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Shareholders Laud Oando for 2018 AGM, Reinforce Confidence in Management
Shareholders of Oando Plc have lauded the board and management of the company for convening the 2018 Annual General Meeting (AGM), the first in three years.
They gave the commendation at the company’s hybrid AGM on Tuesday in Lagos in the wake of an out-of-court settlement with SEC which had suspended the company’s AGM in 2019.
The company had not held any AGM for three years due to a lingering crisis between it and the Securities and Exchange Commission (SEC).
The meeting was convened following the company’s settlement with SEC after years of legal tussle.
It will be recalled that Oando on July 10 entered into a settlement with SEC in the overriding interest of the shareholders of the company and the capital market.
Speaking at the meeting, Mr Boniface Okezie, National Co-ordinator, Progressive Sharesholders Association of Nigeria, commended the management team for resolving its dispute with the regulator.
Okezie said the AGM would enable the shareholders gain an insight into the company’s activities.
He urged the management to keep up the good work and focus on creating value for shareholders.
Also speaking, a shareholder, Mr Patrick Ajudua, commended the company for its resilence all through the crisis.
“I thank the management of Oando for remaining resilient during the trying period. They worked tirelessly to see us through these issues.
“It is in light of this that we, the shareholders, are delighted and supportive of the management,” Ajudua said.
Alhaji Kabiru Tambari, an Oando shareholder with the Sokoto Zone Shareholders Association, described the AGM as historic.
“Today is a historic day for us shareholders. I thank the management and board of the company and I congratulate my fellow shareholders for this achievement.
“This is the only way we can benefit from the company through capital appreciation because, without AGM, there will be no talk of dividends,” Tambari said.
Mr Sunny Nwosu, founder, Independent Shareholders Association, stressed the need for payment of dividends in the years ahead after years of the legal tussle.
“The best thing that would happen to us following the resolution of the SEC dispute is to declare a dividend for shareholders. It will be in the interest of shareholders if this is brought up at the next AGM,” Nwosu said.
Responding, the Group Chief Executive, Mr Adewale Tinubu, assured the shareholders of enhanced value in the years ahead.
Tinubu said the company would convene its outstanding AGMS namely, 2019, 2020 and 2021 as soon as possible.
“Teamwork, respect, integrity, passion and professionalism are things (core values) we take seriously. Our ethos as a corporation has been driven by these values, and the company has evolved and succeeded year after year.
“The ultimate test of our capacity to be sustainable is having challenges. We’re ready to face them and deal with them when they come; ready to ensure that we apply these same principles and maxims in dispute resolution.
“We appreciate everyone who played an active role in enabling us to reach a resolution with the SEC,” Tinubu said.
He assured the shareholders of management’s commitment toward creating value for and protecting the interest of all shareholders.
All resolutions passed at the AGM were approved including the re-appointment of Ernst and Young as auditors.
The directors were authorised to fix the auditors remuneration, while and Dr Ainojie Irune was elected to the Board of Directors, among others. (NAN)
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Don’t Diminish Your Influence by Your Actions, Shehu Sani Tells NASS Members
A former member of the Senate, Shehu Sani, has cautioned the National Assembly against allowing its influence to be diminished by its actions.
Sani stated this while speaking at the opening of the National Assembly Legislative Aides’ Forum (NASSLAF) Week on Tuesday in Abuja.
The pro-democracy activist also urged the legislators to selflessly live up to their responsibilities, for the good of the country.
According to him, a subservient posture by the legislature is not in the interest of the country, warning that such can impede good governance and undermine democracy.
Sani compared the current national assembly with the Eighth Assembly, led by Sen.
Bukola Saraki, praising it (Eighth Assembly) for standing firm against executive’s overreach.He observed, with dismay, that the powers of the national assembly appeared to be eroded with time.
“In our time, it was unthinkable for heads of MDAs to ignore our summons. They understood the gravity of our oversight functions,” he said.
Sani warned that the current assembly risked becoming a “rubber stamp” for the executive, sacrificing its independence and weakening democratic checks and balances.
Sani, therefore, cautioned the lawmakers against prioritising their personal gains over their constitutional responsibilities.
“This institution needs respect. If you turn yourselves into stooges, you will lose that respect. Our era defended legislative independence, but it came at a cost,” he said.
