NSE Release: Oando Plc Warns Against Unofficial Company News Circulating In The Media


Monday, June 03, 2019   /   10:27AM  /  By NSE Public Notice 

Our attention has been drawn to an unsigned document circulating online addressed to the Securities and Exchange Commission (SEC) and allegedly from the Chairman of Oando PLC (the ‘Company’ or ‘Oando’).


We would like to use this medium to inform the general public that the Company has not officially released a statement or letter in response to the SEC.


We urge the general public to be aware.



Additional News – Post-Appointment Of Interim Chairman


The Oando Group has said that the “SEC’s Appointment of Mutiu Sunmonu to Head Interim Management at Oando, Lacked Legal Process


Beyond the incongruity of a formal letter from the SEC Nigeria detailing its public notice on actions, followed by the letter to Oando giving its till July 2019 to act; this recent action smacks of desperation by the regulators which is worrisome.


The concerns are captured in this commentary.


The announcement by the Securities and Exchange Commission (SEC) on Sunday June 2, 2019, on the alleged appointment of Mr. Mutiu Olaniyi Adio Sunmonu CON, to head an Interim Management Team at Oando may have been executed without recourse to due process.


First, no director or the chairman has since resigned contrary to an online post as at the time of this post.


Second, and in response to an enquiry about the story circulating on various news platforms about the purported appointment, a very well-placed source at Oando disclosed that the company has not been made aware of any regulatory process taken ahead of such a critical announcement.


"I can categorically confirm that Oando is not aware of any court order obtained by SEC to put an interim management team in place, a process that is critically necessary in circumstances such as this”, the source said.


The source further revealed that there is a procedure that must be followed before the institution of an interim management team as the onus is on the SEC to convince a judge that the institution of an interim management team is the right thing to do before execution.


"We also have no evidence to show that any orders have been conferred by the Investment & Securities Act (ISA) to SEC to carry out such drastic action. Thus the SECs action contravenes the ISA and Company & Allied Matters Act which is the legal framework for all private and publicly listed companies. This action as with recent actions taken by the SEC, appear calculated and with a view to prejudice the business of the Company. We believe this is a deliberate ploy by the SEC to ensure that the Company is unable to challenge and seek redress for the misdeeds of SEC against the Company” the source added.


The Company sees this action as an illegal act and that all persons involved are advised to seek legal advice. "Please note that Oando and its Board of Directors have not changed the Company’s management team. We respectfully request that the Federal Government call the SEC to order with immediate effect. In the interests of our shareholders, employees and other key stakeholders please note that it is very much business as usual”, the source said.

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Related News on SEC Investigation Report

1.       SEC Appoints Interim Management Team For Oando Plc Headed By Mr. Mutiu Olaniyi Adio SunmonuJun 02, 2019

2.      Post-Forensic Exchanges: The SEC Letter to Oando Plc and The Oando RebuttalJun 02, 2019

3.      Oando Challenges SEC’s Ruling On The Outcome Of The Forensic Audit Into Oando PLC – May 31, 2019

4.      SEC Announces Far Reaching Decisions On The Investigation Of Oando Plc – May 31, 2019



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Proshare Reports - Oando Investigation

5.      Memo to The Market: The Oando Corporate Journey – At the Regulators Gate – Nov 22, 2017

6.      Download Full (PDF) Report - Memo to The Market: The Oando Corporate Journey – At The Regulators Gate – Dec 2017

7.      Review of the SEC Technical Committee Recommendations, Opinion and Final Report – Dec 08, 2017


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Quick Recall of Past Market Memorandum(s)

8.     Beyond The Noise: MTN’s Post Listing Reactions, Gaps in Rules and Lessons LearntMay 25, 2019

9.      The Bull in the China Shop – A New Paradigm in the Banking Sector (analysis of the SLS Intervention) ... - Proshare Aug 21, 2009

