Court adjourns hearing in Oando shareholders’ suit to November

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

This was revealed in a corporate notice filed by the group with the Nigerian Exchange Limited on Thursday.

The statement signed by Company Secretary, Ayotola Jagun, revealed 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, is to enable the Company 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 (the “Scheme Document”) with the Securities and Exchange Commission (SEC) and the NGX within 30 days, among other orders.”

Earlier in the year, the court adjourned the hearing in the case to October 10.

The suit no: FHC/L/CP/494/2021, Venus Construction Company Limited & 13 others Vs. Ocean and Oil Development Partners & Oando PLC was filed in the court on March 25, 2021, by 14 shareholders of the company.

The case was filed by Venus Construction Company Limited, acting by itself and on behalf of other minority shareholders of Oando, and was brought pursuant to sections 353, 354, and 355 of the Companies and Allied Matters Act 2020. OODP Limited and the company are the first and second respondents.

The energy company has since revealed plans to delist from the NGX in March as the company’s core investor, Ocean and Oil Development Partners Limited, proposed to acquire the shares of its minority shareholders at the rate of N7.07 per unit.

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