Contrary to some media reports, the protest that occurred outside the venue of Oando’s Annual General Meeting held in Ibom Hall, Uyo, Akwa Ibom State, on Monday, September 11, 2017 was carried out by non-shareholders.
National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunday Nwosu, who attended the AGM alongside other members of ISAN, and other stakeholders in the capital market; including representatives of the Securities and Exchange Commission, stated that no genuine shareholder of Oando Plc was among the protesters.
Nwosu noted that the protesters, who chanted outside Ibom Hall for about 15 minutes, dispersed after he engaged them and advised them to write officially to Oando’s Company Secretary if they had genuine complaints.
He said, “The AGM was very successful, nothing more. We discussed all the issues that needed to be discussed and we voted to keep the management and the board. The protest that happened outside the venue was carried out by non-shareholders who did not have any business being there in the first place. I went out and spoke with the protesters and it turned out that there was no shareholder amongst them and therefore they could not gain access into the meeting. I told them that if they were shareholders, they would have known that the right way to raise their concerns about Oando is to officially write to the company secretary. The protest did not disrupt the meeting in anyway.”
A representative of Oando stated that these protesters were invited into the AGM to raise their concerns directly to management and the Board, but were unable to show the relevant shareholder accreditation that would give them access to the venue.
The protesters failed in their attempt to disrupt Oando’s AGM; which was concluded successfully with all resolutions being unanimously passed, and the shareholders voting to retain Wale Tinubu, the Oando management team and the board.