Oando PLC held its 47th annual general meeting last Thursday, and shareholders commended the company’s board and approach to corporate governance while reaffirming support for the oil company.

The shareholders passed all resolutions presented at the meeting, including re-electing Ademola Akinrele, Omamofe Boyo, Ikeme Osakwe and Adeola Ogunsemi as directors who would retire by rotation. 

They also re-elected members of the statutory audit committee and approved remuneration for non-executive directors.

The shareholders further approved revisions to Oando’s memorandum and articles of association to allow investors to hold physical, virtual or hybrid general meetings, which also include “provisions relating to digital assets, cryptographic technologies, distributed ledger technologies, and other emerging technologies, subject to applicable laws and regulatory requirements,” a statement said.

Jubril Adewale Tinubu, CON, highlighted the importance of operational control and disciplined execution in delivering the company’s growth strategy. 

Oando CEO, Wale Tinubu, said the company would focus on accountability and stronger performance. 

“Operational control gives us execution capacity and creates value. We are focusing on clear accountability and stronger performance management,” Mr Tinubu said. 

“As we continue our integration, we will allocate capital responsibly, report on time, meet our guidance and commit to our choices,” he added.

Bisi Bakare, a shareholder, thanked the board for switching strategy from broad-based exploration to asset prioritisation. I

“I just want to use this opportunity to congratulate the Board and management for the strategic shift in the mining and infrastructure business from broad-based exploration to a more disciplined asset prioritisation approach,” said Ms Bakare. 

“I believe this is a prudent approach, particularly given the need for disciplined capital allocation across the group,” she added.