Oando:  SEC sets up interim management

The Securities and Exchange Commission, SEC, has constituted an Interim Management Team to oversee the affairs of Oando Plc, and 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.

This was made known through a statement by the Head of Corporate Communications of the SEC, Mrs. Efe Ebelo, in Abuja.

The interim management will be headed by Mr. Mutiu Olaniyi Adio Sunmonu, CON, who till date is an Independent Non-Executive Director of Unilever Nigeria Plc, and the Chairman of Julius Berger Nigeria Plc.

It would be recalled that the SEC after concluding investigation of Oando Plc, directed among others, the resignation of the affected board members, and also barred its Group Chief Executive Officer, Mr Wale Tinubu,  and the Deputy Group Chief Executive Officer, Mr Omamofe Boyo from being directors of public companies for a period of five (5) years.

The SEC also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected board members to the company.