The Securities and Exchange Commission (SEC) has suspended indefinitely, the Annual General Meeting (AGM) of Oando Plc scheduled to hold on June 11, 2019.
A statement by SEC on Monday, said the decision was taken pursuant to an Ex Parte Order of the Federal High Court in Ikoyi, Lagos. The judge is adjudicating on a case between SEC and Wale Tinubu, the suspended CEO of Oando Plc.
The statement added that the suspension of the AGM was to allow the parties to the litigation, maintain status quo.
Accordingly, the Commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo.
It said the Commission will update the public on the outcome of the ongoing litigation.