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Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced unaudited results for the six months period ended June 30, 2019.
The oil giant, whose operation was grounded by the Securities and Exchange Commission (SEC) when it laid siege to its head office with the police, weathered the storm and recorded a six per cent increase in revenue of N315.4 billion, from N297.3 billion, in comparative period of 2018.
The NNPC has reportedly issued award letters for highly sought-after contracts to exchange crude oil for imported fuel, with some Nigerian oil firms beneficiaries.
If the SEC goes ahead with this action it will be in clear violation of the interim injunction obtained by Oando’s principals Adewale Tinubu, the Group Chief Executive and Omamofe Boyo, the Deputy Group Chief Executive which restrains SEC, its servants and agents from directing or requesting any agency of the Government to act upon its decisions contained in its letter of 31st May pending the hearing.
The Securities & Exchange Commission (SEC) and Oando saga is generating commentary from all quarters. There have been appeals for SEC to follow due process in the Oando case from groups as divergent as minority shareholder groups to NGOs to the Institute of Directors and even reputable voices such as Atedo Peterside. The international community has been draweninto the fray with the US–Nigeria Trade Council (UNSC) echoing the same tune, but this time the same message.
It is often said that when two elephants fight, the grass suffers. This is proving to be the case between the Securities and Exchange Commission (SEC) and Oando PLC as concerned minority shareholders, who are the aggrieved party in the on-going issue, have seized every opportunity to vehemently air their grievances against the SEC, specifically faulting the recent actions of the regulatory body against Oando PLC.
Oando shareholder Olatunde Okelana warns SEC against abuse of power and not following due process at Okumo Oil annual general meeting.
The Pragmatic Shareholders Association of Nigeria has joined Oando PLC, its management team and Board of Directors, in calling the Securities and Exchange Commission (SEC) out for not availing the company with a fair hearing.
The Pramatic Shareholders Association of Nigeria (PSAN) has condemned the Securities and Exchange Commission's (SEC) suspension of the 42rd Annual General Meeting of Oando Plc which was scheduled to take place on Tuesday, June 11, 2019.
The Securities and Exchange Commission, SEC, has debunked all allegations insinuating lack of due and statutory processes in the investigation of Oando Plc.
OF supports the Nigerian Government in achieving the Sustainable Development Goal 4 (Basic Education) through its Adopt-A-School Initiative (AASI), aimed at holistic improvement of public primary schools. The condition, location and nature of school infrastructure has direct impact on access, quality of education, and also influences learning outcomes.
In the Oando versus the Securities and Exchange Commission (SEC) crisis it seems the SECs strategy is to use silent warfare and third parties to achieve one objective - the destruction of Oando PLC.
The Securities and Exchange Commission in a brazen show of high handedness and a total disregard for the Nigerian justice system which they are sworn to uphold, has disregarded the directives of the Federal High Court, Lagos to suspend the implementation of sanctions against Oando PLC.
Following what can now be termed the longest forensic audit in the history of the Nigerian Securities & Exchange Commission (SEC) they published far reaching pronouncements and sanctions against Oando PLC’s principals said to be the outcome of the investigation into the company’s business.
Capital market operators on Wednesday called for urgent intervention of the Federal Government in the conflict between the Securities and Exchange Commission (SEC) and Oando Plc.
The Oando and SEC saga just got more interesting. In their personal capacities, Oando PLC’s boss, Wale Tinubu and his Deputy, Omamofe Boyo, have obtained an injunction under presiding Judge C M A Olatoregun of Federal High Court (FHC), Lagos, restraining the SEC from implementing the sanctions contained in its 18 month long forensic audit report.
Nasarawa State Governor Abdullahi Sule has signed about four hundred Certificates of Occupancy since assumption of office on May 29th.
The Action Alliance in Kogi State on Saturday unanimously adopted a United States-based medical practitioner, Samuel Audu Alfa as its candidate in the November 16th governorship election.
French President Emmanuel Macron hosted his US counterpart Donald Trump for a previously unscheduled lunch Saturday ahead of the official opening of the G7 summit in southwest France.
At the 2-day presidential retreat that preceded the inauguration of new ministers, President Muhammadu Buhari apprised the appointees on the enormity of the tasks ahead.
Vincent Kompany faces weeks on the sidelines after suffering another hamstring injury as his Anderlecht team lost again to continue their winless start to his managerial debut, according to reports.
Two suspected armed robbers have been arrested while fighting over their proceeds from a robbery operation they carried out in Ijebu-Ode, Ogun State.
Portuguese Primeira Liga side Benfica have confirmed defender Tyronne Ebuehi out of Nigeria’s September 10 international friendly against Ukraine at the 31,000-capacity Dnipro Arena in Kyiv, Ukraine, following a muscle injury copped by the former ADO Den Haag of Holland righ back last week in training.
Pandemonium struck in several communities of Gombe State, when heavy rains overflowed a river bank and caused a flood disaster that rips through communities around River Gongola in the state.
The Nigeria labour Congress (NLC) has urged the Jigawa State House of Assembly to stop the process of passing the bill on Jigawa State Health Insurance Scheme into law.
The Presidency has assured Nigerians that President Muhammadu Buhari will not disappoint Nigerians in this second and last term in delivery of his promises.