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Shareholders of Oando Plc from across the South-West states on Tuesday staged a protest in Ibadan, the Oyo State capital, and demanded that the company’s Managing Director, Wale Tinubu, should step down because of the firm’s poor financial position.

Making reference to the report of the last Annual General Meeting of the company, which was held in Uyo, Akwa Ibom State, where the External Auditor, Ernst & Young, stated that Oando reported a comprehensive loss in 2015 and 2016, the National President, Renaissance Shareholders Association, Olufemi Timothy; and the National Coordinator, Proactive Shareholders Association of Nigeria, Mr. Taiwo Oderinde, condemned the meeting, saying it was stage-managed to continue the mismanagement of the company’s finance by the current management.

Timothy stated, “Oando Plc is practically dead because it is no more a going concern. Its contemporaries are doing well and bringing glory to their shareholders. We are calling on President Muhammadu Buhari, the Financial Reporting Council of Nigeria, Nigerian Stock Exchange and the Senate Committee on Capital Market to intervene before it is too late.

“We are dying because our investments in the company have grown wings. The share we bought for N90 has come down to N5 under Wale Tinubu’s watch. A proper probe should be carried out. Tinubu should step aside. The company has gone with its current reported N263bn negative working capital.

“We worked hard to invest in the company but what did we get in return? Absolutely nothing! The poor shareholders are suffering and many have died. We have a lot of retired people dying because their investments have gone. Under the current management, Oando suffers a lot and we cannot tolerate it again.”

Oderinde said that Transparency International rated Nigeria poorly in its global corruption index because of alleged corrupt practices within institutions like Oando.

“Enough is enough and Wale Tinubu must go. If you go to the Transparency International’s website, you will see their rating of Nigeria on the global corruption index and it was stated therein that not only individuals are corrupt in Nigeria, but institutions too. Little did we know that TI was referring to companies like Oando,” he said.

The protesters also visited the NSE office in Dugbe, where the Branch Manager, Mr. Kayode Ogun, urged them to write a formal letter to the bourse, stating their demands, while calling on them to exercise restraint while the NSE looked into their petition.

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BIG STORY

I’ll Retrieve My Senate Mandate And Become Kogi Governor …Dino Melaye Reacts To Tribunal Sack Order

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The Kogi State National Assembly/State Assembly Election Petition Tribunal sitting in Abuja has sacked Dino Melaye as the representative of the Kogi West senatorial district in the Senate.

Melaye beat his closest challenger, Smart Adeyemi, and other candidates in the election that was conducted on February 23, 2019 for a second term in the upper legislative chamber.

However, Mr. Melaye has allayed the fears of his supporters saying, “no cause for alarm”.

In a twitter message immediately after the tribunal ruling, Melaye wrote;

“On Tribunal judgement. No cause for alarm at all. Even if it went my way they will still go to the Appeal Court. Our mandate cannot be taken. We will get judgment at the Appeal Court.

There will be a fresh election in Kogi West because I will be governor. For my senate mandate, no shaking.”

Adeyemi filed a petition before the tribunal to contest the result, alleging that the process was plagued with irregularities and disorganizations.

The tribunal agreed with him and annulled the election in a ruling delivered on Friday, August 23.

In a unanimous judgment, the three-member panel, led by Justice A. O. Chijioke, ordered for a fresh election to be conducted in the district.

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BIG STORY

BREAKING: Tribunal Sacks Dino Melaye As Kogi West Senator, Orders Fresh Election

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The Kogi State National Assembly/State Assembly Election Petition Tribunal has nullified the election of Senator Dino Melaye representing Kogi West senatorial district.

Recall that Dino Melaye polled a total of 85,395 votes to defeat his APC opponent who scored 66,902 votes.

But the APC candidate, Sam Adeyemi proceeded to challenge the declaration on three grounds of irregularities, overvoting and non-compliance with the Electoral Act.

According to Vanguard, the three-man panel led by Justice A. O. Chijioke, in a unanimous judgment on Friday, accepted Adeyemi’s ground and ordered for another election in the senatorial district.

Details later…

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BIG STORY

Okorocha Stole N1trillion From Imo State, He Must Account For All His Evil Deeds —– Gov Ihedioha

Peter Okunoren

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Imo State Governor, Emeka Ihedioha, has accused former Governor Rochas Okorocha, of stealing N1trillion while in power.

This was contained in a statement on Friday issued by his Special Adviser on Media, Steve Osuji.

“Available records show that in eight years, former Governor Okorocha mismanaged about One Trillion Naira belonging to Imo State”, he said.

“We are taking our time in unveiling the numerous atrocities of the last administration and certainly, he must answer for all the evil he did against the people of Imo State.

“It is very strange that a former Governor could sit and concoct lies. How could Governor Emeka Ihedioha spend N2.8b on sanitation? What was it used for? Okorocha’s problem is that he is so used to lies that he no longer knows the difference between lies and the truth.

“The state spends only about Twenty-Five Million Naira on sanitation and the bulk of the funds come from support from corporate organizations as part of their corporate social responsibility.

“Okorocha also alleged that Governor Ihedioha has, within two months in office, built a Hotel in Abuja and new houses in Owerri and his village. This further shows that the man, Okorocha is sick.

“As at today, Governor Ihedioha operates from his private residence in Owerri, following the pillage and vandalisation of Government House by former Governor Okorocha and his cronies.

“How could he say the Governor is building new houses when he owns a palatial residence in Owerri, where he operates from and mansions in his village, built many years ago? The question is – are houses built in two months?

“Only Okorocha can build a house in two months and it collapses after a short while. Imo people already know that Okorocha is a habitual liar and should not be taken seriously.

“The truth is that Okorocha wrecked Imo State. All he is doing is to attempt to divert the attention of Imo people. Unfortunately, Imo people are smarter than that.

“He also claimed that Governor Ihedioha did not win the last election. So who won? He cannot get over the fact that his puppet in-law failed; he is also in pains that he has not been able to extend his dynasty in Imo.

“But no amount of falsehood will deter the people’s governor, Ihedioha from fulfilling his electoral promise of rebuilding Imo State. The present administration shall remain on course in its efforts to recover Imo people’s funds and property looted by Rochas Okorocha and his cronies,” he said.

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