Frauds & Scandals | |
Frauds & Scandals | |
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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
Related News on Oando
1.
Engr Ajudua Secures Judgement as Court Stops SEC from Infringing on
OANDO Shareholders Rights
2.
Oando Foundation Commemorates 10 Years of Bridging the
Gap in Basic Education
3.
Oando Foundation Initiates Project to Promote
Environmental Education and Responsibility
4.
OANDO Notifies of Delay in the Publication of its Q3 2020
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5.
Oando's Nigeria at 60 Digital Platform Showcases
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Oando Joins Business Leaders to Pledge Support For
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Oando Hosts Webinar on Revolution Based Change to Achieve
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8.
OANDO Announces Delay in Filing Audited 2019 and Q1 2020
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9.
Oando and IoD Host Webinar on Leadership Strategies for
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10.
Oando, Aiteo, Seplat and Others Collaborate To Fight
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11.
Oando Becomes First Oil and Gas Company in Nigeria to be
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12.
Oando Plc Announces the Successful Signing of Two Gas
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13.
International Volunteer Day - Oando Foundation
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14.
Oando PLC Announces YTD September 2019 Results, Posts
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15.
OANDO Declares N13.06bn PAT in Q3 2019 Results
(SP:N3.40k)
16.
NSE Reclassifies Oando Plc As Low Priced Stock
17.
NNPC, NAOC and OANDO JV Makes Gas and Condensates
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18.
Oando Reaffirms Commitment to Support the Development of
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19.
OANDO, MORISON And 82 Others Record Drop In Share Price
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Oando Plc Appoints Dr Alex Irune As An Executive
Director; Mobolaji Osunsanya Resigns
21.
OANDO Declares N7.17bn PAT in Q2 2019 Results,(SP:N3.95k)
22.
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
Deputy GCE and SEC
27.
Oando PLC's Official Response To SEC's Suspension Of Its
42nd AGM
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
Cooperation During Investigations
30.
One Week After: OANDO Shares Dropped By -4.76% WoW, -20%
YTD
31.
Chief Sena Anthony and Mr. Oghogho Akpata Resign From
OANDO's Board Effective June 3rd, 2019
32.
Oando Share Price Drops 20% Off The Back Of SEC Investor
Protection Moves
33.
OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k)SEC Appoints Interim Management Team For Oando Plc Headed
By Mr. Mutiu Olaniyi Adio Sunmonu
34.
Post-Forensic Exchanges: The SEC Letter to Oando Plc and
The Oando Rebuttal
35.
Oando Challenges SEC's Ruling On The Outcome Of The
Forensic Audit Into Oando PLC
36.
SEC Announces Far Reaching Decisions On The Investigation
Of Oando Plc
37.
Oando Optimises Value From Midstream Business
38.
OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k)
39.
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
(SP:N5.65k)
43.
Oando PLC Announces YTD September 2017 Results; Gives
Operational Highlights
44.
Oando Plc state Positions on the Securities and Exchange
Commission Alleged Findings
45.
Oando Secures Court Injunction, restraining SEC, NSE
46.
Oando Shares Now Available for Trading, No Price Movement
During Technical Suspension
47.
JSE Follows NSE, Suspends Trading in the Shares of Oando
Plc
48.
Oando Gives Holding Response on SEC's Directive to NSE to
Suspend Trading of Its Shares
49.
Oando PLC's Official Statement on the SEC's Directive to
The NSE to Suspend Trading of Its Shares
50.
NSE, SEC Confirm Decision To Suspend Trading On The
Shares of Oando Plc
51.
Trading on the Shares of Oando Plc Suspended; Reasons
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52.
Oando Gas & Power Rebrands as Axxela
53.
House of Reps gives SEC Two weeks to submit Report on
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54.
Oando Plc. - AGM Resolution
55.
Oando Plc holds 40th AGM, engages Shareholders on the
Progress of its Restructuring Plan
56.
Oando Plc's 40th AGM To Hold As Planned Following SEC
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57.
Oando Plc to Hold 40th AGM on Sept 11, 2017
58.
Oando Plc Issues an Update on Claims of a SEC
Investigation
59.
OANDO Declares N4.56bn Profit in Q2 2017
Results,(SP:N7.80k)
60.
Oando Issues Press Release over SEC Investigation
61.
Corporate Earnings for the Week Ending 140717 - UCAP
declares N1.99 billion Profit in Q2'17 Results
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SEC Investigating Oando Plc
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OANDO Plc Announces Closed Period
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OANDO Declares N1.71bn Profit in Q1 2017
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66.
OANDO Plc Announces Closed Period
67.
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68.
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Why Oando Plc's 2015 Audited Statements will be released on May
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76.
The Corporate Governance Rating System - Proshare
77. ETI, Oando Plc under Fire over Ownership, Governance
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81. SEC, Udo Udoma And Corporate Governance: The Fact Files
82. Enabling Law - Investment and Securities Act (ISA) 2007
83. SEC Nigeria's Executed Rules and Regulations as at June 2017
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85. Code of Corporate Governance for Public Companies 4 April 2011
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86. N236bn Liability: Oando Shareholders Protest in Ibadan - Independent
87. Intel's Volpi Steps Up Battle Against Wale Tinubu over Control of Oando - ThisDay
88. Suspension of OANDO PLC - SEC
89. Oando Shareholders Set To Sack Wale Tinubu, Board - Independent
90. Notice to the General Public on Oando Plc - SEC
91. So what's happening at Oando (2)? - Business Day
92. So what's happening at Oando (1)? - Business Day
93. The inside story: Why SEC ordered a Forensic audit of Oando Plc - Business Day