The Nigerian Securities and Exchange Commission (SEC) has suspended the 42nd Annual General Meeting of Oando PLC which was scheduled to take place today the 11th of June 2019.

The Pragmatic Shareholders Association of Nigeria have voiced their displeasure towards the SEC as a result of the suspension.

Their outcry contained in a Press Release document dated the 11th of June 2019 condemned the actions of the SEC as unacceptable, especially owing to the fact that Oando PLC had already planned and paid for the event as far back as May.

“We think it is unacceptable that the SEC chose to make their announcement on the eve of the event. We have members who had come from different parts of the world and it is disheartening to think the SEC did not consider the esteemed Shareholders before deciding to notify the General Public on the suspension of the Annual General Meeting.”

Lastly, the Association called on all other bodies Local, State and Federal to intervene in directing the SEC to act in a manner that is legal, moral and ethical.

This is a draconian system... Under the leadership of Bihari and his supporters there is no respect for the rule of law...