Uche Usim, Abuja
The feud between the Securities & Exchange Commission (‘the Commission’) and Oando Plc over operational infractions is far from being resolved as the regulator on Monday notified the public that the planned Annual General Meeting (AGM) of the embattled oil company scheduled to hold at Zinnia Hall, Eko Hotels and Suites, Plot on Tuesday, June 11, 2019 at 10: 00am has been suspended till further notice.
SEC said the cancellation springs from 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).
SEC also said that the suspension Oando’s AGM will allow the parties maintain status quo as directed by the court.
According to the Commission, it shall provide update for relevant stakeholders and the public on the outcome of the ongoing litigation.
Before now, Oando Plc has serially accused SEC of not giving it fair hearing on the protracted investigation and forensic auditors which has consumed its top management and board.
But the regulator on Sunday, affirmed that the oil firm was given sufficient opportunity of being heard before it wielded the big stick.
The SEC also emphasized that all actions taken so farby it board and management were solely to protect capital market investors and nothing else.
According to its statement, there were various opportunities available to the indicted top Oando management to defend itself during the investigation and the forensic audit.
SEC said: “The attention of SEC has been drawn to various reports questioning the regulatory authority of the SEC, and insinuating lack of due process in the investigations of Oando Plc.
“To put the records straight, the SEC hereby states that fair hearing is a paramount and fundamental principle, which the Commission as a law abiding agency adheres to in all its investigative processes.
“In the course of the investigations, communications e.g. letters and phone calls were exchanged and meetings held between the Commission and Oando Plc, requesting for its comments and explanations on issues relating to the investigations.