FEDERAL HIGH COURT HALTS OANDO "GO PRIVATE" SCHEME

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Olori Uwem

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Mar 18, 2024
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FEDERAL HIGH COURT HALTS OANDO "GO PRIVATE" SCHEME

The Federal High Court, presided over by Hon. Justice Aneke, has ruled on an application by five aggrieved shareholders of Oando Plc in *Suit No. FHC/CP/494/2021: Venus Construction Co Ltd & 13 Ors vs. Ocean & Oil Development Partner Ltd & Anor*. These shareholders sought to join the suit and challenge the 7th June 2022 Order that mandated Ocean & Oil to buy out all Oando minority shareholders at N7.07 per share.

The Court agreed with the applicants, stating that the Petitioners did not represent or have the consent of all Oando shareholders to file the Petition. Consequently, the Court varied its earlier Order to apply only to the shares of the Petitioners who agreed to sell at N7.07 per share. The Court affirmed that it cannot force minority shareholders to sell their shares if they do not wish to.

This ruling means the "Oando Go Private" scheme will not proceed as planned, and minority shareholders will not be compelled to sell their shares. The Court also awarded a cost of N100,000 against the Petitioners in favor of the Applicants.