AGM: Oando shareholders task govt on oil theft, insecurity
Sopuruchi Onwuka
Owners of indigenous energy independent firm, Oando Plc, have required the government to explore workable partnerships in addressing the rising incidents of oil theft and facility vandalism in the petroleum industry.
Representatives of shareholder blocs who spoke at the company’s 43rd annual general meeting hosted at the Wings Complex in Lagos all deplored the recurrent issue of insecurity in the country such as vandalism, banditry, and terrorism amongst others.
Shareholders were represented by proxies of their various associations at the AGM in line with COVID safety protocols.
The investors suggested that government should partner public and private sector stakeholders to resolve the insecurity issues which they said are crippling the economy.
A shareholder, Mr Patrick Ajudua, said: “I’m worried about the issue of oil theft. This implies that the company is losing so much money to oil theft. This also makes it difficult for the country to meet the OPEC quota and negatively impacts our GDP. I applaud the approach by NIMASA in using their aircraft to track vandalism. I believe that when various stakeholders join forces, we’ll have a resolution to this issue.”
He restated his support to Oando management saying:“I want to assure you of our support to Oando and once we can solve these lingering issues of oil theft, we will be able to enjoy the fruit of our labour.”
The shareholders who spoke at the event described the AGM as very successful and further expressed confidence in the management of the company for the piloting the affairs towards greater value creation for all stakeholders.
They approved all resolutions proposed at the AGM and also commended the company on creating space for gender balance in the leadership of the company. They specifically commended Oando’s management on appointing two women to the Board of Directors. Some of the proposed resolutions included the election of Mrs. Nana Fatima Mede and Mrs. Ronke Shokefun as Non-Executive Directors.
Others who were also elected into the board and management of the company include Adeola Ogunsemi who was elected an Executive Director; Messrs Ike Osakwe, Ademola Akinrele and Dr. Ainojie Irune who were re-elected Directors.
Other resolutions include the election of audit committee members, and the approval of the remuneration of non-Executive Directors.
Patrick Ajudua an Oando shareholder said: “I want to commend the management for the appointment of Mrs. RonkeShokefun and Mrs. Nana Mede as Directors, and we hope that they will bring value to us.”
Buttressing Mr. Patrick’s comment, Dr. Farouk Umar, an Oando shareholder said; “I thank you for bringing two women to the board. This is a happy development, I hope that when we have a casual vacancy, we should fill it with a woman.”
Leaders of the various shareholders and proxies also encouraged Oando’s management to focus on corporate actions that would be beneficial to all.
Specifically, one shareholder applauded the company’s recent partnership with Lagos State for the launch of electric mass transit buses. They also encouraged the management team to maintain its tenacity in striving for company growth.
In addition, the motion to re-elect Ernst and Young (EY) as Auditors of the company wasn’t proposed following confirmation by the representative of Ernst and Young, Mrs. Ester Ajibola, that EY has resigned as auditors of the company following years of successful service.
She confirmed that the resignation had nothing to do with Oando or its management. She said, “there are no circumstances connected with the resignation that should be brought to the notice of the members or creditors of the Company.’’
Thus, inconsideration of withdrawal of EY, Oando confirmed the appointment of BDO Professional Services as its Auditors
In response to shareholders statements, the Group Chief Executive of Oando Plc, Adewale Tinubu, reaffirmed the management’s commitment to continually do what’s in the best interest of shareholders.