SEC Order Suspension Of Oando Plc Shareholder's Meeting

As part of the ongoing face-off between the capital market regulator and energy firm Oando Plc, the Securities and Exchange Commission (SEC) on Monday asked the energy company to call off its planned shareholder's meeting scheduled to hold on Tuesday, June 11.
In a statement late on Sunday, SEC said the suspension was based on the ongoing litigation over its decision on the energy firm after its investigations which unearth some infractions by key principals of the firm.

The market regulator had a week ago directed the chief executive officer of Oando, Wale Tinubu and his deputy Omamse Boyo to sept down from their position in the company.
SEC also followed up with the setting up of an interim team to supervise the operations of the company and also appoint a new management team and board for the energy firm.
However, Tinubu dragged the capital market to court to retrain it from carrying out its threat to remove him and his deputy from office.
A federal court in Lagos last week stop the regulator from replacing Oando’s chief executive and taking other action against the energy company, pending further hearings on the case.
Tinubu has dismissed the SEC charges as unsubstantiated.
Last month, the SEC ordered Lagos-listed Oando, which also has a dual listing in Johannesburg, to hold an extraordinary meeting before July 1, to appoint new directors after its regulatory action against certain members of the board including Oando’s chief executive.