Aggrieved shareholders group yesterday stormed the Annual General Meeting of Oando Plc at Ibom Hall in Uyo, Akwa Ibom State with placards demanding the resignation of the company’s Group Chief Executive Officer (GCEO), Mr. Wale Tinubu.
The protesters whose aim was to stop the AGM from holding, accused the company’s chief executive of mismanagement and lack of full disclosure.
According to the leader of the group named “Oando Shareholders Solidarity Group”, Mr. Francis Michael, the investors were protesting to change the management of the company over gross mismanagement and abuse of corporate governance. principles.”
According to him, they had read several reports on the gross mismanagement of Oando Plc by the present management of the company hence their action.
“We, therefore, call on the present CEO of Oando, Mr. Wale Tinubu, to step down and allow a competent hand to manage the affairs of the company to save millions of Nigerians from further loss of their hard earned money. We are also calling on the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) to commence the immediate investigation of the company to determine the true state of the financial position and corporate practices.
“We also demand the rejection of the proposal concerning the remuneration of the CEO and directors of Oando Plc and rejection of 2016 annual report and accounts and the need to convene an Extra-ordinary General Meeting within the shortest possible time to address the issue of current mismanagement and abuse of corporate governance of the company,” he said.
However, some other shareholders advised the management to reconcile with the aggrieved stakeholders so as not to kill the company.
According to the National Coordinator of Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie, “we are aware of the petition written to SEC by the majority shareholders of this company. We demand that the management to reconcile with them and give them the three vacant positions on the board. This will save this company from collapse.”
Also speaking, Mrs. Bisi Bakare, a shareholder of the company, advised that management to resolve its disputes with the shareholders of the company in private to avoid unnecessary sensationalism, which would in turn result in loss of money for the company and shareholders.
In his response, Tinubu stated that the protests were uncalled for, since SEC had approved the AGM after examining the petition. He called on shareholders to have faith in the company as management was doing what it can to turn the company around.
Recall that Ansbury Investment Incorporated had petitioned SEC citing gross abuse and mismanagement by the management of Oando.
Meanwhile, management of the company has said the protest at the meeting venue was carried out by non-shareholders of the company, who were not allowed into the forum after all genuine stakeholders had a fruitful deliberation where they re-elected Wale Tinubu as the GCEO.
“As your management team, we assure you that our main focus will continue to be geared towards sustaining your company’s profitability and ensuring adequate return for you our esteemed shareholders. Our story has always been one of resilience, innovation and growth, and I assure you that we are fully committed towards positioning your company towards sustained growth moving forward,” Tinubu said.