Frauds & Scandals | |
Frauds & Scandals | |
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Tuesday, February
23, 2021 07:58 PM / News/ Header Image Credit: BusinessEurope
Engr. Patrick Ajudua, an Oando
Shareholder, took it upon himself to legally challenge the Securities and
Exchange Commission (SEC), in a suit filed at the High Court of the FCT.
The disgruntled shareholder, filed that
the directive
of the SEC suspending Oando's Annual General Meeting is in breach of his right
to freedom of association as guaranteed under Section 40 of the Nigerian
Constitution and Articles 9, 10 & 11 of the African Charter on Human
and Peoples Rights.
Engineer Patrick secured
his big win in court on Tuesday, February 23, 2021.
In a hearing presided over by Honorable Justice O. A Musa, all cases filed were
granted in his favor. Engr. Patrick who has painfully endured the SEC's
infringement of his rights as a shareholder and an individual, for the past two
years, was the much needed respite that the shareholders required especially at
a time when many are grappling for survival following the country's second
recession in three years.
In 2019, the SEC suspended the AGM of
Oando indefinitely. AGM's are an important platform for the protection of the
shareholders of a company, furthermore they are a legal requirement for all
publicly listed companies. By being
listed on the Nigerian Stock Exchange (NSE) a company is by virtue owned by her
shareholders, thus ultimate control and the destiny of a company should lie in
the hands of said shareholders. Section 81 of the Companies & Allied
Matters Act ascribes to every member of an incorporated company, who has fully
paid for his or her shares, a right to attend all the shareholders' meetings of
such a company; and to speak and vote at such shareholders' meetings. According to Patrick Ajudua, the SEC has denied him this right
over the last two years.
According to a press statement issued
by Oando PLC dated July 20,2020, the suspension of the AGM has also resulted in
the inability of the company's Directors to lay before the shareholders for
approval, the Company's 2018 Audited Financial Statements; inability to appoint
auditors to hold office for the 2019 financial year; and the inability of the
Company to meet its FYE 2019 NSE Filing of Accounts obligation due date of
March 31, 2020; amongst others.
Presiding over the case, Honorable Justice O. A Musa, made the following declarations;
Speaking on his win, Engr. Francis
Ajudua said: "A win for me is a win for all
shareholders. The lingering delay in resolution of the conflict has brought
untold hardship, financial difficulty and loss of capital appreciation on our
investments. Therefore, we receive this judgement with humility and the pray
that with all hands on deck, we can move the company forward. We plead with the
regulators to give peace a chance and allow for a harmonious resolution to the
conflict. The shareholder community will continue to protect our investments by
ensuring a high compliance with code of corporate governance and integrity of
the company's operations in the capital market."
The anguish of Oando shareholders is based on the
erosion of value as a result of the drawn-out crisis. They remain concerned
that the regulator tasked with protecting their investments, continues to do
the exact opposite with no end in sight.
Related Reports
1.
Memo to The Market:
The Oando Corporate Journey - At The Regulators Gate - Dec 10, 2017
2. Download Full (PDF) Report - Memo to The Market: The
Oando Corporate Journey - At The Regulators Gate - Dec 10, 2017
3. Download (PDF) Report - SEC Technical Committee on
Oando Plc 2017 -Dec 04, 2017
4. Review of the SEC Technical Committee Recommendations,
Opinion and Final Report
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12. International
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22. Deloitte
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23. Oando PLC Responds
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36. Oando
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37. OANDO
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39. Oando's
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43. Oando Plc state Positions on the Securities and Exchange
Commission Alleged Findings
44. Oando Secures Court Injunction, restraining SEC, NSE
45. Oando Shares Now Available for Trading, No Price Movement
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46. JSE Follows NSE, Suspends Trading in the Shares of Oando
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47. Oando
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48. Oando PLC's Official Statement on the SEC's Directive to
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49. NSE, SEC Confirm Decision To Suspend Trading On The Shares
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50. Trading
on the Shares of Oando Plc Suspended; Reasons Unknown
51. Oando Gas & Power Rebrands as Axxela
52. House of Reps gives SEC Two weeks to submit Report on
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53. Oando Plc. - AGM Resolution
54. Oando Plc holds 40th AGM, engages Shareholders on the
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55. Oando Plc's 40th AGM To Hold As Planned Following SEC
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56. Oando Plc to Hold 40th AGM on Sept 11, 2017
57.
Oando Plc Issues an Update on Claims of a SEC
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58. OANDO Declares N4.56bn Profit in Q2 2017
Results,(SP:N7.80k)
59. Oando Issues Press Release over SEC Investigation
60. Corporate Earnings for the Week Ending 140717 - UCAP
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62. OANDO Plc Announces Closed Period
63. Oando Provides Clarifications on its Refinery Ambitions
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82. Enabling Law - Investment and
Securities Act (ISA) 2007
83. SEC Nigeria's Executed Rules and Regulations as
at June 2017
84. SEC
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85. Code
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