Oando plc has finally successfully concluded it’s long-awaited 42nd Annual General Meeting (AGM), at the Wings Office Complex, Victoria Island, Lagos, the meeting was held on Tuesday, August 31, 2021
The company’s AGM comes in the wake of an out-of-court settlement with the Securities and Exchange Commission (SEC) who hitherto, suspended the company’s AGM in 2019.
In line with COVID restrictions on large gatherings, shareholders were represented by proxies of their various associations at the AGM. Leaders of the various shareholders and proxies, including Engr. Patrick Ajudua, Alhaji Kabiru Tambari and Boniface Okezie, were united in their support for the company and applauded the management team for resolving its dispute with the regulator, thereby enabling them gain oversight into the company’s activities.
They further encouraged management to keep up the good work and focus on creating value for shareholders.
In his address and response to shareholders observations and inquiries by those present and streaming the event live, the Chief Executive, Jubril Adewale Tinubu, commented on the financials and quarterlies pending release and publishing since 2018.
He stated that the publishing of three quarterly results in 2019 was underway but it was eventually suspended due to the fact that under the SEC regulations, quarterlies cannot be published in the absence of an audited base.
Furthermore, he assured that over the next six months, there would be rapid disclosure information as the company would be rounding up with the audit and release of the financials from 2019 to 2020, after which the company will be prepared and ready to be compliant by June of 2022 to provide 2021 financials as at when due.
In his comment, he stated that, upon the approval of “the 2019 financials, the quarterlies will be released immediately, the audits will be completed and the notice for the 2020 financials to be done will be published, so that the quarterlies for 2020 can be released.”
Other resolutions passed at the AGM include the re-election of directors, the election of members of the audit committee and the approval of non-executive directors’ remuneration.
Three (3) directors were re-elected by shareholders present and through proxy, including HRM Oba M.A. Gbadebo. The annual remuneration of the Chairman was fixed at N5 million, while for other non-executive directors, it was fixed at N4 million.
A resolution was also passed to give directors the mandate to authorize transactions with related parties and interested persons. In addition, Ernst and Young was re-appointed as auditors of the company.
Speaking at the AGM, Patrick Ajudua said: “I thank the management of Oando for remaining resilient during the trying period. They worked tirelessly to see us through these issues. It is in light of this that we, the shareholders, are delighted and supportive of the management.”
All resolutions passed at the AGM were approved including the re-appointment of Ernst and Young as auditors, the Directors were authorized to fix the auditors remuneration; election of Dr. Ainojie Irune to the Board of Directors; re-election of HRM M.A. Gbadebo (CFR), Mr. Olufemi Adeyemo and Mr. Tanimu Yakubu as Directors; election of audit committee members, and approval of the remuneration of non-Executive Directors.
One topic that resonated with all shareholders at the meeting was the need for dividends in the near future. Speaking on this, Mr. Sunny Nwosu an Oando shareholder said: “The best thing that would happen to us following the resolution of the SEC dispute is to declare a dividend for shareholders. It will be in the interest of shareholders if this is brought up at the next AGM.”
In his response to shareholders’ comments, Adewale Tinubu, the GCE, Oando PLC, said; “Teamwork, Respect, Integrity, Passion and Professionalism are things (core values) we take seriously.
Our ethos as a corporation has been driven by these values, and the company has evolved and succeeded year after year. The ultimate test of our capacity to be sustainable is having challenges.
We’re ready to face them and deal with them when they come; ready to ensure that we apply these same principles and maxims in dispute resolution. We appreciate everyone who played an active role in enabling us to reach a resolution with the SEC.”
He assured the shareholders of management’s commitment towards creating value for and protecting the interest of all shareholders.
Nigeria’s Inflation Rate Falls To 17.01% In August 2021
Nigeria’s inflation rate in August this year dropped to 17.01% compared to 17.38% reported in July 2021 says National Bureau of Statistics (NBS).
The fall represents the fifth consecutive decline in the rate of inflation recently recorded in Nigeria.
The latest figure is 0.37% represents lower than what was recorded in the previous month. Meanwhile, on a month-on-month basis, the headline index increased by 1.02% in August 2021, this is 0.09% higher than the rate recorded in July 2021 (0.93%).
The urban inflation rate increased by 17.59% (year-on-year) in August 2021 from 18.01% recorded in July 2021, while the rural inflation rate increased by 16.43% in August 2021 from 16.75% in July 2021.
On a month-on-month basis, the urban index rose by 1.06% in August 2021, up by 0.08% points compared to the rate recorded in July 2021 (0.98%), while the rural index also rose by 0.99% in August 2021, up by 0.12% points compared to the rate that was recorded in July 2021 (0.87%).
