The Securities and Exchange Commission (SEC) yesterday set up an interim management team under former Managing Director of Shell Nigeria, Mutiu Sunmonu, to oversee the affairs of embattled Oando Plc.
“Further to our press release on Oando Plc, dated May 31, 2019, the commission hereby informs the public of the constitution of an interim management team headed by Mr Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and conduct an Extraordinary General Meeting on or before July 1, 2019, to appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc,” the stock market regulator said in a press release on Sunday.
SEC had on Friday announced the conclusion of the investigation of Oando and ordered the Group Chief Executive Officer of the company, Wale Tinubu, and other affected board members including the chairman, Adedotun Gbadebo, who is the Alake of Egbaland, to resign.
The apex capital market regulator also barred Gbadebo, Tinubu and the Deputy Group Chief Executive Officer of the company, Omamofe Boyo, from being directors of public companies for a period of five years.
It also directed the convening of an extraordinary general meeting on or before July 1, 2019, to appoint new director.
The commission said 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, among others.”