The management of Oando Plc on Wednesday said that the protesters who almost disrupted the company’s Annual General Meeting, AGM in Uyo, Akwa Ibom are not shareholders of the company.
The development came on the heels of the mild drama that trailed the 40th AGM of the oil firm on Monday when protesters who claimed to be shareholders sought to disrupt the meeting.
The AGM, which held in Uyo, Akwa Ibom State, was disrupted for over 10 minutes as the protesters chanted songs seeking the resignation of the company’s Group Chief Executive, Wale Tinubu.
Media reports said the protesters, who stormed the venue under the aegis of “Oando Shareholders’ Solidarity Group,” said they were protesting in order to change the management of the company over gross mismanagement and abuse of corporate governance.
They also claimed that they had read several reports on the gross mismanagement of Oando by the present management of the company and called on Tinubu to step down and allow a competent hand to manage the affairs of the company.
The protesters also called on the Securities and Exchange Commission, SEC and Nigerian Stock Exchange, NSE, to commence the immediate investigation of the company to determine the true state of the financial position and corporate practice.
But the oil company in a statement on Wednesday described the protesters as “paid, dubious characters,” who are not genuine shareholders of the company.
“Contrary to some media reports, the protest that occurred outside the venue of Oando’s Annual General Meeting held in Ibom Hall, Uyo, Akwa Ibom State, on Monday, September 11, 2017, was carried out by non-shareholders,” the statement said.
“National Coordinator of the Independent Shareholders Association of Nigeria, ISAN, Sunday Nwosu, who attended the AGM alongside other members of ISAN, and other stakeholders in the capital market; including representatives of the Securities and Exchange Commission, stated that no genuine shareholder of Oando Plc was among the protesters.
“Nwosu noted that the protesters, who chanted outside Ibom Hall for about 15 minutes, dispersed after he engaged them and advised them to write officially to Oando’s company secretary if they had genuine complaints,” the statement read in part.
The statement quoted Mr. Nwosu as stressing that the AGM was very successful as ”stakeholders voted to keep the management and the board.”
“The protest that happened outside the venue was carried out by non-shareholders who did not have any business being there in the first place,” he said, according to the statement.
“I went out and spoke with the protesters and it turned out that there was no shareholder amongst them and therefore they could not gain access to the meeting. I told them that if they were shareholders, they would have known that the right way to raise their concerns about Oando is to officially write to the company secretary. The protest did not disrupt the meeting in any way.”
The statement claimed that there is a speculation that the protesters may have been paid to disrupt Oando’s AGM, as their protest was short-lived and achieved nothing.
“This paid protesters stunt is in line with recent activities that seem determined to damage the Oando brand, remove Wale Tinubu and destroy the company for personal reasons,” the oil firm said.
Awosika Replaces Belo-Olusoga as Access Bank Chairman
Mrs Ajoritsedere Awosika has been announced as the new Chairman of Access Bank Plc. She will replace the present occupier of the position, Mrs Mosun Belo-Olusoga, who is expected to retire in January 2020.
A statement issued by the lender explained that Mrs Belo-Olusoga will retire from the post on January 8, 2020 on completion of her maximum 12-year term limit allowed by the Central Bank of Nigeria (CBN)’s Code of Corporate Governance for Banks and Discount Houses.
In the statement, Access Bank said Mrs Belo-Olusoga, who became the Chairman of the board in July 2015, confirmed that she has no disagreement with the board and there are no issues relating to her retirement that need to be brought to the attention of the shareholders of the company or the regulatory authorities.
‘The board of directors of Access Bank Plc is pleased to announce that its Chairman, Mrs Mosun Belo-Olusoga, will be retiring in January 2020.
“This follows her completion of the maximum 12-year term limit allowed by the Central Bank of Nigeria’s Code of Corporate Governance for Banks and Discount Houses. Mrs Belo-Olusoga became the Chairman of the Board in July 2015.
“Mrs Belo-Olusoga has confirmed that she has no disagreement with the Board and there are no issues relating to her retirement that need to be brought to the attention of the shareholders of the Company or the regulatory authorities,” a part of the notice read.
It also thanked Mrs Belo-Olusoga for her contributions to the bank’s transformational growth, wishing her successor, Mrs Awosika, success in her new appointment.
The lender said the appointment of Mrs Awosika as its new Chairman was in line with its robust leadership succession plan so as to lead the company to its the next phase of transformation into becoming Africa’s Gateway to the World.
Mrs Awosika joined the board in April 2013 as an Independent Non-Executive Director and has been the Chairman and Vice Chairman of the Board Credit and Finance Committee and the Board Audit Committee respectively in addition to membership of other Board Committees.
She is an accomplished administrator with over three decades experience in public sector governance. She was at various times, the Permanent Secretary in the Federal Ministries of Internal Affairs, Science & Technology and Power.
Mrs Awosika is a fellow of the Pharmaceutical Society of Nigeria (PSN) and the West African Postgraduate College of Pharmacy. She holds a Doctorate degree in Pharmaceutical Technology from the University of Bradford, United Kingdom.
