96. As rumours swelled and more facts emerged Oando would later reveal who had written the petition that instigated SEC investigation


97. Volpi and Mangal, two businessmen that JAT had reached out to during the COP transactions had petitioned SEC.

98. A newspaper article would subsequently allege that they accused the company of

99. falsifying their financial statements and wanted JAT, MOFE and the board to step down.

100. The report also claimed Mangal claimed he owned 13.9% of Oando Plc, and not the 4% recorded in the shareholder register.

101. Oando of course denied all the allegations of wrong doing.

102. JAT in his defence has stated that the disagreement between himself and Volpi over the $80 million

103. lent to him by Volpi to acquire a stake in OODPL, is currently before an arbitration panel.


104. Debtors at least, had a right to fair hearing, one analysts would remark. Creditors only had to be patient.

.105. Investors were not aware that apart from extending the $50m loan to OODP to help pay for the 25% of COP, Volpi had also lent JAT $80m.


106. You would think this all meant he perhaps owned Oando Plc. But this is not how things work in the corporate world


107. Oando(JAT) reportedly claimed that the move by Mangal and Volpi was a ploy to takeover Oando Plc and remove him from office.

108. A company he ostensibly founded years ago.

109. He also claims Ansbury Plc, had a representative on Oando’s board who approved

110. the company’s 2015 financial statement, which Volpi alleges were 'cooked'.

113. The AGM taking place was the true test and SEC, they believed held the aces.

114. SEC would later allow Oando proceed with its AGM, stating that the petitions


115. by the aggrieved parties do not warrant the suspension of the company’s AGM.


116. SEC further advised the petitioners to seek a court order restraining Oando from holding its AGM.

They didn't stop there

117. The regulator also advised Ansbury Plc, Volpi's vehicle to write to Oando seeking representation on its board.


118. . SEC claims it can still reverse any decision taken in the AGM, if further information that can instigate such is brought forward.

119. This was by analysts accounts a master stroke and a result of all the complex shareholding structure that Oando had created years ago.

120. It was as if they new one day the chicken would come home to roost but made sure when that happened they won’t be home.

121. JAT and Mofe's complex shareholding structures were such that, Volpi’s company, Ansbury had no direct shareholding in Oando Plc.

122. As allegedly claimed by the petitioners in the newspaper report https:///VcJgN8snHe

123. Shareholding structure as explained by Oando Plc https:///KjwRhVtZHc

124. All they owned were shares in OODP registered in the British Virgin Islands, which in turn owned shares in OODP registered in Nigeria


125. Which in turn owned shares in Oando Plc. Volpi thus, analysts explain, will need to kick JAT out in BVI before he gets to Nigeria

126. Some analysts even opine, that this was perhaps why SEC could not act. No Nigerian entity was in trouble here.

127. Retail investors and local shareholders, were not the petitioners so SEC had to wash its hands clean & refer d matter over to d courts.


128. The courts some said, would first entertain arguments surrounding jurisdiction as both companies are not registered Nigerian entities.


129. Some also claim a good lawyer could perhaps swing the case in Volpi's way if he argued differently.


131. But JAT and Mofe had delisted OER from d Toronto Stock Exchange.

Either by providence or being smart, it was a move of a grand master.

132. OER whom everyone thought was owned by Oando Plc, was always owned by OODP.

The "Oando" in the "ER"...well....

133. Mangal also had an issue it seems.


134. By not disclosing that he owned a further 13.9% of Oando, lawyers claim he may have contravened a CAMA provisions.

135. In Nigeria, shareholders who own more than 5% of shares in a publicly listed company had to disclose it. Oando claims he did not


136. To be fair, Mangal and Volpi were yet to make official statements thus arousing major suspense for all stakeholders

137. And so, as the AGM loomed on the 11th management of Oando worked all weekend to ensure that it not only took place but successfully so.


138. The PR machine was in full gear. Reports suggest social media influencers were mobilized to action. The media stayed coy



139. Success by most counts was to get the audited accounts approved with JAT & his board securing their positions as directors of Oando Plc


140. They left no chances to bare. .

141. Sources suggest that they had lawyers stationed in nearly every high court in case anyone filed an injunction against the AGM

142. The AGM would hold amidst some protest but just as they wanted everything went as planned.


143. The accounts were approved and JAT and Mofe will retain their positions at GCE and DGCE.


144. JAT and Mofe may not be feared businessmen or street as some would opine. However, one thing was clear

145. They have demonstrated over time that they are "Corporate Kings" and master "manipulators" of laws that govern shareholding structures.



146. Their notoriety may attract many critics and or even more fans. But corporate Nigeria have here, two guys not ready to bow out


147. We have come to the end of this episode of corporate stories on Oando.

I would like to thank the fantastic team at Nariametrics

any news from Uyo

fxuser:
any news from Uyo

Oando accounts were approved and JAT and Mofe will retain their positions at GCE and DGCE.

fxuser:
any news from Uyo

Cowboys JAT and Mofe retained their position as GCEO and DGCEO...

As expected, these guys will fight with their last blood to retain their seats. They are ready to go a long haul and do whatever it takes just to cover up their tracks. No doubt the honourable thing the duo should have done was to step aside to allow free conduct of the investigation or SEC compelling them to do so.

Well I knew nothing will come out of it because these guys mingle and dine with powers-that-be. Someone wondered why 10banks agreed to restructure Oando'/s N95b loan. It's because they have these banks ceos in their "pockets". Intel has it that at an informal gathering of business executives and CEO of some of the banks, JAT had to appeal to Aliko and some associates to help beg Wigwe whose bank led other consortium not to takeover Oando because of non-performance of the loan...

What I know is that the company is sitting on a time bomb that will explode soonest and any smart investor should forget investing in the company for long term.

