Shareholders ask Oando to settle rift with Ansbury

A group of shareholders yesterday called on the management of Oando Plc to settle its lingering rift with its foreign investor, Ansbury Investments Incorporated.

Ansbury, which is a majority shareholder in Ocean and Oil Development (BVI), holds 99 per cent of OODP Nigeria and 56 per cent equity stake in Oando Plc, an entity with dual listing on the Nigerian Stock Exchange (NSE) and Johannesburg Stock Exchange ( JSE).

In September 2017, Ansbury petitioned the Securities and Exchange Commission (SEC) over alleged corporate governance abuse by the management of Oando Plc.

Ansbury’s petition led to the suspension of Oando on both the NSE and the JSE. SEC also ordered a forensic audit of the oil firm.

The group of shareholders, who called themselves Concerned Oando Shareholders, asked the management of the company to open talks with Ansbury Investments with a view to resolving the dispute.

Spokesman of the group, Atobatele Musibau, said yesterday in Lagos that the prolonged media war, protests and unnecessary bickering between the management of Oando and Ansbury is not serving the best interest of shareholders and that of the company.

According to Musibau, “These days, Oando is always in the news for the wrong reasons. The negative exposure the company has experienced for almost one year running has a telling effect not just on the shares, but the entire fortune of the company.

“The earlier this matter is resolved the better for the company and its shareholders. Whether the management of Oando likes it or not, this unending war of attrition has impacted and will continue to impact the company negatively.