Nigerian Oil Firm Oando Gets New Interim Management

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The Securities and Exchange Commission said on Sunday that it had set up an interim management team to oversee the affairs of Oando Plc, Punch Newspaper has reported.

SEC said in a statement, “Further to our press release on Oando Plc, dated May 31, 2019, the commission hereby informs the public of the constitution of an interim management team headed by Mr Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and conduct an Extraordinary General Meeting on or before July 1, 2019, to appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc.

“The commission wishes to reiterate its commitment to maintaining the integrity of the market.”

SEC had on Friday announced the conclusion of the investigation of Oando and ordered the Group Chief Executive Officer of the company, Mr Wale Tinubu, and other affected board members to resign.

The apex capital market regulator also said it barred Tinubu and the Deputy Group Chief Executive Officer of the company, Mr Omamofe Boyo, from being directors of public companies for a period of five years.

It also directed the convening of an extraordinary general meeting on or before July 1, 2019, to appoint new directors.

The commission said findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses, “stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, among others.”

Oando, however, said the “alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.”

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