Oando Shares Dip 3.8% After SEC Suspends AGM

• Oando Shares Dip 3.8% After SEC Suspends AGM

Price of Oando shares dipped following the decision of the Securities and Exchange Commission (SEC) to suspend the company’s annual shareholder meeting amid fraud accusation.

The company’s share price, which rose 5.26 per cent to N4 on Thursday when a court in Lagos ordered SEC to suspend its ongoing action against the company, declined by 3.75 percent on Monday to close at N3.85 a share after the Annual General Meeting (AGM) slated for Tuesday (today) was suspended.

In the statement released by the capital market regulator on Monday, said it had suspended the AGM due to the ongoing court case.

The statement read, “The Securities and Exchange Commission hereby notifies the public that further to the ex-parte order of the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/CS/910/19 IN Mr Jubril Adewale Tinubu & Anor V Securities and Exchange Commision & Anor, the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold on Tuesday, June 11, 2019 at 10:00am has been suspended till further notice.

“Accordingly, the commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo.”

The commission, therefore, said it would update the public on the outcome of the litigation.