Frauds & Scandals | |
Frauds & Scandals | |
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Monday, June 24, 2019 / 08.00PM
/ Ottoabasi Abasiekong for Proshare WebTV / Header Image Credit: The Eagle
A Federal High Court sitting in Lagos has adjourned till July 22, 2019, hearing of the
substantive suit brought by two chief executive officers of Oando Plc, seeking
enforcement of their rights.
The court also fixed July 4th to
hear arguments on the motion for consolidation.
At the resumed hearing, Mr. Yele Delano (SAN) announced appearance for
Oando and expressed the company’s intention to be joined in the suit as well as
seeking consolidation of similar suits, pending before the court.
Delano also sought an adjournment to enable him to file his processes in
the suit.
In response, counsel to SEC, Idigbe objected to their request for
joiner, because it would pre-determine the respondent’s case.
He argued that the issue of application consolidation was intended to
frustrate the case, thereby elongating the hearing of the case. He further
argued that the party in question has not formally processed the application
for consolidation; it was only a mere oral expression.
According to him, “My Lord, this matter was adjourned to today for hearing, and I am prepared to go on. The issue of consolidation of the cases is meant to accelerate the matter rather than taking it backward”.
He argued that if the court allows the joinder, it would have
pre-determined the case of the defence and therefore urged the court to refuse
the application.
On his part, counsel to the applicants, Mr. Tayo Oyetibo (SAN) argued in
favour of the request for joining and urged the court to allow the party
seeking to be joined in the suit.
According to him, if the court refuses the application for joinder, and the party goes on to appeal, then the applicant will be affected.
In a short consideration of the issues, the court held that it was far-reaching to think that the grant of an adjournment to enable a party file a motion, will be considered prejudicial to the defence.
On that note, Justice Ayokunle Faji adjourned the cased until July 4, to hear
arguments on the motion for consolidation, and also fixed July 22, for hearing of the substantive
suit.
Visit Oando Plc IR Page in Proshare MARKETS
Graph 1: Oando Plc – One Year Share Price Movement
Table: Unaudited Q1 2019 Results
Related News on SEC Investigation Report
1.
Deloitte Issues Press
Statement on OANDO Forensic Audit – Jiune 20, 2019
2. Oando PLC Responds
to SEC’s Statement Regarding Fair Hearing in the Investigation of the Company – Jun 17, 2019
3. Two Weeks After:
OANDO Shares Dropped By -7.14%, -22% YTD – Jun 14, 2019
4. FHC Lagos Adjourns
Hearing Between Oando Plc’s GCE and Deputy GCE and SEC– Jun 14, 2019
5. Oando PLC’s
Official Response To SEC’s Suspension Of Its 42nd AGM – Jun 11, 2019
6. SEC Suspends
OANDO’s Prior Approved AGM Scheduled To hold on June 11, 2019– Jun 10, 2019
7. Oando Update: SEC
Aligns Principle Of Fair Hearing With Cooperation During Investigations – Jun 09, 2019
8.
One Week After:
OANDO Shares Dropped By -4.76% WoW, -20% YTD – Jun
07, 2019
9.
Chief Sena Anthony and Mr. Oghogho Akpata Resign
From OANDO’s Board Effective June 3rd, 2019 – Jun 07, 2019
10. Oando Share Price
Drops 20% Off The Back Of SEC Investor Protection Moves –Jun 03,
2019
11.
