Oando PLC’s Court Hearing Adjourned to October 2023

Oando PLC, the leading indigenous energy group in Nigeria, has announced that the Federal High Court in Ikoyi, Lagos Division has further adjourned the hearing of a petition filed against the company.

The court has rescheduled the hearing to the 10th of October 2023, allowing Oando PLC to report its compliance with the court’s previous order and provide an update on the status of its Scheme of Arrangement.

The petition, filed on the 25th of March 2021 by Venus Construction Company Ltd and thirteen other shareholders, raises concerns about Ocean and Oil Development Partners (OODP) and Oando PLC.

Acting on behalf of minority shareholders, Venus Construction Company Limited initiated the legal action under sections 353, 354, and 355 of the Companies and Allied Matters Act 2020 (CAMA). OODP, the majority shareholder of Oando, and the company itself are listed as the respondents in the case.

This adjournment will allow Oando PLC to comply with the court’s order issued on the 7th of June 2022 and provide a comprehensive report to the court.

The company aims to address any outstanding issues and keep the court informed about the progress of its Scheme of Arrangement. Oando PLC remains committed to resolving the matter in a transparent and lawful manner.