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    OANDO   NGOANDO00002

OANDO PLC

(OANDO)
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OANDO : ENTERS INTO A SETTLEMENT WITH THE SECURITIES & EXCHANGE COMMISSION

07/19/2021 | 12:26pm EDT

Lagos, Nigeria - Oando PLC (referred to as 'Oando' or the 'Company') is pleased to announce that on Thursday, July 15, 2021, the Company entered into a settlement with the Securities and Exchange Commission (referred to as 'SEC' or the 'Commission'), of all matters subject of litigation and other issues flowing therefrom.

Both parties believe that a settlement is the most appropriate course of action and one that is in the best interest of the Company, its employees, shareholders as well as the capital market. Specifically, the settlement reached by the parties seeks to prevent further market disruption and harm to Oando PLC's shareholders.

As a result, Oando's directors and management team can now fully focus on business operations whilst continuing to ensure that it is in compliance with all governing statutes. In the immediate, the Company will be convening its 42nd Annual General Meeting (AGM) to give its shareholders the opportunity to exercise their rights to receive information as well as vote on company affairs.

This has been an extraordinary time in the life of the Company and a defining moment in its relationship with the regulator. The Company recognizes and respects the authority of the Commission and will continue to comply with the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, while always acting in the best interest of all its stakeholders.

Ends.

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

Disclaimer

Oando plc published this content on 19 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 July 2021 16:25:11 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2018 679 B 1 657 M 1 657 M
Net income 2018 24 433 M 59,6 M 59,6 M
Net Debt 2018 200 B 488 M 488 M
P/E ratio 2018 0,01x
Yield 2018 -
Capitalization 62 779 M 153 M 153 M
EV / Sales 2017 0,61x
EV / Sales 2018 0,39x
Nbr of Employees 137
Free-Float 42,6%
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Managers and Directors
Jubril Adewale Tinubu Group Chief Executive Officer & Executive Director
Olufemi Olasupo Adeyemo Chief Financial Officer & Executive Director
Oba Michael Adedotun Gbadebo Chairman
Ayotola Olubunmi Jagun Secretary & Chief Compliance Officer
Tanimu Yakubu Muhammad Independent Non-Executive Director
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