SEC Appoints Interim Management For Oando As Tinubu Rejects sack

The Securities and Exchange Commission (SEC) said it has set up an interim management team to oversee Nigeria's energy firm Oando, where two key officials were barred from holding directorship of public companies for the next five years.

SEC had on Friday announced the sacking of Wale Tinubu, the group chief executive officer of Oando Plc and his deputy CEO Omamofe Boyo from being directors of public companies for a period of five year after an investigation into the operations of the energy firm by the regulator.
The capital market regulator said the new interim management team would conduct an extraordinary general meeting on or before July 1 to appoint new directors.
The regulator in a statement on Friday said it found certain infractions of securities and other relevant laws while investigating petitions received from two of Oando shareholders two years ago.
The outcome of the investigation showed that Oando management and board have been engaging in false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight.
SEC also said it discovered through its investigations that Oando has been engaging in irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.
However, Tinubu said he rejected the conclusion of SEC's investigation into Oando's affairs and could take legal measure to redress the situation.
According to him, the allegations against the company and its principals were unsubstantiated.