Shareholders of Oando Plc have commended the management for their effort and commitment towards bringing the company back to profitability.
Speaking during the company’s 41st annual general meeting in Lagos at the weekend, they urged the company to focus on its business activities in sustaining the profitability.
The shareholders called on the management to keep up the good work and avoid distractions and distractors’ intent on destroying the company’s reputation and eroding shareholders’ value.
The former secretary of Independent Shareholders Association of Nigeria, Adebayo Adeleke, commended the management for transforming Oando from a downstream company to a dollar earning upstream focused business.
According to Adeleke, the profit declared in the first half of the year, 2018 has given us hope, I am optimistic that with hard work the company will continue in this stead.
Addressing shareholders, the chairman of the company, Oba Michael Gbadebo, stated that in 2017, the company was focused on sustaining its profitability, leveraging on its core dollar earning businesses, while completing further divestment and restructuring of its loan facilities.
Speaking on the issue surrounding the corporate governance of the company, he said Oando has succeeded in reaching an amicable agreement with its aggrieved shareholder, Alhaji Mangal and have the technical and full suspension of its shares on the Nigerian Stock Exchange (NSE) and Johannesburg Stock Exchange (JSE) lifted.
Also, the group chief executive of Oando, Wale Tinubu, assured the shareholders of management’s commitment towards creating value for and protecting the interest of all shareholders.
All resolutions passed at the AGM were approved including the re-appointment of Ernst and Young as auditors, the directors were authorised to fix the auditors remuneration, appointment of Alhaji Bukar Goni Aji and Mr. Muntari Zubairu to the board of directors, election of audit committee members and approval of the remuneration of non-executive directors.
Tags: Shares, Finance, Oando