The former senator further stated that their insistence on doing the right thing birthed frosty relationships with the executive and caused delay in bills’ passage, warning that excessive cooperation was dangerous, as it could breed tyranny.
Sani cited instances where heads of MDAs openly challenged lawmakers during oversight functions, a behaviour which, he said, would not have been tolerated by previous assemblies.
“The senate president must ensure that nominees for appointments and executive proposals undergo serious scrutiny. This is not a place for automatic approval,” he stated.
Sani reminded the lawmakers that their primary duty was to serve Nigerians, not the presidency.
Sani also acknowledged what he called the vital but often over-looked roles of legislative aides, describing them as the backbone of the legislature, instrumental to drafting laws and policies for the country’s governance. (NAN)
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Court Remands Man, 50, for Alleged Unlawful Possession of Gun
An Iyaganku Magistrates’ Court, Ibadan, on Tuesday remanded a 50-year-old man, Ismaila Aborode, in a correctional facility for allegedly being in possession of a gun, life and expended cartridges.
Aborode, whose address was not provided, was charged with unlawful possession of firearms.
The Magistrate, Mrs Gladys Oladele did not take the plea of the defendant for want of jurisdiction.
She directed the police to return the casefile to the Director of Public Prosecution (DPP) for legal advice.
She adjourned the case until Jan. 7, 2025, for mention.
The Prosecutor, Sgt. Samuel Owolabi told the court that the defendant allegedly committed the offence on Nov.
30, about 5.00 p.m, in Olede area of Ibadan.Owolabi said the defendant unlawfully possessed one locally made double barrel gun, one life cartridge and one expended cartridge, without lawful authority.
He said the offence contravened Section 3 of the Robbery and Firearms Laws of Nigeria, 2004. (NAN)
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Police Trust Fund Begins Construction of Divisional Station in Kogi
From Joseph Amedu, Lokoja
The Nigerian Police Trust Fund has commenced the construction of a modern Divisional Police station to enhance the security of Ekin-Adde community in Ijumu Local Government area (LGA) of Kogi.
The Executive Secretary, the Nigerian Police Trust Fund, Alh.
Mohammed Seidu, who performed the Groundbreaking over the weekend in Ekinrin-Adde, said the project would enable police personnel to have a good working environment towards a more secure society.According to him, Kogi is strategically located at the Centre of Nigeria and Ijumu LGA borders four States, and it is key to locate such a divisional station in the area.
He commended the Inspector General of Police (IGP), Kayode Egbetokun for his continued support in the agency’s efforts to strengthen and provide better welfare and good working conditions for the Nigerian Police.
This, he said, had been enabling the police personnel to perform effectively in protecting the lives and property of the people.
He assured that such a project would be relocated nationwide across the 36 States of the federation including FCT.
Seidu urged the contractor to do a quality job and ensure strict compliance with the specified standard, and deliver the project within the timeframe of four months.
In his remarks, the Kogi Commissioner of Police, Bethrand Onuoha said the command was happy for the gigantic project as it would take security closer to the people at the grassroots.
“You can see that this area actually requires more security presence, and when this project is completed it will attract larger personnel to this place.
“A good working and enabling environment will bring out the best in our personnel. On our side, we are going to redouble our efforts to make sure this area is safe and secured,” Onuoha said.
The CP stressed that the police and other security agencies are committed to doing their best to make sure that Kogi remains safe especially during this festive season.
The Chairman of Ijumu LGA, Alh. Haruna Ibrahim, commended the police trust fund for the gesture, and promised to support and create an enabling environment for the success of the project.
In his address, the Olu-Ade of Ekin-Adde, HRM, Oba Anthony Bamigbaiye commended the police trust fund for the gesture, saying it was a thing that the community had been yearning for.
The royal father noted that the community with over 25,000 populations had only one policeman to secure the entire community.
He stressed that the divisional station would foster economic development and security of lives and property of the people in his domain and the entire Ijumu LGA.
The traditional ruler specifically appreciated the Executive Secretary of the police trust fund being an indigene of the community for facilitating the project to boost the security of lives and property of the people.
The Project Contractor, Alh. Toyin Abubakar of RASWAS Nig. Ltd promised to execute a quality job and delivered within the timeframe by the end of March 2025