The Securities and Exchange Commission (SEC) on Monday directed Oando Plc to suspend its scheduled Annual General Meeting.
The capital market regulator made the announcement in a statement on Monday.
“The Securities and Exchange Commission hereby notifies the public that further to 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 Commision & Anor, the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold on Tuesday, June 11, 2019 at 10:00 a.m. has been suspended till further notice,” SEC said in its statement.
“Accordingly, the commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties to maintain status quo.”
The regulator added that it would update stakeholders and the public on the outcome of the ongoing litigation.
Last month, SEC ordered Oando’s Group Chief Executive Officer, Wale Tinubu, and other affected board members to resign.
Some officials of the Nigerian Police later stormed the company’s office in Lagos and barred staff from gaining access.
But the company in its reaction alleged infractions, adding that the penalties were unsubstantiated and calculated to prejudice the business of the company.
Last Week, two non-executive directors of the company resigned amidst the lingering crisis.
Oando’s AGM is slated for Tuesday, the 11th of June 2019.