Oando Board Crises: Wale Tinubu Remains CEO Admits Turbulent AGM

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Wale Tinubu

 

The management team of Oando Plc led by its embattled chief executive officer, Wale Tinubu, yesterday, retained their positions admits strong protests at the venue of the just concluded 40th Annual General Meeting, AGM, of the public quoted oil company.

Speaking at the AGM held in Uyo, Akwa Ibom State, Mr Adeleke Oladimeji, a shareholder of Oando PLC expressed concern on how media reports are gradually eroding shareholders’ investment in the company.

Recently the media has been agog with the news of Oando Plc and two petitioners alleging gross abuse of corporate governance and financial mismanagement. The petitioners, Mr Volpi, an Italian part owner of Intels Services and Ansbury Inc. requested a postponement of the AGM  pending the close of the Securities Exchange Commission’s (SEC) investigation. However on conclusion of its initial finding, the SEC saw no material evidence that would warrant a postponement of the AGM, further reiterating the company’s position that the petitions lacked merit.

Shareholders requested a quick resolution to the issues with the petitioners to enable Oando’ management focus on building the brand.

In her contribution, Mrs. BisiBakare, a shareholder of the company advised that shareholders resolve their disputes with the company in private to avoid unnecessary sensationalism which would in turn result in loss of money for the company and shareholders.

On the issuance of dividend, Wale Tinubu said; “We reacted to the 2014 fall in oil price by providing a detailed restructuring plan which saw us reduce our overall debt by over 40%. Following the completion of our strategic deleveraging initiatives, we have evolved into a leaner but more focused organization with two core dollar earning entities,” as he assured the the shareholders of returns in the near future.

There was a strong but peaceful protest by placard carrying crowd outside the venue of the AGM, though shareholders were allowed access to the hall without molestation. However, a representatives of the shareholder associations addressed the protestors asking that they raise their concerns the legitimate way either via writing to the Company or by attending the AGM.

 

 

 

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