Federal High Court further adjourns hearing on Oando scheme of arrangement to November 28

The Federal High Court, Lagos Division, has adjourned the hearing in the petition filed by 14 shareholders of energy group, Oando Plc.

This was contained in a corporate notice filed by the group with the Nigerian Exchange Limited and seen by NewsTimes.

The statement signed by Company Secretary, Ayotola Jagun, noted that the court further adjourned the hearing of the petition filed on March 25, 2021, by 14 shareholders of the Company to November 28, 2023.

The adjournment to November 28, 2023, according to the company was to enable the Company to provide a further report of compliance with the Court’s order dated June 7, 2022, which directed the Company to file its Scheme of Arrangement document with the Securities and Exchange Commission (SEC) and the NGX within 30 days, among other orders.

The Petition was filed by Venus Construction Company Limited, acting by itself and for and on behalf of other minority shareholders of Oando, and is brought under sections 353, 354, and 355 of the Companies and Allied Matters Act 2020 (CAMA).

Ocean and Oil Development Partners Limited (OODP), the majority shareholder of Oando and the Company are listed as the 1st and 2nd Respondents.

What you should know

The Federal High Court, Ikoyi, Lagos Division had adjourned the hearing on the matter of Oando Plc’s scheme of arrangement to 10th October 2023.

The statement signed by Jagun said:

  • “Oando Plc wishes to notify the public and its shareholders, under the press statement issued on the Company’s website on January 30, 2022, titled “‘Oando Plc Announces Federal High Court’s Adjournment of Hearing on a date to file its Scheme of Arrangement Document” that Honourable Justice Aneke sitting at the Federal High Court, Ikoyi, Lagos Division has further adjourned the matter to 10th October 2023. 
  • The company noted that the petition in Suit No: FHC/L/CP/494/2021- Venus Construction Company Ltd &13 others vs. Ocean and Oil Development Partners & Oando Plc, was filed in Court on March 25, 2021, by fourteen (14) shareholders of the Company.

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