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OANDO HOLDS ANNUAL GENERAL MEETING -Shareholders applauded Wale Tinubu led Management

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4 years ago

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Oando plc has finally  successfully concluded its long-awaited 42nd Annual General Meeting (AGM), at the Wings Office Complex, Victoria Island, Lagos, the meeting was held today  Tuesday, August 31, 2021
The company’s AGM comes in the wake of an out-of-court settlement with the Securities and Exchange Commission (SEC) who hitherto, suspended the company’s AGM in 2019.
In line with COVID restrictions on large gatherings, shareholders were represented by proxies of their various associations at the AGM. Leaders of the various shareholders and proxies, including Engr. Patrick Ajudua, Alhaji Kabiru Tambari and Boniface Okezie, were united in their support for the company and applauded the management team for resolving its dispute with the regulator, thereby enabling them gain oversight into the company’s activities.
They further encouraged management to keep up the good work and focus on creating value for shareholders.
In his address and response to shareholders observations and inquiries by those present and streaming the event live, the Chief Executive, Jubril Adewale Tinubu, commented on the financials and quarterlies pending release and publishing since 2018.
He stated that the publishing of three quarterly results in 2019 was underway but it was eventually suspended due to the fact that under the SEC regulations, quarterlies cannot be published in the absence of an audited base.
Furthermore, he assured that over the next six months, there would be rapid disclosure information as the company would be rounding up with the audit and release of the financials from 2019 to 2020, after which the company will be prepared and ready to be compliant by June of 2022 to provide 2021 financials as at when due.
In his comment, he stated that, upon the approval of “the 2019 financials, the quarterlies will be released immediately, the audits will be completed and the notice for the 2020 financials to be done will be published, so that the quarterlies for 2020 can be released.”
Other resolutions passed at the AGM include the re-election of directors, the election of members of the audit committee and the approval of non-executive directors’ remuneration.
Three (3) directors were re-elected by shareholders present and through proxy, including HRM Oba M.A. Gbadebo. The annual remuneration of the Chairman was fixed at N5 million, while for other non-executive directors, it was fixed at N4 million.
A resolution was also passed to give directors the mandate to authorize transactions with related parties and interested persons. In addition, Ernst and Young was re-appointed as auditors of the company.

Speaking at the AGM, Patrick Ajudua said: “I thank the management of Oando for remaining resilient during the trying period. They worked tirelessly to see us through these issues. It is in light of this that we, the shareholders, are delighted and supportive of the management.”
All resolutions passed at the AGM were approved including the re-appointment of Ernst and Young as auditors, the Directors were authorized to fix the auditors remuneration; election of Dr. Ainojie Irune to the Board of Directors; re-election of HRM M.A. Gbadebo (CFR), Mr. Olufemi Adeyemo and Mr. Tanimu Yakubu as Directors; election of audit committee members, and approval of the remuneration of non-Executive Directors.
One topic that resonated with all shareholders at the meeting was the need for dividends in the near future. Speaking on this, Mr. Sunny Nwosu an Oando shareholder said: “The best thing that would happen to us following the resolution of the SEC dispute is to declare a dividend for shareholders. It will be in the interest of shareholders if this is brought up at the next AGM.”
In his response to shareholders’ comments, Adewale Tinubu, the GCE, Oando PLC, said; “Teamwork, Respect, Integrity, Passion and Professionalism are things (core values) we take seriously.
Our ethos as a corporation has been driven by these values, and the company has evolved and succeeded year after year. The ultimate test of our capacity to be sustainable is having challenges.
We’re ready to face them and deal with them when they come; ready to ensure that we apply these same principles and maxims in dispute resolution. We appreciate everyone who played an active role in enabling us to reach a resolution with the SEC.”
He assured the shareholders of management’s commitment towards creating value for and protecting the interest of all shareholders.

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State of Emergency in Rivers: Akpabio, Dickson in heated argument

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18 hours ago

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March 20, 2025

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The President of the Nigerian Senate, Godswill Obot Akpabio and Senator Seriake Dickson were, on Thursday, locked up in a heated argument over the provision of Senate Rules in the handling of debate on the State of Emergency in Rivers State.