NSE Release: Oando
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12. SEC Appoints
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13. Post-Forensic
Exchanges: The SEC Letter to Oando Plc and The Oando Rebuttal -Jun 02, 2019
14. Oando
Challenges SEC’s Ruling On The Outcome Of The Forensic Audit Into Oando PLC – May
31, 2019
15. SEC
Announces Far Reaching Decisions On The Investigation Of Oando Plc – May 31, 2019
Proshare Reports - Oando Investigation
1. Memo to The Market: The Oando Corporate Journey – At the Regulators Gate – Nov 22, 2017
2. Download Full (PDF) Report - Memo to The Market: The Oando Corporate Journey – At The Regulators Gate – Dec 2017
3. Review of the SEC Technical Committee Recommendations, Opinion and Final Report – Dec 08, 2017
Quick Recall of Past Market Memorandum(s)
4. Beyond The Noise: MTN’s Post Listing Reactions, Gaps in Rules and Lessons Learnt – May 25, 2019
5. PDF Report - JUMIA IPO and Q1 2019 Result – May 16, 2019
6. Surviving Uncertain Times in the Nigerian Financial Market – Jan 19, 2019
7. Memo To The Market – The NSE, Oscar Onyema Foundation And Corporate Governance – Aug 20, 2018
8. The Bull in the China Shop – A New Paradigm in the Banking Sector (analysis of the SLS Intervention) ... - Proshare Aug 21, 2009
9. Fundamental Considerations for Capital Market Reforms in Nigeria ... - Proshare Sept 06, 2010
10. Memo to the Market: Reappointing Arunma Oteh as DG, SEC - Proshare Dec 31, 2014
11. Where Nigeria got it Wrong - Proshare Dec 01, 2014
12. Leadership, Change and Corporate Transformation – The Nigerian Experience ... - Proshare Nov 07, 2017
13. The Proshare Transcorp White Paper - 2007 – Jan 14, 2007
14. Corporate Governance Rating System (CGRS)
15. Facts Behind the Figures (FYE 2016 & Q1 2017 Performance Review)
16. Oando Plc Half Year Update Call (FYE 2015 & Q1 2016 Performance Review)
17. NSE X- Compliance Report February 21, 2014
18. NSE X- Compliance Report August 7, 2015
19. NSE X- Compliance Report May 2019
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21. OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k) – Apr 25, 2019
22. Oando PLC Announces Divestment of its Residual 25% Interest in Axxela Limited – Apr 04, 2019
23. Oando’s Plan to Deleverage and Remain Profitable – Apr 04, 2019
24. Axxela Now 100 Percent Owned by Helios – Apr 04, 2019
25. Oando Plc Announces FYE 2018 Results, Posts N28.8 Billion Profit-After-Tax – Apr 02, 2019
26. OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k) – Apr 01, 2019
27. Oando PLC, Canadian Government and Accountability Lab Champion the SDG 16 Innovation Challenge 2019 – Mar 26, 2019
28. OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k) – Mar 15, 2019
29. Oando Female Engineers Mentor Female Pupils in Celebration of International Day of Women in Science – Mar 08, 2019
30. Oando Employees Donate Relief Materials to Flood Victims in the Niger Delta – Jan 31, 2019
31. Oando, NAPIMS and NAOC JV Celebrate Green River Project and 22nd Annual Farmers Day – Dec 03, 2018
32. NNPC, NCDMB, Oando, Seplat And Many More Push The Nigerian Agenda At The 25th Africa Oil Week – Nov 12, 2018
33. Oando PLC, Nestle Nigeria, Union Bank and others lead conversations on Heritage Branding – Nov 01, 2018
34. OANDO Declares N10.39bn PAT in Q3 2018 Results (SP:N5.05k) – Oct 31, 2019
35. Oando Plc Eyes Growth After Curbing $2.5 Billion Debt – Aug 28, 2018
36. Oando Plc Successfully Concludes 41st Annual General Meeting - Jul 28, 2018
37. Oando Plc Sets the Record Straight Regarding the LCIA’s Ruling on Whitmore, OODP BVI and Ansbury – Jul 16, 2018
38. Oando Plc Awarded EPC Mandate to Develop Ajaokuta-Kaduna-Kano Gas Pipeline Project by the NNPC – Apr 19, 2018
39. Oando PLC Announces YTD September 2017 Results; Gives Operational Highlights
40. Oando Plc state Positions on the Securities and Exchange Commission Alleged Findings
41. Oando Secures Court Injunction, restraining SEC, NSE
42. Oando Shares Now Available for Trading, No Price Movement During Technical Suspension
