Business
Oando AGM: Shareholders Applauded Wale Tinubu Led Management
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.
Oando AGM: Shareholders Applauded Wale Tinubu Led Management-Crystal News
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.
It was a seven-star performance for Chain Reactions Africa (CRA), one of Africa’s leading Public Relations and Integrated Communications Consultancy as it took home seven African SABRE trophies, more than any other public relations firm in Africa in the 2024 competition.
The awards which were held at the end of the annual African Public Relations Association (APRA) Conference, were presented by Provoke Media, organisers of the awards in Basam, Abidjan, Cote D’Ivore on May 16th 2024.
The work covered campaigns for the Lagos Metropolitan Area Transport Authority (LAMATA), and its Lagos Blue Rail, 9mobile’s The Hack – Expand Your Hustle’, ‘Taming the Bull’ for the Presidency, ‘Next Era of Happiness’ for leading biscuit company, Pladis Foods Nigeria Limited.
Receiving the awards on behalf of Chain Reactions and its clients, was its Managing Director/Chief Strategist, Israel Opayemi, who noted that this is a seven-star performance by Chain Reactions Africa at the 2024 SABRE Awards.
In his comments Opayemi said “to emerge as the highest winner at the 2024 edition of the award with seven SABRE Awards is humbling as well as exciting for us at Chain Reactions Africa. We are immensely proud to be honoured on such a global platform like the SABRE awards which is the holy grail of Public Relations globally as the awards programme is dedicated to benchmarking the best PR works across the globe.”
He continued, “I am making a three-fold dedication of these multiple trophies to our clients who believe in us, my team members who do the brave works relentlessly and our dear country Nigeria. Ten years ago, we were at the SABRE Awards in Miami, Florida in the United States watching and applauding as winners took turn on stage. Ten years ago, we were asking for a seat at the table. Today, we are sitting in creative resplendence at the head of the table. Today, we are flying the Nigerian flag on the global stage. We are now a territory of reckon and relevance in the global PR space.”
It seems winning awards is just a Chain Reactions thing, chuckled Arun Sudhaman CEO and Editor-in-Chief of Provoke Media, organizers of the SABRE Awards as Opayemi rose up seven times to receive the awards. The PR consultancy also picked up four Certificates of Excellence in recognition of its work launching the Nigerian Youth Trend Report 2024 known as ‘ARAMANDA’, ‘Next Era of Happiness’, ‘Lagos Blue Rail’, ‘The Hack – Expand Your Hustle’, and ‘Taming the Bull’.
In his reaction, President and Chairman of Council of the Nigerian Institute of Public Relations (NIPR) described the awards by Chain Reactions Africa as “a harvest of honours for Nigeria”. He thanked the Chain Reactions Africa team for their outstanding works saying, “thank you for making us proud.”
Chain Reactions Africa has over the years won several prestigious SABRE awards and has been awarded more than 15 Certificates of Excellence. At last year’s award, the company won CEO of the Year category for the Lagos State Governor, Babajide Sanwo-Olu for use of public relations to tell the story of his administration’s achievements and scooped two Certificates of Excellence in the Corporate Image category for the ‘Momentum Campaign’ for Cellulant, a flagship payment solution provider; and ‘Marketing to Consumers’ category for ‘The #NaijaHighlandah Campaign’ for William Lawson’s, Scotch Whiskey brand.
The 2024 Africa SABRE Awards shortlist included more than 120 campaigns, selected from over 500 entries in this year’s competition, which recognises Superior Achievement in Branding, Reputation and Engagement. The campaigns were evaluated by a jury of industry leaders.
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