Regulatory Alerts2019-06-10
Press Release on Suspension of the Annual General Meeting of Oando Plc
The Securities & Exchange Commission has suspended Oando Plc’s scheduled Annual General Meeting until further notice following a Federal High Court ex-parte order. This directive preserves the status quo while ongoing litigation between Jubril Adewale Tinubu and the regulator proceeds. The Commission will subsequently update the public on the court proceedings and the meeting's resumption.
The Securities & Exchange Commission (‘the Commission’) hereby notifies the public 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, the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold on Tuesday, June 11, 2019 at 10: 00am has been suspended till further notice. Accordingly, the Commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo. The Commission will update the public on the outcome of the ongoing litigation. Signed Management June 10, 2019