43. JSE Follows NSE, Suspends Trading in the Shares of Oando Plc
44. Oando Gives Holding Response on SEC’s Directive to NSE to Suspend Trading of Its Shares
45. Oando PLC’s Official Statement on the SEC’s Directive to The NSE to Suspend Trading of Its Shares
46. NSE, SEC Confirm Decision To Suspend Trading On The Shares of Oando Plc
47. Trading on the Shares of Oando Plc Suspended; Reasons Unknown
48. Oando Gas & Power Rebrands as Axxela
49. House of Reps gives SEC Two weeks to submit Report on Oando PLC
50. Oando Plc. - AGM Resolution
51. Oando Plc holds 40th AGM, engages Shareholders on the Progress of its Restructuring Plan
52. Oando Plc's 40th AGM To Hold As Planned Following SEC Confirmation
53. Oando Plc to Hold 40th AGM on Sept 11, 2017
54. Oando Plc Issues an Update on Claims of a SEC Investigation
55. OANDO Declares N4.56bn Profit in Q2 2017 Results,(SP:N7.80k)
56. Oando Issues Press Release over SEC Investigation
57. Corporate Earnings for the Week Ending 140717 – UCAP declares N1.99 billion Profit in Q2'17 Results
58. SEC Investigating Oando Plc
59. OANDO Plc Announces Closed Period
60. Oando Provides Clarifications on its Refinery Ambitions
61. OANDO Declares N1.71bn Profit in Q1 2017 Results,(SP:N5.80k)
62. OANDO Plc Announces Closed Period
63. Oando Plc to Hold 2016 AGM on Tuesday 2nd August
64. Oando Plc Key Highlights on Q4 15 and Q1 16
65. OANDO Concludes Recapitalization Partial Divestment of Equity Stake in Its Downstream Operations
67. OANDO Releases Q4 15 and Q1 16 Results Declares N4.10bn PAT in Q1 SP N6.50k
68. Oando Plc Secures 5 Year N94.6 Billion Medium Term Facility with 10 Nigerian Banks
69. Oando explains what Deregulation of Petrol Price means for its Downstream Operations
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71. The Corporate Governance Rating System – Proshare
72. ETI, Oando Plc under Fire over Ownership, Governance
Related News on SEC Laws and Corporate Governance
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75.The FRCN Nigerian Code of Corporate Governance 2018 – Jan 18, 2019
76. The-Market-Memorandum---Fundamental-Considerations-for-Capital-Market-Reforms-in-Nigeria/2910
77. Corporate Governance and Directors' Remuneration
78. SEC Proposes New Rules & Amendments to Rules on Book Building, Corporate Governance
79. Good Corporate Governance is Good Business
80.SEC, Udo Udoma And Corporate Governance: The Fact Files
81.Enabling Law – Investment and Securities Act (ISA) 2007
82. SEC Nigeria’s Executed Rules and Regulations as at June 2017
83. SEC Nigeria’s Consolidated Rules and Regulations as at 2013
84. Code of Corporate Governance for Public Companies_4 April 2011
Related News on Oando from Other Sources
85. N236bn Liability: Oando Shareholders Protest in Ibadan – Independent
86. Intel’s Volpi Steps Up Battle Against Wale Tinubu over Control of Oando - ThisDay
87. Suspension of OANDO PLC – SEC
88.Oando Shareholders Set To Sack Wale Tinubu, Board – Independent
89. Notice to the General Public on Oando Plc – SEC
90. So what’s happening at Oando (2)? – Business Day
91. So what’s happening at Oando (1)? – Business Day
92. The inside story: Why SEC ordered a Forensic audit of Oando Plc – Business Day
93. Corporate Stories: Under siege, the battle for Oando - Nairametrics
94. Oando and IAS 24: What the law cannot do by @Doubleeph - Nairametrics
Acknowledgement/Research Links
95. Securities and Exchange Commission, Nigeria
96. The Nigerian Stock Exchange
97. Oando Plc
98. Convention for Business Integrity
99. Vetiva Capital Management Ltd
100. Oando’s Investors Relation Page - TheAnalyst
101. Oando Plc Audited Financial Statements – 2012
102. Oando Plc Audited Financial Statements - 2013
103. Oando Plc Audited Financial Statements - 2014
104. Oando Plc Audited Financial Statements - 2015
105. Oando Plc Audited Financial Statements - 2016
106. Oando Plc Audited Financial Statements – 2017
107. Oando Plc Audited Financial Statements – 2018