• Company approves digital assets provisions, directors re-elected
Emmanuel Addeh in Abuja
Shareholders of Oando Plc yesterday reaffirmed their confidence in the company’s management and strategic direction, approving all resolutions presented at the company’s 47th Annual General Meeting (AGM).
The shareholders commended the board and management for their approach to corporate governance, portfolio development and disciplined capital allocation, while backing the company’s growth ambitions.
Among the resolutions approved were the re-election of Ademola Akinrele (SAN) Omamofe Boyo, Ikeme Osakwe and Adeola Ogunsemi as directors retiring by rotation, a statement from the company stated.
The shareholders also approved the re-appointment of BDO Professional Services as the company’s external auditors, elected members of the Statutory Audit Committee and approved the remuneration of the non-executive directors.
The meeting further approved amendments to the company’s Memorandum and Articles of Association to accommodate physical, electronic and hybrid general meetings.
The amendments also introduced provisions relating to digital assets, cryptographic technologies, distributed ledger technologies and other emerging technologies, subject to applicable laws and regulatory requirements.
Shareholders equally authorised the board to pursue listings on other stock exchanges, including cross-border listings, subject to the necessary regulatory approvals.
The meeting was marked by extensive shareholder engagement, with participants questioning and commending the board and management on the company’s strategic priorities and outlook.
A shareholder, Mrs Bisi Bakare, commended the management for what she described as a more disciplined approach to portfolio development, particularly in the mining and infrastructure business.
“I just want to use this opportunity to congratulate the board and management for the strategic shift in the mining and infrastructure business from broad-based exploration to a more disciplined asset prioritisation approach,” she said.
“I believe this is a prudent approach, particularly given the need for disciplined capital allocation across the group,” she added.
Speaking on Oando’s outlook, the Group Chief Executive, Adewale Tinubu, said operational control and disciplined execution would remain central to the company’s strategy as it continues its integration and expansion.
“Operational control gives us execution capacity and creates value. We are focusing on clear accountability and stronger performance management,” Tinubu said.
“As we continue our integration, we will allocate capital responsibly, report on time, meet our guidance and commit to our choices,” he stressed.
The chairman of the board, Akinrele, in his closing remarks, thanked shareholders for their participation, questions and continued confidence in the board.
“I thank you all for your attendance today, and I’d like to thank you in particular, shareholders, for the range of your questions, the thoughtfulness of it, the insight of the questions, and the passion and love you’ve shown for the company, and also the patience and confidence you have reposed on the board,” he said.