Some shareholders of Oando Plc have asked the company to settle its Ansbury Investments Incorporated.
In September 2017, Ansbury petitioned the Securities and Exchange Commission (SEC) over alleged corporate governance abuse by the management of Oando Plc.
Ansbury, which is a majority shareholder in Ocean and Oil Development (BVI), holds 99 percent of OODP Nigeria and 56 percent equity stake in Oando Plc, an entity with a dual listing on the Nigerian Stock Exchange (NSE) and Johannesburg Stock Exchange (JSE).
Ansbury’s petition contributed to the suspension of Oando on both the NSE and the JSE. SEC also ordered a forensic audit of the oil firm.
But speaking in Lagos on Monday, a group of shareholders asked the management of the company to open talks with Ansbury Investments with a view to resolving the dispute.
Spokesman of the group, Atobatele Musibau, said the “prolonged media war”, protests and unnecessary bickering between the management of Oando and Ansbury is not serving the best interest of shareholders and that of the company.
“The negative exposure the company has experienced for almost one year running has a telling effect not just on the shares, but the entire fortune of the company,” he said.
“The earlier this matter is resolved the better for the company and its shareholders. Whether the management of Oando likes it or not, this unending war of attrition has impacted and will continue to impact the company negatively.
“The best option open to both parties, therefore, is dialogue and I believe both sides are matured enough to sit together and resolve areas of conflict and ambiguity in the interest of the company and its shareholders.”
The Concerned Oando Shareholders’ spokesman said the recovery in oil prices is a sign that the company’s fortunes can improve “under the right atmosphere.
“If the company continues with this undue muscle flexing and grandstanding, it runs the risk of being constantly distracted. It should, therefore, resolve this matter with Ansbury, which I believe is also a reasonable and responsible company and will be interested in a resolution of the matter.”