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Nigeria Stock Exchange (NSE:OANDO) = 5.20 (0.15) Johannesburg Stock Exchange (JSE:OAO) = 40.00 (0.00)

Oando Plc Successfully Concludes 41st Annual General Meeting

Lagos, Nigeria- Oando PLC (referred to as “Oando” or the “Company”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today successfully concluded its 41st Annual General Meeting at the Eko Hotel and Suites, Victoria Island, Lagos.

The following resolutions proposed in the notice to shareholders, were unanimously passed: 

    1. Receipt of Audited Financial Statements

The audited financial statements of the Company and of the Group for the year ended December 31, 2017, as well as the Reports of the Directors, Auditors and Audit Committee were received and approved.

    1. Re-appointment of Auditors

The Company re- appointed Ernst and Young (Nigeria) as its auditors and the directors were authorize to fix the auditors’ remuneration.

    1. Election of Directors

The following individuals were elected to the Board of Directors:

    • Alhaji Bukar Goni Aji with effect from January 19, 2018
    • Mr. Muntari Zubairu with effect from February 5, 2018
    1. Re-election of Directors

The following directors who retired by rotation, were re-elected as Directors of the Company:

    • Chief Sena Anthony
    • Mr. Ike Osakwe
    • Mr. Ademola Akinrele SAN
    1. Election of Members of the Audit Committee

The following persons were elected as members of the Audit Committee for the 2018 Accounts:

    • Mr. Ike Osakwe
    • Mobolaji Osunsanya
    • Mr. Tanimu Yakubu
    • Dr. Joseph Ashaolu
    • Mr. Olusegun David Oguntoye
    • Mr. Jackson Erinevere Edah
    1. Approval of the remuneration of non-executive directors

The remuneration of the non-executive directors of the Company was fixed at ₦5,000,000 per annum for the Chairman and ₦4,000,000 each per annum for all other non-executive directors with effect from 1 January 2018; fees are payable quarterly in arrears.

In his closing remarks, Wale Tinubu assured the shareholders of management’s commitment towards creating value for and protecting the interest of all shareholders: “We are pleased that your Company has shown resilience during the difficult times and is now on track for sustained growth. We will continue to evolve in the energy space to ensure that even when today’s energy product becomes less attractive, we have already made the investment for tomorrow. The interests of you, our esteemed shareholders, is paramount to us and we remain focused on growing profitability to ensure adequate returns accrue to you.”

For more information, please contact:

Ayotola Jagun

Company Secretary

The Wings Office Complex

17a Ozumba Mbadiwe Avenue

Victoria Island,

Lagos, Nigeria.

Tel: +234 (1) 270400, Ext 6159

ajagun@oandoplc.com

Segun Awodele

Head, Investor Relations

The Wings Office Complex

17a Ozumba Mbadiwe Avenue

Victoria Island,

Lagos, Nigeria.

Tel: +234 (1) 270400, Ext 6204

sawodele@oandoplc.com

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