Oando shareholders task government on oil theft

Promoters of Nigeria’s indigenous energy independent firm, Oando Plc have charged the Federal Government to explore all workable partnerships in addressing the rising incidents of oil theft and vandalism of facilities in the oil and gas industry.

 Representatives of shareholder groups, who spoke at the company’s 43rd Annual General Meeting (AGM) in Lagos, deplored the recurrent issue of insecurity in the country such as vandalism, banditry and terrorism, among others.

 The investors suggested that government should partner with public and private sector stakeholders to resolve the insecurity issues which they said they are crippling the economy and approved all resolutions proposed at the AGM and also commended the company on creating space for gender balance in the leadership of the company.

 The shareholders applauded the company for appointing two distinguished women to the board of directors.

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 One of the shareholders, Patrick Ajudua said: “I commend the management for the appointment of Mrs Ronke Shokefun and Mrs Nana Mede as director. Their appointment will boost the performance of the company and add greater value to the shareholders.”

 Leaders of the various shareholder groups and their proxies also encouraged the Management of Oando to focus on corporate activities that would be beneficial to all, just as they applauded the company’s recent partnership with the Lagos State Government for the launch of electric mass transit buses.

 They also encouraged the management team to maintain its tenacity in striving for the company’s growth.

 Responding to shareholders’ requests, the Group Chief Executive of the company, Adewale Tinibu, reaffirmed management’s commitment to continually take the right decisions in the best interest of the shareholders.

Tinubu also assured of the board’s commitment to grow the company further for the benefit of all the shareholders and pledged that the board would continue to deliver good figures as it had been doing over the years.

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