The Securities and Exchange Commission has constituted an Interim Management Team headed by Mr. Mutiu Olaniyi Adio Sunmonu to oversee the affairs of Oando Plc.
In a statement signed by its Head of Corporate Communications, Mrs Efe Ebola, said the Interim Management Team will also conduct an Extra Ordinary 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.
Solacebase recalled that on May 31st SEC said in a statement, it has concluded investigation of Oando Plc and barred the Group Chief Executive Officer, Mr. Wale Tinubu, from being a director of a public company for five years after over a year of a forensic audit.
The statement said the Commission wishes to reiterate its commitment to maintaining the integrity of the market.
The commission said that it appointed Deloite Nigeria to proceed with the forensic audit.
In the statement, the commission also directed resignation of the affected board members, and called on the company to convene an extra-ordinary general meeting on or before July 1, to appoint new directors.
The commission said that these and others were part of measures to address identified violations in the company.
“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,” it said.
According to SEC, findings from the audit revealed infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures and corporate governance lapses stemming from poor board oversight, among others things.