The Securities and Exchange Commission (SEC) has constituted an Interim Management Team headed by Mr. Mutiu Olaniyi Adio Sunmonu, to run the affairs of Oando Plc.
Sunmonu, a former Managing Director of Shell Development Company, is to manage the affairs of Oando Plc, pending the constitution of a substantive management team for the indigenous oil company.
“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 Adi Sunmonu (CON) 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 eventually select a management team for Oando Plc.
“The Commission wishes to reiterate its commitment to maintaining the integrity of the market,” SEC announced in a statement on Sunday.
The SEC had last Friday directed the Chief Executive Officer of Oando Plc, Mr Wale Tinubu, his deputy, Mr. Omamofe Boyo, and all members of the company’s board to resign immediately.
Not only that, Messrs Tinubu and Boyo were barred from holding the board membership of any public quoted company for a period of five years.
But the management of Oando Plc swiftly denied any wrongdoing, vowing to seek legal redress in court rather than comply with the SEC directive
Meanwhile, the police have taken over Oando’s head office on Victoria Island Lagos, making staff of the company stay off work.
The Securities and Exchange Commission (SEC) had disclosed on Sunday 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.
The Chief Operating Officer, Oando Energy Resource, Dr Ainojie Irune, and the Chief Financial Officer, Femi Adeyemo, said at the weekend that the company intends to challenge the decision of SEC from today. Though they declined to give clear action to be taken, they insisted that the Commission’s action violated the integrity of the 18 months forensic investigations on the oil firm undertaken by the multinational audit firm, Deloitte & Touche, on the orders of SEC.
Irune stated: “We will contest the action that our fundamental rights must be protected against the implementation of the SEC decision; we have the right to fare hearing, at least. The decision is convoluted and I don’t see how they are going to implement it.” Adeyemi had also said that though the company’s management is not ruling out a court action, it has several options to take, adding that consultations are still on-going.