Oando Plc has faulted the indefinite suspension of the Company’s 2018 Annual General Meeting (AGM) by Securities and Exchange Commission (SEC) for Its inability to release the company’s unaudited financial statement to its shareholders.
This was disclosed in a press statement signed by the Company’s Chief Compliance Officer & Secretary, Ayotola Jagun, on December 7th, 2020.
The company announced that its inability to release the Q3 2020 Unaudited Financial Statements is as a result of the Ex-parte order of the Federal High Court ruling which indefinitely suspends the company’s 2018 Annual General Meeting (AGM).
The statement reads in part:
“Lagos, Nigeria – Pursuant to the directive of the Nigerian Stock Exchange (NSE) this is to update Oando PLC’s (referred to as “Oando” or the “Company”) shareholders and stakeholders of the delay in the release of the Company’s 2020 Q3 Unaudited Financial Statements (“2020 Q3 UFS”) by the due date of November, 20 2020 (as extended) and as prescribed by the NSE Rules on Filing of Accounts and Treatment of Default Filing.”
“The inability of the Company to meet its 2020 Q3 UFS NSE Filing of Accounts obligation by the stipulated due date is as a result of the indefinite suspension of the Company’s 2018 Annual General Meeting (AGM).”
“On July, 20, 2020 by way of an official press statement the Company had informed our stakeholders that the Securities and Exchange Commission (SEC) notified the public and Oando on Monday, June 10, 2019, that, further to the Ex-parte Order of the Federal High Court, Ikoyi, Lagos in Suit No: FHC/L/Cs/910/19 in Mr. Jubril Adewale Tinubu & Anor v Securities & Exchange Commission & Anor, it had suspended the Company’s 2018 AGM till further notice.”
“Following the SEC’s suspension of Oando’s AGM, the Company has been unable to appoint Auditors to commence an audit exercise into the Company’s 2019 accounts.*
According to the statement, the indefinite suspension has hindered some pivotal activities in the company.
Some of the affected activities include:
- the inability of the Directors to lay before the shareholders for approval, the Company’s
- 2018 Audited Financial Statements.
- the shareholders’ inability to re-appoint the auditors of the Company to hold office for the 2019 financial year;
- the inability of the Company to meet its 2019 financial year end NSE Filing of Accounts obligation by the due date of March 31, 2020.
- inability of the Company to meet its 2020 Q1, Q2 and Q3 UFS NSE Filing of Accounts obligations by their respective stipulated dates.