Oando on Tuesday, successfully concluded its long-awaited 42nd Annual General Meeting, AGM, with shareholders Reinforcing confidence in company’s management to piloting its operations.
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.
In line with COVID restrictions on large gatherings, shareholders were represented by proxies of their various associations at the AGM. Leaders of the various shareholders and proxies, including 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. They further encouraged management to keep up the good work and focus on creating value for shareholders.
Speaking at the AGM, Patrick 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.”
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 Ainojie Irune to the Board of Directors; re-election of M.A. Gbadebo Olufemi Adeyemo and Tanimu Yakubu as Directors; election of audit committee members, and approval of the remuneration of non-Executive Directors.
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, 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.”
In his response to shareholders’ comments, the Group Chief Executive, Oando PLC, Adewale Tinubu, said; “Teamwork, Respect, Integrity, Passion and Professionalism are things (core values) we take seriously. 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. We appreciate everyone who played an active role in enabling us to reach a resolution with the SEC.”
He assured the shareholders of management’s commitment towards creating value for and protecting the interest of all shareholders.