Shareholders of Oando Plc yesterday affirmed support for the management of the energy firm, even as they gave a nod for the Board to pursue listings on other stock exchanges, including cross-border listings, subject to requisite regulatory approvals.

Indeed, the yearly general meeting was characterised by shareholder engagement, with shareholders commending the Board and Management for its approach to corporate governance, strategic direction and disciplined capital allocation, while expressing continued support for the Company’s growth ambitions.

Shareholders also approved amendments to the Company’s Memorandum and Articles of Association to provide for physical, electronic or hybrid general meetings, as well as provisions relating to digital assets, cryptographic technologies, distributed ledger technologies, and other emerging technologies, subject to applicable laws and regulatory requirements. The meeting further authorised the Board to pursue listings on other stock exchanges, including cross-border listings, subject to requisite regulatory approvals.

A shareholder, Mrs Bisi Bakare, commended the Board and Management for its strategic approach to portfolio development and disciplined capital allocation. She said: “I just want to use this opportunity to congratulate the Board and management for the strategic shift in the mining and infrastructure business from broad-based exploration to a more disciplined asset prioritisation approach. I believe this is a prudent approach, particularly given the need for disciplined capital allocation across the group.”

Speaking on the Company’s outlook, Group Chief Executive, Oando Plc, Mr Jubril Adewale Tinubu, highlighted the importance of operational control and disciplined execution in delivering the Company’s growth strategy. He said:

“Operational control gives us execution capacity and creates value. We are focusing on clear accountability and stronger performance management. As we continue our integration, we will allocate capital responsibly, report on time, meet our guidance and commit to our choices.”

Closing the meeting, Chairman of the Board, Mr Ademola Akinrele, thanked shareholders for their attendance, thoughtful questions and continued confidence in the Board. He said: “I thank you all for your attendance today, and I’d like to thank you in particular, shareholders, for the range of your questions, the thoughtfulness of it, the insight of the questions, and the passion and love you’ve shown for the company, and also the patience and confidence you have reposed on the board.”

The resolutions passed included the re-election of Mr Ademola Akinrele, SAN, Mr Omamofe Boyo, Mr Ikeme Osakwe and Mr Adeola Ogunsemi as Directors retiring by rotation; the re-appointment of BDO Professional Services as the Company’s external auditors; the election of members of the Statutory Audit Committee; and approval of the remuneration of Non-Executive Directors.