Oando reacts to SEC order to Tinubu, others to resign

Oando Plc mentioned on Friday that it could problem the Securities and Alternate Fee (SEC) ruling on the end result of its forensic audit.

The corporate made the disclosure in an announcement issued in Lagos by its Head of Company Communications, Mrs Alero Balogun.

Balogun mentioned that the corporate would take all authorized steps to guard its enterprise and belongings, whereas remaining dedicated to behave within the curiosity of its shareholders.

“The company reserves the rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interest of all its shareholders,” she mentioned.

The Information Company of Nigeria (NAN) reviews that SEC on Friday barred Mr Wale Tinubu, the corporate’s Group Chief Govt Officer (GCEO), and Mr Omamofe Boyo, the Deputy Group Chief Govt Officer (DGCEO), from being administrators of a public firm for 5 years.

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These have been outcomes of the forensic audit of the corporate instituted by the fee in March 2018.

SEC famous that it appointed Deloite Nigeria to proceed with the forensic audit.

It mentioned that the audit revealed infractions.

The fee in an announcement additionally directed resignation of affected board members, and known as on the corporate to convene an extra-ordinary basic assembly on or earlier than July 1, to nominate new administrators.

Balogun, nevertheless, described as unsubstantiated, the fee’s name for resignation of affected board members of Oando Plc and convening of an extra-ordinary basic assembly on or earlier than July 1, 2019, to nominate new administrators.

In accordance with her, cost of financial penalties by the corporate and affected people and administrators, refund of improperly disbursed remuneration by the affected board members to the corporate have been additionally unsubstantiated.

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Balogun mentioned that the corporate’s consideration had been drawn to an announcement issued by the fee on Friday, barring its GCEO and DGCEO from being administrators of public firms for a interval of 5 years.

She mentioned that Oando was of the view that the alleged infractions and penalties have been unsubstantiated, extremely vires, invalid and calculated to prejudice the enterprise of the corporate.

“The company has not been given the opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions, and defend itself accordingly before the SEC,” she mentioned.

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Updated: June 1, 2019 — 2:38 pm