As the Senate convened for plenary, Leader Michael Bamidele Opeyemi moved a motion for the Order Paper to be re-ordered to enable the Senate to handle the debate on the state of emergency before any other motion itemized for legislative action.

As Bamidele stood to point out the relevant order, Seriake Dickson\, representing Bayelsa Central Senatorial District and former governor of Bayelsa State raised a point of order, to which Akpabio was hesitant to oblige.

The angry Akpabio reminded Seriake Dickson in a witty manner, how he watched him on television saying he would not go the way of the Senate on the state of emergency in Rivers, even as Dickson insisted on getting the Senate President’s attention through a point of order.

Akpabio said: “Senator Seriake Dickson, let’s not argue, if we argue it won’t be good for any of us.

“We are all distinguished people, you were a former governor, I was a former governor. Please turn off your mic and sit down. I watched you on television. You said, whatever the Senate does, the Senate will never go with you.

“I said you said whatever the Senate does, the Senate will never have your vote.

“I don’t know but if you have already made up your mind to go on television when the Senate has not done anything or considered any issue, I am not arguing with you, but I say, please allow me to preside.

Replying to the Senate President, Seriake Dickson said: “Mr Senate President, you know we must have mutual respect for all our colleagues, and I do have regard for you, particularly, as our presiding officer and I think that should be reciprocal.”

Dickson said the point of order he raised was to draw the attention of Senators to the provision on the need to first break into a closed-door meeting.

The motion to close the door was immediately raised by the Senate Leader and seconded by the minority leader, Senator Abba Moro and the Senate went into a closed-door session.

https://x.com/i/status/1902686188504252855

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Death toll in Abuja CNG tanker explosion rises to eight

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18 hours ago

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March 20, 2025

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The Federal Capital Territory (FCT) Emergency Management Department has confirmed that the death toll from the Abuja truck explosion has risen to eight.

The accident, which occurred on Wednesday evening near Karu Bridge along the Abuja-Keffi Expressway, involved a Compressed Natural Gas (CNG)-laden truck and multiple vehicles.

Acting Director General of the FCT Emergency Management Department (FEMD), Abdulrahman Mohammed, provided the update on Thursday while addressing journalists at the scene.

Earlier, the FCT Police Command, through a statement signed by its spokesperson, SP Josephine Adeh, reported six fatalities and the destruction of 14 vehicles in the explosion. However, Mohammed clarified that among the initial six casualties, four were burned beyond recognition. Two additional victims, who were initially rescued, succumbed to their injuries on Thursday morning, bringing the total fatalities to eight.

“Five people were confirmed dead at the scene yesterday. One more passed away later, making six. Then this morning, after further checks, we discovered that two more had died, bringing the total to eight. Four of the victims from yesterday were burned beyond recognition,” he explained.

He also confirmed that 30 others were receiving medical treatment at various hospitals across the FCT. According to him, eight victims are being treated at Karu General Hospital, 10 at Customs Hospital, 11 at the National Hospital, and one at Aso Clinic.

Mohammed further stated that officials were checking other hospitals, including Asokoro Hospital, to verify if additional victims had been admitted.

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Sirajo Jaja, Bauchi accountant-general in EFCC custody for ‘N70bn fraud’

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18 hours ago

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March 20, 2025

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Sirajo Jaja, the accountant-general of Bauchi State is currently in the custody of the Economic and Financial Crimes Commission (EFCC) for alleged fraud.

Jaja, was arrested alongside one Aliyu Abubakar, an unlicensed bureau de change (BDC) operator, and Sunusi Ibrahim Sambo, a point of sale (PoS) operator.

The three individuals were apprehended in Abuja on Wednesday, with investigations pointing to a massive fraud involving the diversion of public funds and money laundering amounting to N70 billion.

EFCC spokesperson Dele Oyewale confirmed the arrests, and sources within the commission revealed that the investigation centers on the alleged movement of N59 billion, which was withdrawn from various bank accounts opened by Sirajo Jaja on behalf of the Bauchi State government.

The funds were allegedly funneled through Abubakar and Sambo, who made cash payments to political party agents and associates of Bauchi State Governor Bala Mohammed.

Additionally, Abubakar, who had previously jumped bail, was rearrested in connection with the case.

The EFCC is also looking into Governor Bala Mohammed’s involvement in the scandal.

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