September 12, 2017/NSE

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 40th Annual General Meeting at the Ibom Hall in Uyo, Akwa Ibom State.

At the AGM, shareholders’ expressed confidence in the current management team led by the Group Chief Executive Officer, Wale Tinubu. The following resolutions proposed in the notice to shareholders, were unanimously passed:

1. Re-appointment of Auditors

    The Company re- appointed Ernst and Young (Nigeria) as its auditors.

2. Fixing of Auditors’ Remuneration

     The Directors were authorised to fix the auditors’ remuneration.

3. Re-election of Directors

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

     Company:

Mr. Mobolaji Osunsanya

Mr. Oghogho Akpata

Mr. Tanimu Yakubu

4. Election of Members of the Audit Committee

The following persons were elected as members of the Audit Committee for the 2017

     Accounts:

Mr. Ike Osakwe

Chief Sena Anthony

Mr. Tanimu Yakubu

Dr. Joseph Ashaolu

Mr. Olusegun David Oguntoye

Mr. Jackson Erinevere Edah

5. 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 2017; which fees are payable quarterly in arrears.

In his closing remarks, Wale Tinubu assured the shareholders of the management’s commitment to protect the interest of all Oando shareholders and continue with its aggressive debt reduction programme. “As your management team we assure you that our main focus will continue to be geared towards sustaining your Company’s profitability and ensuring adequate return for you our esteemed shareholders. Our story has always been one of resilience, innovation and growth. I assure you that we are fully committed to positioning your Company to achieving sustained growth moving forward.”