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Wednesday, February
24, 2021 04:28 PM / by Oando Plc with Additional Comment by Proshare
Research/ Header Image Credit: Motely Fool Australia
Oando Plc joined
the Nigerian Stock Exchange (NSE) top gainers with a 10% increase in share
price from N3.18 on Tuesday, February 23, 2021 to N3.41 on Wednesday, February
24, 2021. The share price appreciation can be attributed to the recent
announcement of the nullification of the Securities and Exchange Commission's
(SEC) suspension of Oando's Annual General Meeting (AGM), in a ruling presided
over by Justice O A Musa, at the High Court of the FCT. Following the news,
investors poured into the stock helping it top the gainer's chart.
Related Link: Engr Ajudua Secures Judgement as Court Stops
SEC from Infringing on OANDO Shareholders Rights - Feb 23, 2021
Graph:
OANDO's Share Price Movement - Feb 19th to 24th, 2021
According to, Engr. Olowola
Kehinde, an Oando shareholder and Coordinator, Sage Shareholders and Inc, "This
news is evidence that if given the opportunity, our shares could be doing
considerably better on the capital market. Overnight, this positive ruling by
the court has seen our share price go up by 10%, imagine how much more it could
have appreciated by if given a favourable operating environment since 2017. The
SEC issue has evidently, harmed our share price and we hope the regulator can
see this and will look for a resolution that benefits shareholders".
Speaking on the jump in
share price, another Oando shareholder in Lagos said, "For four years, Oando
and SEC have been in a tussle and we the shareholders have been the ones on the
receiving end. We bought these shares as investments and it's painful not being
able to reap any benefits from this investment especially for an issue that can
be resolved in a boardroom. We've pleaded with SEC to allow the management team
to focus on running the business rather than fighting in court but there has
been no movement until the court ruling yesterday. For two years we have had no
oversight of our investment or what the company is doing, we value the role of
the regulator and want them to do their jobs properly but at the same time we
are hopeful that SEC will see this as an opening for a resolution that will
benefit all starting with us shareholders whose interests they are to protect."
Nearly two (2) years on and
as a result of the suspension of the company's AGM there has been no insight
into the company's corporate initiatives and financials leaving little room for
growth in share price.
Market players will be
watching the impact of the signalling effect of the court's ruling and SEC
action on Oando's share price in subsequent days as well as the implications of
finally being allowed to hold an AGM.
On the other hand, the Securities and Exchange
Commission (SEC) has reacted to the purported judgment obtained from
the Federal Capital Territory High Court against the Commission.
The Commission stated
that it was
never at any time served with court processes with respect to the purported
matter at the FCT High court. The Commission stated
further that it will take
all necessary steps to verify and set aside the decision of the said Court.
Screenshot of SEC's Press Statement
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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Engr Ajudua Secures Judgement as Court Stops SEC from Infringing on
OANDO Shareholders Rights
2.
Oando Foundation Commemorates 10 Years of Bridging the
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3.
Oando Foundation Initiates Project to Promote
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Oando Joins Business Leaders to Pledge Support For
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OANDO Announces Delay in Filing Audited 2019 and Q1 2020
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Oando and IoD Host Webinar on Leadership Strategies for
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Oando Plc Announces the Successful Signing of Two Gas
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OANDO Declares N13.06bn PAT in Q3 2019 Results
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NSE Reclassifies Oando Plc As Low Priced Stock
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Oando Reaffirms Commitment to Support the Development of
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Oando Plc Appoints Dr Alex Irune As An Executive
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OANDO Declares N7.17bn PAT in Q2 2019 Results,(SP:N3.95k)
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Federal High Court Adjourns SEC Vs Oando Case to July 22
23.
Deloitte Issues Press Statement on OANDO Forensic Audit
24.
Oando PLC Responds to SEC's Statement Regarding Fair
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25.
Two Weeks After: OANDO Shares Dropped By -7.14%, -22% YTD
26.
FHC Lagos Adjourns Hearing Between Oando Plc's GCE and
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27.
Oando PLC's Official Response To SEC's Suspension Of Its
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28.
SEC Suspends OANDO's Prior Approved AGM Scheduled To hold
on June 11, 2019
29.
Oando Update: SEC Aligns Principle Of Fair Hearing With
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30.
One Week After: OANDO Shares Dropped By -4.76% WoW, -20%
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31.
Chief Sena Anthony and Mr. Oghogho Akpata Resign From
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32.
Oando Share Price Drops 20% Off The Back Of SEC Investor
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OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k)SEC Appoints Interim Management Team For Oando Plc Headed
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Post-Forensic Exchanges: The SEC Letter to Oando Plc and
The Oando Rebuttal
35.
Oando Challenges SEC's Ruling On The Outcome Of The
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36.
SEC Announces Far Reaching Decisions On The Investigation
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37.
Oando Optimises Value From Midstream Business
38.
OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k)
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Oando PLC Announces Divestment of its Residual 25%
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40.
Oando's Plan to Deleverage and Remain Profitable
41.
Oando Plc Announces FYE 2018 Results, Posts N28.8 Billion
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42.
OANDO Declares N28.79bn PAT in 2018 Audited Results
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43.
Oando PLC Announces YTD September 2017 Results; Gives
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44.
Oando Plc state Positions on the Securities and Exchange
Commission Alleged Findings
45.
Oando Secures Court Injunction, restraining SEC, NSE
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Oando Shares Now Available for Trading, No Price Movement
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47.
JSE Follows NSE, Suspends Trading in the Shares of Oando
Plc
48.
Oando Gives Holding Response on SEC's Directive to NSE to
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49.
Oando PLC's Official Statement on the SEC's Directive to
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50.
NSE, SEC Confirm Decision To Suspend Trading On The
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51.
Trading on the Shares of Oando Plc Suspended; Reasons
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53.
House of Reps gives SEC Two weeks to submit Report on
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Oando Plc. - AGM Resolution
55.
Oando Plc holds 40th AGM, engages Shareholders on the
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56.
Oando Plc's 40th AGM To Hold As Planned Following SEC
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Oando Plc to Hold 40th AGM on Sept 11, 2017
58.
Oando Plc Issues an Update on Claims of a SEC
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59.
OANDO Declares N4.56bn Profit in Q2 2017
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60.
Oando Issues Press Release over SEC Investigation
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The Corporate Governance Rating System - Proshare
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89. Oando Shareholders Set To Sack Wale Tinubu, Board - Independent
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91. So what's happening at Oando (2)? - Business Day
92. So what's happening at Oando (1)? - Business Day
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