Food inflation Rate
The closely watched index, which measures the rate of change in the prices of food items in the country, dropped to 20.3% in August 2021, compared to 21.03% recorded in the previous month.
According to the report, the rise in the food index was caused by increases recorded in the price of bread cereals, milk, cheese and egg, oil and fats as well as tea and cocoa.
The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.41% in August 2021, down by 0.31% when compared with 13.72% recorded in July 2021.
The Central Bank Governor Godwin Emefiele said on Tuesday at the 14th Annual Banking and Finance Conference that the declining inflationary trend has reflected several measures put in place by the fiscal and monetary authorities.
Recall that the Monetary Policy Committee had kept the country’s monetary benchmark rate constant at 11.5% in a bid to expand the economy from the recession recorded in the third quarter of 2020. He however stated during the last MOC meeting that the committee had hoped for a faster moderation in the inflation rate than is being recorded.
Sanwo-Olu Signs VAT Bill Into Law
Lagos State Governor Babajide Sanwo-Olu on Friday signed into law the State VAT Bill.
By this act, the Bill has now become a Law to impose and charge VAT on certain goods and services.
Consequently, Lagos State Internal Revenue Service (LSIRS) has been empowered to administer and implement the law and account for money collected in accordance with the law.
The VAT law titled, “Lagos State Value Added Tax Law: A Bill for a Law to Impose and Charge Value Added Tax On Certain Goods And Services, Provide for the Administration of the Tax and for Related Matters,” empowers the state to charge VAT at the rate of six per cent on the value of goods and services in the state.
It also states that “the value of taxable goods and services shall be determined in the following ways: where the supply is for a money consideration, its value shall be deemed to be an amount which with the addition of the tax chargeable is equal to the consideration.”
The law further states that revenue accruing from VAT would be shared on a ratio of 75 per cent to 25 per cent between the state government and the Local Government Council Areas.
Meanwhile, a Federal High Court in Port Harcourt in August delivered a judgment restraining the FIRS from collecting VAT and personal income tax in Rivers State.
FIRS on Wednesday said it has appealed the judgment which held that it does not have the right to collect VAT in the state.
“Be assured that FIRS has filed an appeal and that one is in process and that is why we are not able to speak,” FIRS Group Lead, Special Tax Operations, Matthew Gbonjugbola told a news conference on Wednesday.
MTN Group Announces Mobile Money Partnership With Flutterwave
MTN has announced a mobile money partnership with Africa’s leading payments technology company, Flutterwave. This partnership will allow businesses integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda, and Zambia to receive payments via MTN Mobile Money (MoMo).
MTN MoMo is a fintech platform providing consumers and businesses with an electronic wallet, enabling electronic transfers and payments as well as access to digital and financial services. At the end of June 2021, MTN MoMo had 48.9 million active users and 581,514 merchants. MoMo enables businesses to accept and make payments within the mobile money ecosystem. This new partnership will enable Flutterwave to offer MTN Mobile Money as a payment method to its business customers.
In recent years, Africa has witnessed an explosion in mobile penetration as smartphone adoption has risen rapidly. According to the GSMA, this year Africa will hit the half a billion mark of unique mobile subscribers, and the continent will reach 50% subscriber penetration by 2025. Sub-Saharan Africa alone is responsible for more than 45% of the world’s mobile money accounts with the number of account holders exceeding half a billion by 2020, as shared on Statista.
Through this partnership, MTN and Flutterwave aim to positively contribute to this trend by increasing mobile money usage and penetration in Africa to improve local economies and livelihoods as well as create opportunities for individuals and businesses across the continent.
Commenting on the partnership, Serigne Dioum, MTN Group Chief Digital, and Fintech Officer said: “As we progress on our journey to becoming the largest fintech platform in Africa, we will empower millions of businesses to embrace e-commerce in our markets to accept digital payments from MoMo consumers. We believe this is an enabler to accelerating digitized payments in Africa. Building strong ecosystems through partnerships is central to our platform strategy and we will continue to invest in expanding the reach of our platform to consumers and businesses in Africa.”
Commenting on the collaboration, Olugbenga “GB” Agboola, Founder and CEO of Flutterwave, said: “Africa has one of the highest growth rates for mobile money adoption and e-commerce in the world. It makes sense that we help provide a seamless payment method to support and ensure African businesses reap the full benefits of the e-commerce boom in the region. Our goal has always been to grow a new wave of prosperity in Africa by creating more avenues for businesses in Africa to accept payments. With this partnership, we can achieve this while creating endless possibilities for our customers.”
The new partnership will further expand on Flutterwave’s previous collaboration with MTN, beyond Uganda and Rwanda – with the potential of deepening adoption of digital payments and e-commerce in Africa, a sector expected to reach $29 billion by 2022, according to Statista.
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