Oando Reiterates Commitment Towards Creating Value for Shareholders

Oando Reiterates Commitment Towards Creating Value for Shareholders

Darasimi Adebisi

The Group Chief Executive, Oando Plc, Mr. Adewale Tinubu yesterday reiterated that company’s commitment towards creating value for shareholders and protecting their interest going forward.

Speaking to shareholders at the company’s virtual 42th Annual General Meeting (AGM) in Lagos, he noted that teamwork; respect, integrity, passion and professionalism are core values the management of the indigenous oil company take seriously.

The company’s first-ever hybrid AGM comes in the wake of an out-of-court settlement with the Securities and Exchange Commission (SEC) who hitherto, suspended the company’s AGM in 2019.

He appreciated shareholders; among others that played an active role in enabling the company reached a decisive resolution with the SEC.

He, however, said: “Our ethos as a corporation has been driven by these values, and the company has evolved and succeeded year after year. The ultimate test of our capacity to be sustainable is having challenges. We’re ready to face them and deal with them when they come; ready to ensure that we apply these same principles and maxims in dispute resolution.

In line with COVID-19 restrictions on large gatherings, proxies represented shareholders’ from their various associations at the meeting.

The shareholders groups representatives, which included: Patrick Ajudua, Kabiru Tambari and Boniface Okezie, were united in their support for the company and applauded the management team for resolving its dispute with the regulator, thereby enabling them gain oversight into the company’s activities.

The shareholders further encouraged management to keep up the good work and focus on creating value for shareholders.

Speaking, Ajudua said: “I thank the management of Oando for remaining resilient during the trying period. They worked tirelessly to see us through these issues. It is in light of this that we, the shareholders, are delighted and supportive of the management.”

Elated to be at the AGM, another shareholder, Tambari said: “Today is a historical day for us shareholders. I thank the management and board of the company and I congratulate my fellow shareholders for this achievement. This is the only way we can benefit from the company through capital appreciation because, without AGM, there will be no talks of dividends.

One topic that resonated with all shareholders at the meeting was the need for dividends in the near future.

Speaking on this, Mr. Sunny Nwosu an Oando shareholder said: “The best thing that would happen to us following the resolution of the SEC dispute is to declare a dividend for shareholders. It will be in the interest of shareholders if this is brought up at the next AGM.”

All resolutions passed at the AGM were approved including the re-appointment of Ernst and Young as auditors, the Directors were authorized to fix the auditors remuneration; election of Dr. Ainojie Irune to the Board of Directors; re-election of HRM M.A. Gbadebo (CFR), Mr. Olufemi Adeyemo and Mr. Tanimu Yakubu as Directors; election of audit committee members, and approval of the remuneration of non-Executive Directors.

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