Nigeria’s securities regulator suspends Oando’s annual shareholder meeting

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ABUJA – Nigeria’s securities regulator has ordered the suspension of Oando’s annual shareholder meeting due to be held on June 11, the Securities and Exchange Commission said on Monday.

The regulator said in a statement the suspension was due to ongoing litigation.
The SEC in 2017 ordered a probe into Oando following complaints of corporate governance failures and financial mismanagement. Ernst & Young, auditors for the company said last month there was material uncertainty about the energy firm’s ability to continue as a going concern as liabilities exceeded current assets.

Oando’s debt rose to $2.5 billion after acquiring oil and gas assets from U.S. giant ConocoPhillips, increasing finance costs and stalling growth. The company said last year it targets paying down the debt by 90 percent by the third quarter of this year.

The shares slumped 9.7 percent to 4.20 naira at the close of trading in Lagos on Friday. The stock is down 16 percent this year.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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