Wale Tinubu still Oando CEO following successful AGM

 
Tue Sep 12th, 2017 - Akwa Ibom
 

By Peter Egwuatu

Oando Plc yesterday successfully held its 40th Annual General Meeting, AGM as shareholders passed vote of confidence on the management team led by Wale Tinubu and retaining the company’s Board of Directors.

Wale Tinubu

Speaking at the AGM held in Uyo, Akwa Ibom State, Mr Adeleke Oladimeji, a shareholder of Oando PLC expressed concern on how media reports are gradually eroding shareholders’ investment in the company.

Recently the media has been agog with the news of Oando Plc and two petitioners alleging gross abuse of corporate governance and financial mismanagement. The petitioners, Alhaji Dahiru Managal and AnsburyInc, further requested a postponement of the company’s 40th AGM pending the close of the Securities Exchange Commission’s (SEC) investigation. However on conclusion of its initial finding, the SEC saw no material evidence that would warrant a postponement of the AGM, further reiterating the company’s position that the petitions lacked merit.

Shareholders requested a quick resolution to the issues with the petitioners to enable Oando’ management focus on building the brand.

They further commended the management for delivering on their promise to return the company to profitability by the end of 2016 and continuing with this positive trend in 2017 saying ‘’We request that you protect our interests, we believe in your leadership and ability as we await good returns on our investment.”

Speaking at the AGM, Mrs. BisiBakare, a shareholder of the company advised that shareholders resolve their disputes with the company in private to avoid unnecessary sensationalism which would in turn result in loss of money for the company and shareholders.

On the issuance of dividend, Wale Tinubu said; “We reacted to the 2014 fall in oil price by providing a detailed restructuring plan which saw us reduce our overall debt by over 40%. Following the completion of our strategic deleveraging initiatives, we have evolved into a leaner but more focused organization with two core dollar earning entities,” as he assured the the shareholders of returns in the near future.

There was a protest outside the venue carried out by non-shareholders as all shareholders were allowed access to the venue to raise their legitimate concerns to management and the Board. The protest lost steam after 15 minutes when the protestors quietly dispersed without causing any disruption to the AGM. However before dispersing key representatives of the shareholder associations addressed the protestors asking that they raise their concerns the legitimate way either via writing to the Company or by attending the AGM.

The CEO thanked the shareholders for their continued support of the Company in the challenging times and assured them that the management team will focus on sustaining the company’s profitability and ensuring returns to shareholders.

 
 

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source: Vanguard