Two Directors Of Embattled Oando Plc Quit Aftermath Regulatory Indictment

Two directors of embattled energy company Oando Plc have resigned their appointment from the board of the firm.

According to a regulatory filing by Oando sent to the Nigerian Stock Exchange (NSE), the two directors, Sena Anthony, and Oghogho Akpata were key members of the board.
"Chief Sena Anthony and Mr. Oghogho Akpata were active members of the board and its subcommittees," the energy company said in a filing with the local bourse.
The company did not provide any clue to what led to the resignation of the two non-executive directors.
However, Oando was indicted by the capital market regulator a week ago for various infractions of the market regulations.
The Securities and Exchange Commission (SEC) also ordered the resignation of the chief executive of the company wale Tinubu and his deputy Boyo for violating the rules of the market.
SEC on Sunday constituted an interim management team to be headed by Sunmonu for Oando Plc. In a statement, the commission said that Sunmonu would oversee the affairs of the company and conduct an Extra Ordinary General Meeting (EGM) on or before July 1, to appoint a new board of directors.
Among the allegations against the key principals of the energy company by the regulator include 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, amongst others.
However, the two principals of the energy firm approached the High Court on Monday asking that the decision of the capital market regulator be set aside.
Justice Mojisola Olatoregun sitting in Lagos granted an interim injunction against SEC from going ahead to implement the report of its investigative panel on Oando