The management of Oando Plc has come out strong against the Securities and Exchange Commission, SEC, which directed the sack of its Group CEO, Mr. Wale Tinubu and his deputy, Mr. Omamofe Boyo, as well as members of the board it indicted for multiple infractions.
The oil and energy company said it would take “all legal steps” to protect itself and interests. Oando’s reaction came via a statement it released few hours after SEC announced its decision in a statement Friday.
“Our attention has been drawn to a press release published by the Securities and Exchange Commission (SEC) on Friday, May 31, 2019 “Press Release on “Investigation of Oando PLC (the Company)”In the statement, the Commission confirms the conclusion of its investigations and that the findings from the report reveal serious infractions by the Company and as part of measures to address these violations, the Commission has directed penalties as follows:
1. Resignation of the affected Board members of Oando Plc,
2. The convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors,
3. Payment of monetary penalties by the company and affected individuals and directors,
4. Refund of improperly disbursed remuneration by the affected Board members to the company,
5. Bar of the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc. from being directors of public companies for a period of five (5) years.
Oando is of the view that these alleged infractions and penalties are 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.
The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders.”