Electron Native

A Federal High Court sitting in Lagos has adjourned a case brought by local oil firm Oando to stop Nigeria’s financial watchdog, the Securities and Exchange Commission (SEC) from replacing its Chief Executive and making other management changes to July 22, 2019. The SEC’s action followed an investigation in which it allegedly found evidence of financial infractions by the company. This month a court blocked the SEC from replacing Oando’s Chief Executive and taking other action against the oil firm, pending further hearings on the case. Oando has dismissed the SEC charges as unsubstantiated and called for the SEC to release the full audit on which it is basing its charges. The Lagos Bourse-listed Oando, which also has a dual listing in Johannesburg, has evolved from a fuel retailer into a major indigenous oil producer that competes with multinationals such as Royal Dutch Shell and Exxon Mobil in Nigeria. 

The Securities and Exchange Commission (SEC) on Thursday called for mergers among all 125 shareholders associations operating in the Nigerian capital market to form stronger alliances. Igbrude said the association is particular about using mediation, conciliation and negotiation as veritable tools in achieving its set goals and objectives. SEC’s Acting Director-General, Mary Uduk, made the call at the Issuers and Investors Alternative Dispute Resolution Initiative (IIADRI) annual symposium in Lagos last week, saying that mergers would make them stronger and more effective. Source: The Guardian Nigeria The theme of this first annual symposium was : “AGM Optimisation: The Roles of the Company Secretaries, Regulators, Registrars, Auditors, Media, Shareholder Associations and other Stakeholders’’. Represented by Maryam Sallau, Uduk said that mergers would make shareholders’ associations stronger, more influential, effective and also enhance shareholders’ value. ...