The Federal High Court, Lagos Division has adjourned the petition in suit of Venue Construction Company Ltd, 13 others versus Ocean and Oil Development Partners Ltd. and Oando Plc.
Ayotola Jagun, Chief Compliance Officer and Company Secretary of Oando Plc, announced this on Wednesday, in Lagos.
Jagun made the disclosure in a notification sent to the Nigerian Exchange Ltd, on Wednesday in Lagos.
He said that the adjournment was to enable a further report of compliance with the court’s order dated June 7, 2022.
The Court adjourned the suit until February 5, 2024.
She explained that the court had, among other orders, directed Oando to file its Scheme of Arrangement document with the Securities and Exchange Commission (SEC) and the NGX within 30 days.
Jagun stated: “Oando Plc hereby wishes to notify the public and its shareholders that the Federal High Court, Lagos Division has further adjourned the petition in Suit No: FHC/L/CP/494/2021of Venus Construction Company Ltd. and 13 others.
“This petition is versus Ocean and Oil Development Partners Limited and Oando Plc which was filed in court on March 25, 2021.
“The Petition was filed by Venue Construction Company Ltd, acting by itself and for and on behalf of other minority shareholders of Oando.
“It is brought pursuant to sections 353, 354 and 355 of the companies and Allied Matters Act 2020 (“CAMA”)”.
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According to her, Ocean and Oil Development Partners Ltd. (“OODP”), the majority shareholder of Oando and the company were listed as the first and second Respondents to the petition.
Oando Plc is Nigeria’s indigenous
energy group listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE).