The Securities and Exchange Commission (SEC) has ordered the Group Chief Executive Officer (CEO) of Oando Plc, Wale Tinubu to resign from his position over serious infractions including false disclosures, market abuses, amongst others.
In a statement made available to newsmen, the regulator disclosed that it has also barred Tinubu alongside his deputy, Omamofe Boyo from being directors of any quoted company for the next five years.
Consequently, the commission has directed the oil and gas company to convene an extraordinary general meeting before Monday, July 1, 2019, to appoint new directors.
The statement reads in parts; “Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges). Certain infractions of Securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.
“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as 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.”
More details shortly…
Source: Nairametrics
Samson Oyedeyi
