OANDO PLC - Results of AGM

Results of AGM

Oando PLC
(Incorporated in Nigeria and registered as an external company in South Africa)
Registration number: RC 6474
(External company registration number 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
ISIN: NGOANDO00002
(“Oando” or the “Company”)


RESULTS OF THE 42nd ANNUAL GENERAL MEETING OF OANDO PLC

Lagos, Nigeria – On Tuesday, August 31, 2021, the following resolutions proposed in the notice to
shareholders, were unanimously passed at the 42nd Annual General Meeting of the Company held at 10:00
a.m Nigerian Time on Tuesday, August 31, 2021:


1. Re-appointment of Auditors

     The Company re- appointed Ernst and Young as its Auditors.

2. Fixing of Auditors’ Remuneration

     The Directors were authorized to fix the Auditors’ remuneration.

3. Election of Director

     Dr. Ainojie Irune was elected to the Board of Directors of the Company with effect from August 7, 2019.

4. Re-election of Directors

     The following directors who retired by rotation, were re-elected as Directors of the   Company:
        • HRM M.A. Gbadebo, (CFR).
        • Mr. Olufemi Adeyemo as a Director.
        • Mr. Tanimu Yakubu as a Director.

5. Election of Members of the Audit Committee

          The following shareholder representatives were elected as members of the Audit Committee for
          the 2019 Accounts:
              • Mr. Olusegun David Oguntoye.
              • Dr. Joseph Asaolu.
              • Dr. Anthony Omoniyi Omojola

          The Board representatives are:
             • Mr. Ike Osakwe
             • Mr. Tanimu Yakubu

6.        Approval of the remuneration of non-executive directors

          The remuneration of the non-executive directors of the Company was fixed at N5,000,000 per
          annum for the Chairman and N4,000,000 per annum for all other non-executive directors, which
          fees are payable quarterly in arrears.
7.      Mandate authorizing transactions with Related Parties/Interested Parties

        Pursuant to Rule 20.8 of the Rulebook of the Nigerian Exchange Limited (2015): Issuers Rules, a
        general mandate was approved, authorizing the Company to procure goods, services and financing
        and to enter into such incidental transactions necessary for its day-to-day operations from its
        related parties or interested persons on normal commercial terms consistent with the Company's
        Transfer Pricing Policy.

        All transactions falling under this category which were earlier entered into prior to the date of the
        meeting were ratified.

8.      Mandate authorizing transactions with Related Parties/Interested Parties

        The Board of Directors of the Company were authorized to negotiate, take all such actions and
        enter into all such transactions, agreements and appropriate settlements with the Securities and
        Exchange Commission in relation to the investigations, findings, dispute and settlement arising
        from and relating to petitions brought by Ansbury Inc. (an investor in Ocean and Oil Development
        Partners Limited (“OODP”) and Alhaji Dahiru Mangal (together the “Petitioners”), against the
        Company and certain of its directors, and to likewise do all things necessary to settle all disputes
        between the Company, the said directors and the Petitioners and to ratify and confirm all actions
        hitherto taken by the management of the Company towards resolving the said disputes.

        Explanatory Note: Ocean and Oil Development Partners Limited, Alhaji Mangal and their affiliates
        did not exercise their right to vote on Resolutions 7 and 8




For further information, please contact:


Ayotola Jagun
Company Secretary
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6159
ajagun@oandoplc.com




Alero Balogun
Head, Corporate Communications
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,


                                                                                                           2
Lagos, Nigeria.
Tel: +234 (1) 270400, ext. 6761
albalogun@oandoplc.com




For Oando PLC
Ayotola Jagun
Chief Compliance Officer & Company Secretary
31 August 2021
Lagos




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Date: 01-09-2021 07:05:00
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