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Wale Tinubu still Oando GCE following successful 40th AGM
  • Post by Admin on sunday, March 05, 2015





Creating value for shareholders in today’s world has evolved from merely delivering on the bottom line to building a reputable company / brand worth investing in. Reputation is what drives this evolution. Global corporate scandals have reinforced the power the media wields in either making or marring a brand. A typical case study is Oando PLC.

At the company’s successfully concluded 40th Annual General Meeting held on Monday, September 11, 2017 at Ibom Hall, 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. He explained that the media were sub-consciously doing more damage than good to the investment of many Nigerians by reporting news without verification from parties invoiced.

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, Alhaji Dahiru Managal and Ansbury Inc, further requested a postponement of the company’s 40th Annual General 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. Speaking at the AGM, Mrs. Bisi Bakare, 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.

Shareholders voted unanimously to all resolutions, expressing confidence in the management team, led by the Group Chief Executive Officer, Wale Tinubu, and retaining the company’s Board of Directors Shareholders requested a quick resolution to the issues with the petitioners to enable Oando’ management focus on building the brand. To reinforce their support of the brand shareholders could be heard chanting praises as the Group Chief Executive, Wale Tinubu spoke.

They further commended the management for delivering on their promise to return the company to profitability by the end of 2016 and continuing with this positive trend in 2017 saying ‘’We request that you protect our interests, we believe in your leadership and ability as we await good returns on our investment.’’

Speaking on the petitions the GCE said; “As a reputable company, our approach is not to respond to every allegation in the media, allegations need to be delivered to the company in a particular format before we can respond. The petitioners requested a postponement of our AGM, but we provided the SEC with all the information required and we were cleared to hold the AGM.’’

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 protest outside the venue carried out by non-shareholders as all shareholders were allowed access to the venue to raise their legitimate concerns to management and the Board.  The protest lost steam after 15 minutes when the protestors quietly dispersed without causing any disruption to the AGM. However before dispersing key 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.

The GCE thanked the shareholders for their continued support of the Company in the challenging times and assured them that the management team will focus on sustaining the company’s profitability and ensuring returns to shareholders.

“As your management team we assure you that our main focus will continue to be geared towards sustaining your Company’s profitability and ensuring adequate return for you our esteemed shareholders. Our story has always been one of resilience, innovation and growth, and I assure you that we are fully committed towards positioning your Company towards sustained growth moving forward,” Tinubu said.

Photo Caption: Wale Tinubu

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