On first impulse, I supported those against Tinubu and his cousin.

However, since the majority shareholders are against the management made up of Tinubu and co. looters, the investigation by SEC has been completed, not stopped, it seems the meeting is going to go on despite the fact that majority shareholders want it postponed.

OBJ, Amosun and Adeosun cannot be on the same side as Tinubu that wanted Edun as Finance Minister in the first place.

The Tribune quote is very informative. Can someone with financial market skill please explain not tribal warriors.

Major shareholders move to sack Oando’s board, management

Major shareholders of Oando Plc, a major oil and gas company in Nigeria, are making moves to oust the company’s board as well as the management led by Mr Wale Tinubu.

The major shareholders, Ansbury Investment Incorporated and Alhaji Dairu Manga, made their intention known in separate petitions to the Securities and Exchange Commission (SEC).

Oando, in a statement issued last week, confirmed the petitions and said the SEC was already investigating the matter.

Both Ansbury and Manga allege gross abuse of corporate governance and financial mismanagement, their reasons for calling for the removal of the management team and sack of all board members.

Mangu, who is said to own about 17.9 per cent share of the company, expressed his displeasure about the management of the company, especially the handling of the ConocoPhillips transaction.

Ansbury, on the other hand, had raised serious concerns about the capacity of the management team to effectively run the company.

Ansbury claimed ownership of 61.9 per cent of the British Virgin Island-based company, Ocean and Oil Development Partners Ltd (OODP BVI) while the remaining 38.10 per cent is owned by Withmore. The two companies control 99.99 per cent of Ocean and Oil Development Partners Nigeria Ltd (OODP Nigeria). OODP Nigeria controls 55.96 per cent of Oando Plc. So, indirectly Ansbury Investment Incorporated owns 55.96 per cent of Oando jointly with Withmore Nigeria.

According to Ansbury in its petition, “Strong uncertainty regarding the going concern of the group (Oando) had already arisen in 2015 and strengthened in 2016 as pointed out by the auditors in their report.”

Ansbury added that “In the previous financial statement, the management had proceeded to liquidate part of the assets of the company and many are going to be liquidated, and in particular, under the notes to the account, management intends to sell its participation in OER (the last asset attributable to the company) in the name of restructuring or reestablishing the group’s going concern.”

Ansbury then called on SEC “to urgently look into all the issues and prevail on the board of Oando to convene an Extraordinary General Meeting (EGM) in order to change the current management and board of the company.”

It also asked the regulatory body to allow Ansbury, in its capacity as an indirect majority shareholder of the company to intervene in the management of the company through its team and consultants, alleging that it had been sidelined on the board and in the management through the deliberate frustration of efforts to constitute a board for OODP Nigeria, the vehicle that could earn it its place on the board of Oando.

SEC acknowledged the petition and commenced investigations into the allegations.

But while investigation was ongoing, Ansbury sent another letter to SEC penultimate week asking it to postpone Oando’s Annual General Meeting slated for September 11 in Uyo pending the resolution of the company’s shareholding matter.

Ansbury claimed in the letter that it “holds 61.90 per cent of the shareholding in OODP BVI, which in turn holds 99.99 per cent of the shares in OODP Nigeria, which in turn holds approximately 56 per cent of Oando shares. Notwithstanding this, Ansbury has no visibility of, or input in the management of Oando, or in fact OODP Nigeria.”

The company expressed concern that Withmore “will improperly vote OODP Nigeria’s Oando shares without Ansbury’s input.”

Following this letter, SEC set up an 11-man committee to look into the claims of Ansbury.

The committee was chaired by Mr Charles Udorah, a private legal practitioner and a former Commissioner, Legal and Enforcement of SEC.

Nigerian Tribune gathered that after listening to all the parties on August 30, 2017, the committee noted that it might be difficult to postpone the AGM because of the nearness of the date. It added that minority shareholders are entitled to attend and vote at meetings and based on the statutory provision on quorum of meetings of AGM, the minority shareholders can successfully form a quorum and hold a valid meeting without the majority shareholders.

