Oando Plc said it has entered into a settlement with the Securities and Exchange Commission (SEC) of all matters subject of litigation and other issues flowing therefrom.
Both parties believe that a settlement is the most appropriate course of action and one that is in the best interest of the Company, its employees, shareholders as well as the capital market.
Also, the Company reached a settlement with the Commission, without accepting or denying liability, on the following terms amongst others: Immediate withdrawal of all legal actions filed by the Company and all affected directors; Payment of a monetary sum; An undertaking by the Company to implement corporate governance improvements.
Submission by the Company of quarterly reports on its compliance with the terms of the Settlement Agreement; the Investments and Securities Act, 2007; the SEC Rules and Regulations; the National Code of Corporate Governance and the SEC Guidelines to the Code of Corporate Governance.
In a statement made available to Businessinsight.new the company said ‘Specifically, the settlement reached by the parties seeks to prevent further market disruption and harm to Oando Plc’s shareholders.
‘’As a result, Oando’s Directors and Management team can now fully focus on business operations whilst continuing to ensure that it is in compliance with all governing statutes.
In the immediate, the Company will be convening its 42nd Annual General Meeting (AGM) to give its shareholders the opportunity to exercise their rights to receive information as well as vote on company affairs.
This has been an extraordinary time in the life of the Company and a defining moment in its relationship with the regulator.
The Company said it recognizes and respects the authority of the Commission and will continue to comply with the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, while always acting in the best interest of all its stakeholders
It would be recalled the Commission in 2019 said it found Oando guilty of serious infractions, thereby barring Mr. Wale Tinubu, the company’s Chief Executive Officer and Mr. Mofe Boyo, its Deputy CEO, from the boards of public companies for five years.
SEC also instituted an interim management to appoint new board of directors and management team for Oando.
