The Securities and Exchange Commission (SEC) has set up an interim
\nmanagement team in Oando Plc, headed by Mr Mutiu Olaniyi Adio Sunmonu,
\nthe Commission\u2019s spokesperson Efe Ebelo said.<\/p>\n
Sunmonu will oversee the affairs of Oando Plc, and conduct an Extra
\nOrdinary General Meeting on or before July 1, 2019, to appoint new
\ndirectors to the Board of the company, who would subsequently select a
\nmanagement team for Oando Plc.<\/p>\n
But the oil firm denied the development, saying that its management team
\nand board of directors remained unchanged.<\/p>\n
\u201cOando\u2019s Management Team and Board of Directors have not changed,\u201d the
\ncompany tweeted on Monday morning. \u201cWe advise you to refrain from
\nsharing incorrect information or reach out to the Company to verify
\ninformation before dissipation.\u201d<\/p>\n
SEC said Oando\u2019s group chief executive Wale Tinubu, his deputy Omamofe
\nBoyo and the oil company committed, among other infractions, \u201cfalse
\ndisclosure\u201d and \u201cmisstatements in financial statements\u201d.<\/p>\n
The Commission said it had substantial evidence that there were
\ninstances of \u201cserious infractions such as false disclosures, market
\nabuses, misstatements in financial statements, internal control
\nfailures, and corporate governance lapses stemming from poor board
\noversight, irregular approval of directors\u2019 remuneration, unjustified
\ndisbursements to directors and management of the company, related party
\ntransactions not conducted at arm\u2019s length, amongst others.\u201d<\/p>\n
SEC consequently directed that Tinubu and Boyo to resign from the board
\nof the oil company immediately and that the duo must be replaced through
\nan extraordinary general meeting by July 1, 2019, the Commission said.<\/p>\n
Tinubu, Boyo and Oando are also expected to monetary penalties and also
\nrefund \u201cimproperly disbursed remuneration.\u201d<\/p>\n
However, a spokesperson for Oando Ayotola Jagun said the oil firm was
\nunable to ascertain what findings were made in relation to the alleged
\ninfractions and defend itself accordingly before the SEC.<\/p>\n
It said the claims were \u201cunsubstantiated\u201c and that it will be seeking
\nredress in a court.<\/p>\n
\u201cThe Company reserves its rights to take all legal steps to protect its
\nbusiness and assets whilst remaining committed to act in the best
\ninterests of all its shareholders,\u201d he said.<\/p>\n
The Securities and Exchange Commission (SEC) has set up an interim management team in Oando Plc, headed by Mr Mutiu Olaniyi Adio Sunmonu, the Commission\u2019s spokesperson Efe Ebelo said. Sunmonu…<\/p>\n","protected":false},"author":1,"featured_media":67117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-67116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n