It also stated that Ansbury’s request to postpone the meeting would constitute SEC into a court of law, thus asking the company to seek redress in a court of law, adding that suspending the AGM is not likely to resolve or aid the resolution of the issues raised in the resolution.

The committee, however, assured Ansbury that SEC was working on its petition “and will continue to investigate the issues raised by Ansbury to a logical conclusion.”

In a statement issued by Oando, the oil company acknowledged that “two petitions were filed with the Securities and Exchange Commission (SEC) alleging gross abuse of corporate governance and financial mismanagement. The SEC has since commenced an enquiry in response to the petitions.”

Oando added that the petitions had “no merit as the issues raised have received board, shareholder and, where required, SEC approval. Other matters highlighted by the petitioners could have been directed to the company and would have received the necessary clarification.”

http://www.tribuneonlineng.com/major-shareholders-move-sack-oandos-board-management/

python1:
That is my honourable minister, no sacred cow, wherever he comes from. God bless you ma.

did u read d post at all if no go back n read again cos i dont see where auditing oando is a crime and his entitlement was approved since 2002 so its not his fault if u appoint him again.

if u work in a construction company(welding or pipe fitting) u would know dat at d end of d contract when there is non d workers are paid off and can still come back again when there is a major project.

month of dec APC has won anoda scandal dis time is OANDO gold medal hip hip hurray

Bola Tinubu is talking while pa Buhari is shielding his own. Thieves, that's what you all are.

Duru009:
So, Bola Tinubu didn't want his company to be audited by SEC because he was the one that recommended Adesoun.......


Corruption in high places!

He wasn't the one who recommended anemic, it was Gov Amosun

agwom:


https://dailytrust.com.ng/scandal-adeosun-suspended-gwarzo-for-not-stopping-oando-forensic-audit.html

So SEC recruited as well. Na wa o.

Corruption is now fighting back in the voice of the useless BMC idiots.

eagleeye2:

Simply by reading the article. Why not allow the forensic audit to go on if there is nothing to hide?
Why not give her instructions to Gwarzo in writing? I guess fear of Maina part 2.
Why even resurrect the petition now and suspending Gwarzo, when he has insisted on going ahead with the audit?
WHAT ARE THE HIDING?

Sarrki, do you have an answer to this question?

cozyfbaby:
See why Wike give senator Abe and 15 others 2018 Lexus SUVs

Rivers state Governor, Nyesom Wike has released 16 Sports Utility Vehicles, SUVs to representatives of the State in the National Assembly.

National Assembly members elected on the platform of the All Progressives Congress, APC including Senator Magnus Abe and Senator Andrew Uchendu are also beneficiaries of the 2018 Lexus Jeep.

Though Senator Uchendu has denied that he was given one of the SUVs by Governor Wike, there has been no comment from Senator Magnus Abe.

Read more here: http://www.naijatrending.com.ng/breaking-news/wike-give-senator-abe-15-others-2018-lexus-suvs/

This is in addition to the one that the national assembly gave them right? it is well

dadigwe2001:
Kemi has alot of respect for herself and her office she is a woman i believe of substance. If this forensic audit of Oando is stopped it would not only bring her office into disrepute but will have serious reputational issues for this government. Someone somewhere is out to destroy the reputation of the president.

Story, the presidency is trying to protect interests of one of its backers tinubu.

obonujoker:
So Gwarzo wanted to be included in the report that would audit Oando.....

Kemi told him no, that President, said he shouldn't because he hasn't given the go-ahead..

Hence he was suspended for his stiffnecked soul......

Diploma Kemi of east london poly is corrupt. Her boss Buhari is corrupt. Her send boss fake pastor vp osinbajo who she reports to is the most corrupt.

eagleeye2:

Simply by reading the article. Why not allow the forensic audit to go on if there is nothing to hide?
Why not give her instructions to Gwarzo in writing? I guess fear of Maina part 2.
Why even resurrect the petition now and suspending Gwarzo, when he has insisted on going ahead with the audit?
WHAT ARE THE HIDING?

So at this age u just read & believe any article fish,hook,line & sinker?