Forced resignation: Oando Plc fights back
Oando Plc, the leading Africa’s integrated oil and gas company has challenged an order by the Securities and Exchange Commission (SEC) sacking it’s GCEO, Jubril Adewale Tinubu and other top directors over an alleged capital market infractions.
The company in an official statement issued late on Friday May 31, 2019, said they were not given a fair hearing on the lingering issue.
Below is the excerpt of the full statement:
Our attention has been drawn to a press release published and syndicated by the Securities and Exchange Commission, on Friday, May 31, 2019 “Press Release on “Investigation of Oando PLC”;
In the statement, the Commission confirms the conclusion of its investigations and that the findings from the audit report indicate serious infractions by the Company and as part of its measures to address these violations, the Commission has directed penalties as follows:
Resignation of the affected Board members of Oando Plc,
The convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors,
Payment of monetary penalties by the company to affected individuals and directors,
Refund of improperly disbursed remuneration by the affected Board members to the company,
Bar of the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc, Wale Tinubu and Mofe Boyo from being directors of public companies for a period of five (5) years.
Oando is of the view that these alleged infractions and penalties, were unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company, which might seriously affect the smooth running of the multi billion dollars investment.
The Company has not been given the opportunity to verify, review and respond to the forensic audit report, so its unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC.
The Company has reserves its rights to take all possible legal steps to protect its business and assets while remaining committed to act in the best interests of all its shareholders.