Court adjourns hearing on Oando Plc scheme arrangement 

Oando Plc is Nigeria’s indigenous energy group listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE).

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Court adjourns hearing on, Oando Plc, scheme arrangement The Federal High Court, Lagos Division has further adjourned the petition in suit of Venue Construction Company Ltd, and 13 others versus Ocean and Oil Development Partners Ltd. and Oando Plc to Feb. 5, 2024.
Ms Ayotola Jagun, Chief Compliance Officer and Company Secretary of Oando Plc announced this in a notification sent to the Nigerian Exchange Ltd, on Wednesday in Lagos.
Jagun said that the adjournment is to enable a further report of compliance with the court’s order dated June 7, 2022.
She explained that the court had among other orders directed Oando to file its Scheme of Arrangement document with the Securities and Exchange Commission (SEC) and the NGX within 30 days.
“Oando Plc hereby wishes to notify the public and its shareholders that the Federal High Court, Lagos Division has further adjourned the petition in Suit No: FHC/L/CP/494/2021of Venus Construction Company Ltd. and 13 others.
“This petition is versus Ocean and Oil Development Partners Limited and Oando Plc which was filed in court on March 25, 2021.
“The Petition was filed by Venue Construction Company Ltd, acting by itself and for and on behalf of other minority shareholders of Oando.
“It is brought pursuant to sections 353, 354 and 355 of the companies and Allied Matters Act 2020 (“CAMA”),” she said.
According to her, Ocean and Oil Development Partners Ltd. (“OODP”), the majority shareholder of Oando and the company are listed as the first and second Respondents of the petition.
Oando Plc is Nigeria’s indigenous energy group listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE).
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