10.  Fundamental Considerations for Capital Market Reforms in Nigeria ... - Proshare Sept 06, 2010

11.   Memo to the Market: Reappointing Arunma Oteh as DG, SEC - Proshare Dec 31, 2014

12.  Where Nigeria got it Wrong - Proshare Dec 01, 2014

13.  Leadership, Change and Corporate Transformation – The Nigerian Experience ... - Proshare Nov 07, 2017  


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List of Appendix

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  


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Related News on Oando

19.  Oando Optimises Value From Midstream Business – Apr 26, 2019

20. OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k) – Apr 25, 2019

21.  Oando PLC Announces Divestment of its Residual 25% Interest in Axxela Limited – Apr 04, 2019

22. Oando’s Plan to Deleverage and Remain Profitable – Apr 04, 2019

23. Axxela Now 100 Percent Owned by Helios – Apr 04, 2019

24. Oando Plc Announces FYE 2018 Results, Posts N28.8 Billion Profit-After-Tax – Apr 02, 2019

25.  OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k) – Apr 01, 2019

26. Oando PLC, Canadian Government and Accountability Lab Champion the SDG 16 Innovation Challenge 2019 – Mar 26, 2019

27.  OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k) – Mar 15, 2019

28. Oando Female Engineers Mentor Female Pupils in Celebration of International Day of Women in Science – Mar 08, 2019

29. Oando Employees Donate Relief Materials to Flood Victims in the Niger Delta – Jan 31, 2019

30. Oando, NAPIMS and NAOC JV Celebrate Green River Project and 22nd Annual Farmers Day – Dec 03, 2018

31.  NNPC, NCDMB, Oando, Seplat And Many More Push The Nigerian Agenda At The 25th Africa Oil Week – Nov 12, 2018

32. Oando PLC, Nestle Nigeria, Union Bank and others lead conversations on Heritage Branding – Nov 01, 2018

33. OANDO Declares N10.39bn PAT in Q3 2018 Results (SP:N5.05k) – Oct 31, 2019

34. Oando Plc Eyes Growth After Curbing $2.5 Billion Debt – Aug 28, 2018

35.  Oando Plc Successfully Concludes 41st Annual General Meeting  - Jul 28, 2018

36. Oando Plc Sets the Record Straight Regarding the LCIA’s Ruling on Whitmore, OODP BVI and Ansbury – Jul 16, 2018

37.  Oando Plc Awarded EPC Mandate to Develop Ajaokuta-Kaduna-Kano Gas Pipeline Project by the NNPC – Apr 19, 2018

38. Oando PLC Announces YTD September 2017 Results; Gives Operational Highlights

39. Oando Plc state Positions on the Securities and Exchange Commission Alleged Findings

40. Oando Secures Court Injunction, restraining SEC, NSE

41.  Oando Shares Now Available for Trading, No Price Movement During Technical Suspension

42. JSE Follows NSE, Suspends Trading in the Shares of Oando Plc

43. Oando Gives Holding Response on SEC’s Directive to NSE to Suspend Trading of Its Shares

44. Oando PLC’s Official Statement on the SEC’s Directive to The NSE to Suspend Trading of Its Shares

45.  NSE, SEC Confirm Decision To Suspend Trading On The Shares of Oando Plc

46. Trading on the Shares of Oando Plc Suspended; Reasons Unknown

47.  Oando Gas & Power Rebrands as Axxela

48. House of Reps gives SEC Two weeks to submit Report on Oando PLC

49. Oando Plc. - AGM Resolution

50. Oando Plc holds 40th AGM, engages Shareholders on the Progress of its Restructuring Plan

51.   Oando Plc's 40th AGM To Hold As Planned Following SEC Confirmation

52.  Oando Plc to Hold 40th AGM on Sept 11, 2017

53.  Oando Plc Issues an Update on Claims of a SEC Investigation

54.  OANDO Declares N4.56bn Profit in Q2 2017 Results,(SP:N7.80k)

55.  Oando Issues Press Release over SEC Investigation

56.  Corporate Earnings for the Week Ending 140717 – UCAP declares N1.99 billion Profit in Q2'17 Results

57.  SEC Investigating Oando Plc

58. OANDO Plc Announces Closed Period

59.  Oando Provides Clarifications on its Refinery Ambitions

60. OANDO Declares N1.71bn Profit in Q1 2017 Results,(SP:N5.80k)

61.  OANDO Plc Announces Closed Period

62. Oando Plc to Hold 2016 AGM on Tuesday 2nd August

63. Oando Plc Key Highlights on Q4 15 and Q1 16

64. OANDO Concludes Recapitalization Partial Divestment of Equity Stake in Its Downstream Operations

65.  Material Uncertainty May Cast Doubt on Oando’s Ability to Continue as a Going Concern – Ernst & Young

66. OANDO Releases Q4 15 and Q1 16 Results Declares N4.10bn PAT in Q1 SP N6.50k

67.  Oando Plc Secures 5 Year N94.6 Billion Medium Term Facility with 10 Nigerian Banks

68. Oando explains what Deregulation of Petrol Price means for its Downstream Operations

69. OANDO to acquire OER Minority Shares for a Consideration of US 1.20 per share in Cash

70. The Corporate Governance Rating System – Proshare

71.   ETI, Oando Plc under Fire over Ownership, Governance


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Related News on SEC Laws and Corporate Governance

72.  The-Market-Memorandum---Fundamental-Considerations-for-Capital-Market-Reforms-in-Nigeria/2910

73.  Corporate Governance and Directors' Remuneration

74.  SEC Proposes New Rules & Amendments to Rules on Book Building, Corporate Governance

75.  Good Corporate Governance is Good Business

76.  SEC, Udo Udoma And Corporate Governance: The Fact Files

77.  Enabling Law – Investment and Securities Act (ISA) 2007

78. SEC Nigeria’s Executed Rules and Regulations as at June 2017

79.  SEC Nigeria’s Consolidated Rules and Regulations as at 2013

80.Code of Corporate Governance for Public Companies_4 April 2011 

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Related News on Oando from Other Sources

81.  N236bn Liability: Oando Shareholders Protest in Ibadan – Independent

82. Intel’s Volpi Steps Up Battle Against Wale Tinubu over Control of Oando - ThisDay

83. Suspension of OANDO PLC – SEC

84. Oando Shareholders Set To Sack Wale Tinubu, Board – Independent

85. Notice to the General Public on Oando Plc – SEC

86. So what’s happening at Oando (2)? – Business Day

87. So what’s happening at Oando (1)? – Business Day

88.The inside story: Why SEC ordered a Forensic audit of Oando Plc – Business Day

89. Corporate Stories: Under siege, the battle for Oando - Nairametrics

90. Oando and IAS 24: What the law cannot do by @Doubleeph - Nairametrics


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Acknowledgement/Research Links

91.  Securities and Exchange Commission, Nigeria  

92. The Nigerian Stock Exchange

93. Oando Plc

94. Convention for Business Integrity

95.  Vetiva Capital Management Ltd

96. Oando’s Investors Relation Page - TheAnalyst

97.  Oando Plc Audited Financial Statements – 2012

98. Oando Plc Audited Financial Statements - 2013

99. Oando Plc Audited Financial Statements - 2014

100.         Oando Plc Audited Financial Statements - 2015

101.          Oando Plc Audited Financial Statements - 2016


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