of the submissions, from all the relevant parties.
According to him, the company fully cooperated with a special task team set up by sec to review the petitions by Alhaji Dahiru Mangal and Ansbury Incorporation, by providing them with all documents requested, as well as clarification and appropriate rebuttals to the issues raised.
It explained that it received a letter from the SEC on Wednesday, 23rd August, 2017, requesting it to postpone its 40th AGM to enable it investigate the shareholding positions in the company’s 2016 audited financial statements which was disputed by some shareholders.
According to Oando, it responded officially on Wednesday, 23rd August, 2017 addressing all the issues raised by the SEC and concluded that it would not be in the best interests of the company or shareholders to postpone the AGM.