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Oando to publish shareholders’ names – Tinubu

By on September 22, 2013
Oando CEO, Wale Tinubu

Oando CEO, Wale Tinubu

The Group Chief Executive, Oando Plc, Mr Wale Tinubu, on Friday said the company would publish names of shareholders on its web site to ensure sustainable corporate governance.

Tinubu said this in Lagos at a meeting with the stockbrokers at the Nigerian Stock Exchange (NSE) to explain its stance on former Gov. James Ibori’s alleged ownership of 30 per cent in the company.

According to him, the publication of shareholders’ names is meant to stop people with `hot money’ from investing in the energy conglomerate.

The News Agency of Nigeria (NAN) reports that the company’s innovation was against the backdrop of the British prosecutor’s recent accusation that the convicted former governor used Oando to launder money.

He said that Ibori owned only 443 shares in Oando Plc and not 30 per cent as alleged by UK Southwark Crown Court on Sept.16.

“Investors with stolen funds should not think of investing in Oando Plc because they will be exposed,’’ Tinubu said.

He said that the company had introduced stringent Know Your Client (KYC) process and would remain at the forefront of good corporate governance.

Tinubu said that payment of impressive dividends was the company’s major priority, adding that the media reports would not affect its fortune.

Mr Sam Ndata, a Doyen of the Capital Market, urged Oando to carry the stockbrokers along in all its activities to avoid misinterpretation of information by investors. (NAN)