She is the Chairman of Chams Plc and Josephine Consulting Limited and a Non-Executive Director of Capital Express Assurance Ltd.
FirstBank Lagos Amateur Open Golf Championship Achieves Global Recognition, Gets Listed In the WAGR
Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited has announced that the FirstBank Lagos Amateur Golf Championship scheduled to Tee-Off on Friday, 15 November 2019 is now listed amongst the golf tournaments in the World Amateur Golf Ranking (WAGR). The WAGR is offered by the R&A and the United States Golf Association as a global service to golf. Through incorporation and assessment worldwide of both amateur and professional events, WAGR™ encourages the international development of the competitive game.
Since 1894, FirstBank has continued to promote the growth and development of sports in Nigeria. Apart from the Lagos Amateur Golf Championship which the Bank has supported for 57 years, the Bank has sponsored the Georgian Cup of the Kaduna Polo Tournament for 100 years. Other sports supported by the Bank include; the Dala Hardcourt Tennis, Kano for 32 years and for over a combined 30 years, the Bank has sponsored and owned the popular Elephant Girls Basketball club – which has remained a dominant force in the Nigerian Women Basketball league for many years – and the Elephant boys football club. The highpoint of these is the 2019 100th unbroken years of sponsoring the Kaduna Polo Tournament, widely attributed as the longest running sports sponsorship in the world and a Guinness Book of Records potential.
The 56-hole golf tournament, to be played over three days would be rounded off with a grand finale and awards ceremony on Sunday, 17 November 2019. Other activities to be held in the course of the tournament are the “Professional Coaching Clinic” to nurture the skills of young and upcoming talents and “Beat the Pro Skills competition”. The 2018 edition which had over 260 golfers in attendance was won by Sam Njoroge from Kenyan.
Speaking on the Bank’s sponsorship of the tournament, Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited said; “We are excited at the giant strides achieved with the FirstBank Lagos Amateur Open Golf Championship. The championship is now one of the international golf events where all amateur golfers worldwide can now participate and amass points to aid their WAGR rankings.”
“FirstBank has been in the business of supporting sports in Nigeria throughout its 125 years of existence. We have partnered with individuals and institutions to provide support, not only in the sports arena, but also in Education, the Arts and Small and Medium Enterprises”, he concluded.
FirstBank Partners With CFA Society Nigeria To Host 2019 Ethics Challenge Competition
In the furtherance of the Bank’s commitment to promote business ethics, professional excellence and education, reflected in the Bank’s Endowment programme – the Samuel Asabia Chair for Business Ethics at the University of Lagos – First Bank of Nigeria Limited for three consecutive years is partnering with CFA Society Nigeria to host its annual flagship event, the Ethics Challenge, scheduled for Friday & Saturday, 15 -16 November 2019 in Abuja and Lagos for the regional and national levels respectively.
The Ethics Challenge is designed to increase students’ awareness of the ethical dilemmas and issues they may face when they enter the investment management industry. At the Ethics Challenge, students are given an ethics case study to analyze, evaluate, recommend and present to a panel of judges. To determine the winning team, the judges provide feedback based on the identification and understanding of the ethical issues in the case, the recommendations provided with the depth of the analysis, quality of the presentation, and responses to the judges’ questions.
The 2018 winner, Obafemi Awolowo University, would compete with 15 other higher institutions in the country to defend its trophy. Babcock University, Bowen University, Covenant University, Federal University of Technology Akure, Mountain Top University, University of Calabar, University of Ibadan and University of Lagos are the schools competing in the Lagos preliminary round.
Other schools are University of Abuja, University of Maiduguri, Bayero University, University of Ilorin, University of Nigeria and Madonna University in the Abuja based preliminary round.
The competition will be judged by Mrs. Adeola Asabia, Member, Board of Trustees, Business Ethics Chair, University of Lagos; Musa Bagudu, CFA, Head, External Funds Management Office, Central Bank of Nigeria; Kunle Anida, CFA, Director, Deals Advisory, PWC Nigeria amongst others.
According to CFA Society Nigeria President, Mr. Banji Fehintola, “The annual Ethics Challenge embodies CFA Society Nigeria’s mission to promote the highest standards of ethics in our investment and financial services industry. It touches on many of CFA Institute’s Future of Finance six areas of focus which include: Transparency and Fairness, Regulation and Enforcement, and Safeguarding the System. It also promotes ethical awareness and fosters a healthy investment industry that works for the ultimate benefit of society. Through our collaboration with First Bank of Nigeria Limited to run this competition annually, we will continue to invest in our university students and we hope to build the commitment of our future professionals to operate according to sound ethical principles”.
Expressing her delight on FirstBank’s support and participation in the CFA Ethics Challenge, the Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited, Folake Ani- Mumuney said “through our 125 years of existence, we at FirstBank pride ourselves in being exemplary in ensuring that global best practices are upheld in adherence to ethical standards across our organizational practices and activities.
“We recognize the impact of the CFA Society Nigeria through its giant strides in fostering Code of Ethics and Standards of Professional Conduct amongst university students and other touch points in the society in preparing them to overcome ethical challenges that they may face in the workplace environment “.
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