Oando, Nigeria’s leading indigenous energy solutions provider finally released its long-awaited full-year end 2019 and 2020 financial statements. The 3-year delay in the release of the results was precipitated by the Securities and Exchange Commission’s (SEC) suspension of Oando’s 2018 Annual General Meeting (AGM) following a dispute with an indirect shareholder, Ansbury Investment Inc.
The suspension and the attendant issues prevented shareholders from being kept abreast of the company’s operations, a move considered by Oando and its executives as not being in the best interests of the market.
In July 2021, Oando entered into a settlement with the SEC on all matters subject to litigation and other issues flowing therefrom, thus putting an end to one part of its dispute with Ansbury. Oando had noted that the SEC did not find it guilty of any wrongdoing, noting that by way of a settlement, it was able to prevent further market disruption and harm to its shareholders.
Meanwhile after 12 consecutive quarters of profits up until Q3, 2019, the company reported in its 2019 audited financials a loss-after-tax of N207.1 billion largely attributable to impairments for goodwill and loans associated with the indirect shareholder dispute. The settlement of this long-running dispute led to an impairment of N148 billion on financial assets but forms the final resolution and settlement of the dispute with Ansbury, the indirect shareholder whose actions had significantly destroyed shareholder value over the last four years.
Sunnews