Oando vows to challenge SEC’s ruling on Tinubu

Nigerian oil company, Oando. [Photo credit: Guardian Newspaper]
Nigerian oil company, Oando. [Photo credit: Guardian Newspaper]

Oando Plc said on Friday that it would challenge the Securities and Exchange Commission (SEC) ruling on the outcome of its forensic audit.

The company made the disclosure in a statement issued in Lagos by its Head of Corporate Communications, Alero Balogun.

Mrs Balogun said that the company would take all legal steps to protect its business and assets, while remaining committed to act in the interest 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 said.

The News Agency of Nigeria (NAN) reports that SEC on Friday barred Wale Tinubu, the company’s Group Chief Executive Officer (GCEO), and Omamofe Boyo, the Deputy Group Chief Executive Officer (DGCEO), from being directors of a public company for five years.

These were outcomes of the forensic audit of the company instituted by the commission in March 2018.

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

It said that the audit revealed infractions.

The commission in a statement also directed the resignation of the affected board members, and called on the company to convene an extra-ordinary general meeting on or before July 1, to appoint new directors.

Mrs Balogun, however, described as unsubstantiated, the commission’s call for resignation of the affected board members of Oando Plc and convening of an extra-ordinary general meeting on or before July 1, 2019, to appoint new directors.

Advertisement

RIPAN Campaign AD

According to her, payment of monetary penalties by the company and affected individuals and directors, refund of improperly disbursed remuneration by the affected board members to the company were also unsubstantiated.

Mrs Balogun said that the company’s attention had been drawn to a statement issued by the commission on Friday, barring its GCEO and DGCEO from being directors of public companies for a period of five years.

She said that Oando was of the view that the alleged infractions and penalties were unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.

“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 said.

(NAN )

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.