Oando settles with Nigeria SEC over governance issues
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Nigerian energy company Oando said yesterday it had entered into a settlement with the Securities and Exchange Commission (SEC) of that country, of all matters on the subject of litigation and other issues between them.
“Both parties believe 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. Specifically, the settlement reached by the parties seeks to prevent further market disruption and harm to Oando Plc’s shareholders,” the company said in a statement.
“Oando’s directors and management team can now focus on business operations while continuing to ensure it complies with all governing statutes. In the immediate (term), the company will convene its 42nd annual general meeting,” the statement said.
A statement from the Nigeria SEC said the terms of the agreement with Oando included immediate withdrawal of all legal actions filed by the company and affected directors; payment of a monetary sum; and an undertaking by the company to implement corporate governance improvements and the submission of quarterly reports on its compliance with the settlement agreement and other financial regulations.
The commission had in May 2019 suspended Oando Plc chief executive Wale Tinubu and his deputy over corporate governance infractions. It also suspended the company’s annual general meeting.