Reps Wade Into Oando/Ausbury Shareholders’ Controversy

The House of Representatives Committee on Capital Market and Institutions has waded into the ongoing controversial ownership tussle between Oando Oil plc and Ausbury investment over the ownership structure and share values of Oando Oil Plc...

To this end, the committee led by Hon. Tajudeen Yusuf has summoned the Director General of the Security and Exchange Commission (SEC), Munir Gwarzo to appear before it and provide detailed information on the matter in contention.

In a letter with reference number: HOR/CCMI/0050/17/9 and addressed to the Commission’s DG on September 19, the deputy chairman of the committee Hon. 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 Mr. Gabriel Volpi of Ausbury Investment against Mr Wale Tinubu, Group Chief Executive Officer of Oando Oil.

Stating the need for parliamentary intervention using the needed 
details being sought, 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.

It said: “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 investor confidence in the company, we are most 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.