Staff members of Oando Plc have been forced to stay away
from work as policemen stormed the head office of the company on Monday
morning.
The Securities and Exchange Commission announced on Sunday
night that it had set up an interim management team to oversee the affairs of
Oando following the order that the company’s Group Chief Executive Officer, Mr.
Wale Tinubu, and other affected board member should resign.
Our correspondent who visited Oando’s Wing Office Complex
located on Ozumba Mbadiwe Avenue, Victoria Island, observed policemen numbering
over 10 at the entrance of the complex, which houses other companies.
They later moved into the complex.
A staff member, who spoke with our correspondent in
confidence, said, “We got a message late last night about the interim
management. So for the safety of staff because we are not sure of the way
things will go, we did not come to the office.
“Some people still came to work this morning, but if you go
to work and you see police everywhere, you are most likely to turn back. Fear
will make you turn back and go home. So, that has been the situation.”
Security officers at the complex told our correspondent that
some staff members of Oando were denied access to their office at the instance
of their (security officers’) supervisor.
SEC said in a statement on Sunday, “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.
SEC had on Friday announced the conclusion of the
investigation of Oando and ordered the GCEO of the company, Tinubu, and other
affected board members to resign.
The apex capital market regulator also said it barred Tinubu
and the Deputy Group Chief Executive Officer of the company, Mr Omamofe Boyo,
from being directors of public companies for a period of five years.
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.”
Oando, however, said the “alleged infractions and penalties
are unsubstantiated, ultra vires, invalid and calculated to prejudice the
business of the company.”
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