The Board and Management of Oando Plc, said it will continue to do all it can to create value for its shareholders.
The company said this during its 43rd Annual General Meeting (AGM) which held in Lagos.
In line with COVID-19 safety protocols, shareholders were represented by proxies of their various associations at the meeting. All resolutions proposed at the AGM were approved, including the election of Mrs. Nana Fatima Mede and Mrs. Ronke Shokefun, as Non-Executive Directors.
Also elected, as Executive Director was Adeola Ogunsemi, while Ademola Akinrele and Dr. Ainojie Irune were re-elected along with Ike Osakwe, as Directors, the election of audit committee members, and the approval of the remuneration of non-Executive Directors.
Speaking at the meeting, the Company’s Group Chief Executive, Adewale Tinubu, thanked the shareholders for their patience especially during the period of its suspension while reaffirming the management’s commitment to continually do what is in the best interest of its shareholders. While commending the management for appointing two women to the Board of Directors, shareholders raised the issue of insecurity and urged the Company to partner with various stakeholders in the public and private sectors to resolve this issue which they described as crippling the economy.
A shareholder, Patrick Ajudua said; “I am worried about the issue of oil theft. This implies that the company is losing so much money to oil theft. This also makes it difficult for the country to meet the OPEC quota as it negatively impacts our GDP…”
I applaud the approach by NIMASA in using their aircraft to track vandalism. I believe that when various stakeholders join forces, we will have a resolution to this issue.
I want to assure you of our support to Oando and once we can solve these lingering issues of oil theft, we will be able to enjoy the fruit of our labour”, He said.
In addition, the motion to re-elect Ernst and Young (EY) as Auditors of the company wasn’t proposed following confirmation by Mrs. Esther Ajibola, the representative of Ernst and Young at the AGM, that EY has resigned as auditors of the company following years of successful service.
According to her, the resignation had nothing to do with Oando or its management and there are no circumstances connected with the resignation that should be brought to the notice of the members or creditors of the Company.’’
In view of this, Oando Plc confirmed the appointment of BDO Professional Services as its auditors.