New Telegraph

February 22, 2024

Oando reaffirms commitment to value creation for shareholders

Oando Plc has reiterated its resolve to continue to create value for its shareholders. T he board and management of the company gave the promise during its 43rd Annual General Meeting (AGM), which held in Lagos on Wednesday. In line with COVID-19 safety protocols, shareholders were represented by proxies of their various associations at the meeting. All resolutions proposed at the AGM were approved, including the election of Mrs. Nana Fatima Mede and Mrs. Ronke Shokefun as Non- Executive Directors, the election of Adeola Ogunsemi as an Executive Director, the re-election of Ike Osakwe, Ademola Akinrele and Dr. Ainojie Irune as Directors, the election of audit committee members, and the ap-proval of the remuneration of non-Executive Directors. Speaking at the meeting, the company’s Group Chief Executive, Adewale Tinubu, commended the shareholders for their patience especially during its suspension while reaffirming the management’s commitment to continually do what is best in the best interest of its shareholders.

While commending the management for appointing two women to the Board of Directors, shareholders raised the issue of insecurity and urged the company to partner with various stakeholders both in the public and private sectors to resolve this issue, which they described as crippling the economy.

A shareholder, Patrick Ajudua, said: “I am worried about the issue of oil theft. This implies that the company is losing so much money to oil theft. This also makes it difficult for the country to meet the OPEC quota and negatively impacts our GDP. I applaud the approach by NIMASA in using their aircraft to track vandalism. I believe that when various stakeholders join forces, we will have a resolution to this issue. “I want to assure you of our support to Oando and once we can solve these lingering issues of oil theft, we will be able to enjoy the fruit of our labour.” In addition, the motion to re-elect Ernst and Young (EY) as Auditors of the company wasn’t proposed following confirmation by Mrs. Esther Ajibola, the representative of Ernst and Young at the AGM, that EY has resigned as auditors of the company following years of successful service.

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