OANDO PLC - Oando PLC Challenges the Securities and Exchange Commissions Ruling

Oando PLC Challenges the Securities and Exchange Commission’s Ruling

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”)




Oando PLC Challenges the Securities and Exchange Commission’s Ruling on the Outcome of the
Forensic Audit into Oando PLC


Our attention has been drawn to a press release published by the Securities and Exchange Commission
(SEC) on Friday, May 31, 2019 “Press Release on “Investigation of Oando PLC (the Company)”.

In the statement, the Commission confirms the conclusion of its investigations and that the findings from
the report reveal serious infractions by the Company and as part of measures to address these violations,
the Commission has directed penalties as follows:

    1. Resignation of the affected Board members of Oando Plc,
    2. The convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new
       directors,
    3. Payment of monetary penalties by the company and affected individuals and directors,
    4. Refund of improperly disbursed remuneration by the affected Board members to the company,
    5. Bar of the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer
       (DGCEO) of Oando Plc from being directors of public companies for a period of five (5) years.

Oando is of the view that these alleged infractions and penalties are unsubstantiated, ultra vires, invalid
and calculated to prejudice the business of the Company. The Company has not been given the opportunity
to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any)
were made in relation to the alleged infractions and defend itself accordingly before the SEC.

The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining
committed to act in the best interests of all its shareholders.




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

For Oando PLC
Ayotola Jagun
Chief Compliance Officer & Company Secretary
Lagos
3 June 2019
Sponsor: Sasfin Capital (a member of the Sasfin Group)

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