Reps to probe Oando, Ausbury shareholders’ controversy
by KEHINDE AKINTOLA, Abuja
September 20, 2017 | 6:32 pm| | | Start Conversation
The House of Representatives on Wednesday unveiled plans to investigate the ongoing controversies surrounding the ownership structure and share values of Oando Oil Plc.
Some of the parties invited by the Committee include: Munir Gwarzo, Director General of Security and Exchange Commission (SEC) and other management team, with the view to provide detailed information into the controversy.
Tony Nwulu, Deputy Chairman, House Committee on Capital Market and other Institutions in a letter with Ref. number: HOR/CCMI/0050/17/9 and addressed to the SEC Director General on September 19, the deputy chairman of the committee, Tony Nwulu (PDP-Lagos) who signed the letter cited media reports regarding the said controversy over the share values and ownership structure of Oando as being contested by one Gabriel Volpi of Ausbury Investment against Wale Tinubu, Group Chief Executive Officer of Oando Oil.
The committee in its letter made available to newsmen noted with dismay, the protests that characterised the company’s recent Annual General Meeting in Uyo, and the number of petitions forwarded to it by concerned individuals and groups within the capital market sector of the economy.
“You may also recall the various petitions before the Annual General Meeting (AGM), protests and counter protests during the event in Uyo, Akwa Ibom state on September 11, 2017 and the unsavoury details emanating therefrom.
“Arising from the above, the committee has been inundated with petitions from far and wide by the concerned public, stakeholders, shareholders, investment and analysts.
“In cognisance of our oversight responsibility and the need to restore investors confidence in the company, we are mostly strongly constrained to invite you and your management to appear before the House Committee on Capital Market and Institutions on Tuesday, 26 September, 2017 by 12pm prompt,” the letter read.
When contacted, Tajudeen Yusuf, chairman, House Committee on Capital Market and Institutions who confirmed the Committee’s itinerary, explained that the Committee’s intervention was aimed at peaceful resolution of the controversy between Oando Oil Plc and Ausbury investment.
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