Finance

Oando resolves shareholder dispute, releases 2019 financials

Oando resolves shareholder dispute, releases 2019 financials

OandoNigeria’s leading indigenous energy solutions provider finally released its long-awaited full-year end 2019 and 2020 financial statements. The 3-year delay in the release of the results was precipitated by the Securities and Exchange Commission’s (SEC) suspension of Oando’s 2018 Annual General Meeting (AGM) following a dispute with an indirect shareholder, Ansbury Investment Inc.

The suspension and the attendant issues prevented shareholders from being kept abreast of the company’s operations, a move considered by Oando and its executives as not being in the best interests of the market. 

Read:  Ten simple ways to secure your bank apps from hackers

In July 2021, Oando entered into a settlement with the SEC on all matters subject to litigation and other issues flowing therefrom, thus putting an end to one part of its dispute with Ansbury.  Oando  had noted that the SEC did not find it guilty of any wrongdoing, noting that by way of a settlement, it was able to prevent further market disruption and harm to its shareholders.

Read:  Mouka rewards business partners with scholarships worth N111m

Meanwhile after 12 consecutive quarters of profits up until Q3, 2019, the company reported in its 2019 audited financials a loss-after-tax of N207.1 billion largely attributable to impairments for goodwill and loans associated with the indirect shareholder dispute. The settlement of this long-running dispute led to an impairment of N148 billion on financial assets but forms the final resolution and settlement of the dispute with Ansbury, the indirect shareholder whose actions had significantly destroyed shareholder value over the last four years.

Read:  Sterling Bank grows net profit by 20% in 2021

Sunnews

Related posts

Your funds are safe in banks, CBN assures depositors

NigGal

Transcorp appoints new independent non-executive director

NigGal

Wema Bank’s ALAT hits 1m accounts in one day

NigGal

Polaris Bank’s VULTe wins businessday’s digital bank of the year award

NigGal

Seplat board terminates Avuru’s appointment as non-executive director

NigGal

Zenith, Heritage, 6 others fund SCOA’s N15.5bn truck delivery

NigGal

Leave a Comment