We’re Not Given Fair Hearing: Oando Plc Tackles SEC

FUNSHO AROGUNDADE

 

 The Management of Oando Plc, has rejected the decision of the Security and Exchange Commission, SEC, sacking Mr. Adewale Tinubu, as the Group Chief Executive Officer, Oando Plc and other top directors of the leading Africa’s integrated oil and gas Company over alleged capital market infractions.

On Friday, May 31, SEC, announced the sacking of Tinubu and other top directors of the Company.

The Commission stated that the decision confirmed the conclusion of its investigations and that the findings from the audit report indicated serious infractions by the Company.

Consequently, as part of its measures to address these violations, the Commission directed the resignation of the affected Board members of Oando Plc.

However, the company said SEC did not given it a fair hearing on the lingering issue. The Company stated that the alleged infractions and penalties were “unsubstantiated, ultra-vire, invalid and calculated” to prejudice the business of the Company, which might seriously affect the smooth running of the multibillion dollars investment.

The company, in the release, added that it was not given the opportunity to verify, review and respond to the forensic audit report, which made it difficult to ascertain what findings were made in relation to the alleged infractions so as to defend  itself before the SEC.

In view of this, the Company has expressed its readiness to explore all possible legal steps to protect its business and assets, while remaining committed to its pristine mission and vision in the interest of its shareholders.

The SEC had directed Oando Plc to convene an extraordinary General Meeting on or before July 1, 2019, to appoint new directors, as well as payment of monetary penalties by the Company to affected individuals and directors.

It further directed refund of improperly disbursed remuneration by the affected Board members to the company, while also barring Tinubu and the Company’s Deputy Group Chief Executive Officer, Omamofe Boyo from being directors of any public company for a period of five years.