SEC, Oando settle out of court

Oando Plc has reached an agreement to settle out of court with the Securities and Exchange Commission (SEC) on all matters of litigation.

The oil firm explained In a release it sent the Nigerian Exchange on Monday that both parties agreed to settle out of court, believing that a settlement is the most appropriate course of action and one

that is in the best interest of the company, its employees, shareholders as well as the capital market.

SEC had removed the board of directors of Oando and stopped it from holding its Annual General Meeting (AGM), which prompted some shareholders of the oil firm to file suits against the regulator, and the courts ruled in favour of the shareholders and upturned SEC’s actions.

“Specifically, the settlement reached by the parties seeks to prevent further market disruption and harm to Oando PLC’s shareholders. As a result, Oando’s directors and management team can now fully focus on business operations whilst continuing to ensure that it is in compliance with all governing statutes.

“In the immediate, the Company will be convening its 42nd Annual General Meeting (AGM) to give its shareholders the opportunity to exercise their rights to receive information as well as vote on company affairs,” Oando stated.

It claimed this has been an extraordinary time in the life of the Company and a defining moment in

its relationship with the regulator.

It promised to continue to recognize and respect the authority of the Commission and will continue to comply with the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, while always acting in the best interest of all its stakeholders.