3 Years Later, SEC and Oando Plc Resolve Impasse

Proshare

Monday, July 19, 2021 04:50 PM / by SEC Nigeria / Header Image Credit: Oando


The Securities and Exchange Commission (SEC) has announced that it has entered into settlement with Oando Plc following the deadlock that resulted from the complaint from two prominent shareholders of the oil and gas company in 2017.

 

Following the complaint, the regulator had engaged both the Board and management of Oando Plc and at a stage in the process reached a decision to remove the current management led by Adewale Tinubu. A move that was challenged and had led to series of court cases.

 

The resolution reached on the settlement is long overdue as determined in our memo to the market.

 

Below is the official statement from the Securities and Exchange Commission (SEC) on the settlement with Oando Plc.

 

The SEC Release

Pursuant to the powers conferred on the Securities and Exchange Commission (the Commission) by the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, the Commission on Thursday, July 15, 2021, entered into a Settlement with Oando Plc (the Company).

 

The Commission in its letter to the Company dated May 31, 2019, gave certain directives and imposed sanctions on the Company, following investigations conducted pursuant to two petitions filed with the Commission in 2017.

 

The Company and some of its affected directors had challenged the said directives in a series of suits commenced at the Federal High Court. However, the Company subsequently approached the Commission for a settlement of the matter, and both parties have now agreed to settle in consideration of:

 

i. the impact that a further prolonged period of litigation would have on the Company's shareholders and the value of their investments.

 

ii. remedial measures to be put in place by the Company in enhancing its corporate governance practices and strengthening its internal control environment.

 

In the overriding interest of the shareholders of the Company and the capital market, the Company has reached a settlement with the Commission, without accepting or denying liability, on the following terms amongst others:

 

1.      Immediate withdrawal of all legal actions filed by the Company and all affected directors;

2.     Payment of a monetary sum;

3.     An undertaking by the Company to implement corporate governance improvements;

4.     Submission by the Company of quarterly reports on its compliance with the terms of the Settlement Agreement; the Investments and Securities Act, 2007; the SEC Rules and Regulations; the National Code of Corporate Governance and the SEC Guidelines to the Code of Corporate Governance.

 

The Commission reiterates its commitment to ensuring the fairness, transparency and integrity of the capital market, and uphold its mandate to protect investors.

 

Proshare Nigeria Pvt. Ltd.


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

 

Proshare Nigeria Pvt. Ltd.


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 Proshare Nigeria Pvt. Ltd.


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 Proshare Nigeria Pvt. Ltd.


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Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

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