I rest my case.

Coolcash1:


Cowboys JAT and Mofe retained their position as GCEO and DGCEO...

As expected, these guys will fight with their last blood to retain their seats. They are ready to go a long haul and do whatever it takes just to cover up their tracks. No doubt the honourable thing the duo should have done was to step aside to allow free conduct of the investigation or SEC compelling them to do so.

Well I knew nothing will come out of it because these guys mingle and dine with powers-that-be. Someone wondered why 10banks agreed to restructure Oando'/s N95b loan. It's because they have these banks ceos in their "pockets". Intel has it that at an informal gathering of business executives and CEO of some of the banks, JAT had to appeal to Aliko and some associates to help beg Wigwe whose bank led other consortium not to takeover Oando because of non-performance of the loan...

What I know is that the company is sitting on a time bomb that will explode soonest and any smart investor should forget investing in the company for long term.
I rest my case.

This is why I insisted SEC and NSE are big time scammers.

They always look away whenever companies are ripping off investors, until the bubble bust.


They have been playing this game since the regime of Ndidi Okoreke

Flour mills E-dividend alert just landed.......Am yet to see UBA
E-dividend alert....who has gotten it,,

ukay2:
Flour mills E-dividend alert just landed.......Am yet to see UBA
E-dividend alert....who has gotten it,,

I was at their AGM last week, shareholders were given a sack load of their products eg vegetable oil, sugar, spaghetti, macaroni, semovita, wheat flour, noodles etc.

emmanuelewumi:


I was at their AGM last week, shareholders were given a sack load of their products eg vegetable oil, sugar, spaghetti, macaroni, semovita, wheat flour, noodles etc.

emmanuelewumi:


I was at their AGM last week, shareholders were given a sack load of their products eg vegetable oil, sugar, spaghetti, macaroni, semovita, wheat flour, noodles etc.

Waoooo....i miss ooooohh

Have you gotten UBA edividend alert....am yet to get mine....thought it was September 11th...

bro, does this look like the fall of Okomu oil?

Willie2015:


- Buy after closure of books for FYE
- Buy stocks with good fundamentals
- U cant go wrong with GTB & Nestle

fxuser:

Nigerian Brewery gave us canned gulder, star, Martina, amstel, I think a total of 12. Enough shayo at the pre-agm, that was the night before the AGM proper.

ukay2:



Waoooo....i miss ooooohh

Have you gotten UBA edividend alert....am yet to get mine....thought it was September 11th...

I am yet to get my uba e dividend alert too.

pluto09:


I am yet to get my uba e dividend alert too.

Me too...

emmanuelewumi:


Nigerian Brewery gave us canned gulder, star, Martina, amstel, I think a total of 12. Enough shayo at the pre-agm, that was the night before the AGM proper.

no need to share bottle on the forum

My fone sms alert just beeped. D sound of money entering. UBA interim dividend.

@ Chibuking81

pls come and tell me why cileasing is not part of your stock pick

good earning back-up with raw cash. pe of 3,,,,,if those guys vex they can throw their cash to buy every unit of their share in the mkt without stress

UBA Edividend alert vibration now.........Na Godwin....

All of these given to shareholders for free. 12 cartons? or just 12 cans to mirror their products

emmanuelewumi:


Nigerian Brewery gave us canned gulder, star, Martina, amstel, I think a total of 12. Enough shayo at the pre-agm, that was the night before the AGM proper.

Oando Shareholders
Solidarity Group at the venue of the 40th
Annual General Meeting (AGM) of Oando
Plc, held in Uyo, Akwa Ibom State, the company went ahead with its AGM,
where other shareholders of Oando
passed a vote of confidence on Tinubu
and his management team.
All of the company’s resolutions were
also passed as contained in the meeting’s agenda. Who are the shareholders ? is it not me and oga tritri ? we never vote him o . But this is the time OANDO to take off, if you are out enter now .

Diamond

- 120m traded ! ! !

rebekah2011:
All of these given to shareholders for free. 12 cartons? or just 12 cans to mirror their products

Cans

fxuser:
Diamond

- 120m traded ! ! !

Before 11am

fxuser:
Diamond

- 120m traded ! ! !

NSE and Manipulation are 5 and 6.
I'm currently the highest bidder for Diamondbk with 1millionunits @#1:17k and I see trades going on btw N1:15k and #1:16k while none of my order has been filled.

currentprice:
@ Chibuking81

pls come and tell me why cileasing is not part of your stock pick

good earning back-up with raw cash. pe of 3,,,,,if those guys vex they can throw their cash to buy every unit of their share in the mkt without stress

What about the debt?
Too much borrowed fund everywhere you look.
I have already taken position but we must not be too attached to see the negative in the book of the company.

[quote author=Coolcash1 post=60368470]

Cowboys JAT and Mofe retained their position as GCEO and DGCEO...

As expected, these guys will fight with their last blood to retain their seats. They are ready to go a long haul and do whatever it takes just to cover up their tracks. No doubt the honourable thing the duo should have done was to step aside to allow free conduct of the investigation or SEC compelling them to do so.

Well I knew nothing will come out of it because these guys mingle and dine with powers-that-be. Someone wondered why 10banks agreed to restructure Oando'/s N95b loan. It's because they have these banks ceos in their "pockets". Intel has it that at an informal gathering of business executives and CEO of some of the banks, JAT had to appeal to Aliko and some associates to help beg Wigwe whose bank led other consortium not to takeover Oando because of non-performance of the loan.
What I know is that the company is sitting on a time bomb that . That is why they take it out of lagos

This okomu self! No seller in the market today

pluto09:
This okomu self! No seller in the market today

Very irrational stock...