Oando minority shareholders drag Tinubu, 11 others to court

Some aggrieved shareholders of Oando Plc have dragged the Chief Executive Officer, Wale Tinubu and 11 others before a Federal High Court sitting in Lagos.

The aggrieved shareholders cited classical cheating as well as short-changing by buying their shares for far less than what was paid when the shares were purchased.

The shareholders are seeking 25 reliefs from Federal High Court, among which are general damages in the sum of N10 million and order of the court restraining the Tinubu and others from taking any step or making omission capable of undermining the rights, privileges of the Applicants as it relates to their respective Shareholding and membership of OANDO, ARDOVA and CORONATION INSURANCE PLC.

READ ALSO: Total, Oando lead losers as bourse closes bearish

This was contained in an affidavit deposed to by Aderemi Egunjobi one of the minority shareholders and filed before a Federal high court in Lagos by a Lagos lawyer Dr. Abiodun Layonu who is also a minority shareholder.

Chief EGUNJOBI further stated that he own about 1,000,000 shares in the OANDO, his shares were purchased in the open market at the floor of the Nigerian Stock Exchange at different times between 2014 to 2021 and at varying prices up to over N27.00

He also acquired 811,000 shares in OANDO using his company as the 2nd Applicant. The share purchased market was through the open market.