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Oando AGM remains suspended, says SEC

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The Securities and Exchange Commission (SEC) at the weekend said the suspension of Oando Plc Ànnual General Meeting (AGM) subsides despite different judgments from court cases instituted by the energy firm.

In a statement on Friday, SEC said its action against Oando Plc is a result of “severe breaches of capital market regulations” adding that some directors are under criminal investigations.

The commission said in 2017, it received petitions from two shareholders of Oando alleging corporate governance lapses, mismanagement among other complaints.

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It said the investigations were conducted into the activities of the energy firm and observed certain infractions and violations of SEC laws by some members of the board.

Following the investigations, the SEC sanctioned the firm and its affected directors in May 2019.

Oando, in response to the commission’s action, challenged the directives in multiple court cases. This included the indefinite suspension of its AGM in June 2019 and a proposed plan to institute interim management to appoint a new board of directors and a new management team for the energy firm.

SEC explained: “One judgment of the Federal High Court, Lagos has held that the Federal High Court Nigeria lacks the jurisdiction to entertain the dispute as the jurisdiction lies with the Investments and Securities Tribunal

“Three judgments of the Federal High Court, Abuja, have held that the Federal High Court Nigeria lacks the jurisdiction to entertain the dispute as the jurisdiction lies with the Investments and Securities Tribunal.

“One judgment of the Federal Capital Territory, High Court Bwari Abuja, has held that the Federal Capital Territory High Court Abuja has the jurisdiction to entertain the matter and granted the reliefs sought by the applicants.

“One judgment of the Federal High Court, Kano has held that the Federal High Court Nigeria has the jurisdiction to entertain the dispute and granted the reliefs against the Commission.

“Given the conflicting judgments, the Commission hereby advises the public that in line with the law and the pending appeals/applications for stay of the various judgments, parties and relevant stakeholders are enjoined to maintain status quo, which includes the suspension of the annual general meeting, pending the determination of the cases and the appeals.”

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