Protesters at Oando AGM are not shareholders

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Contrary to some media reports, the protest that occurred outside the venue of Oando’s Annual General Meeting held in Ibom Hall, Uyo, AkwaIbom 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.”

There is some speculation that these protesters may have been paid to disrupt Oando’s AGM, as their protest was short-lived and achieved nothing. A representative of Oando mentioned 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.
This paid protesters stunt is in line with recent activities that seem determined to damage the Oando brand, remove Wale Tinubu and destroy the Company for personal reasons.

Meanwhile, a new video has appeared online showing shareholders of the company queueing to enter the venue, while the protesters stood outside further highlighting that there was no disruption outside or inside the venue.

Despite the short-lived protest, the protesters failed in their attempt to disrupt Oando’s AGM; it was concluded successfully with all resolutions being unanimously passed, and the shareholders voting to retain Wale Tinubu, the Oando management team and the board.

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