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SEC suspends ONDO AGM

The Securities and Exchange Commission has officially suspended the  2019 Annual General Meeting of Oando Plc.

In a statement issued by the apex regulator of the market, it cited the Ex-parte Order of the Federal High Court, Ikoyi Lagos as the basis for its decision.

The SEC Nigeria statement reads “The Securities & Exchange Commission (‘the Commission’)hereby notifies the public that further to the Ex-parte Order of the Federal High Court, Ikoyi Lagos in the SUIT NO: FHC/L/CS/910/19 IN MR. JUBRIL ADEWALE TINUBU & ANOR V SECURITIES & EXCHANGE COMMISSION & ANORthe Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges)scheduled to hold at the Zinnia Hall, Eko Hotels and Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island, Lagos 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 states that it will update relevant stakeholders and the public on the outcome of the ongoing litigation”.

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