Oando vows to challenge SEC’s ruling on Tinubu – TheNigerialawyer

Oando Plc said on Friday that it would challenge the Securities
and Exchange Commission (SEC) ruling on the outcome of its forensic
audit.

The company made the disclosure in a statement issued in Lagos
by its Head of Corporate Communications, Alero Balogun.

Mrs Balogun said that the company would take all legal steps to
protect its business and assets, while remaining committed to act
in the interest of its shareholders.

“The company reserves the rights to take all legal steps to
protect its business and assets whilst remaining committed to act
in the best interest of all its shareholders,” she said.

The News Agency of Nigeria (NAN) reports that SEC on Friday
barred Wale Tinubu, the company’s Group Chief Executive Officer
(GCEO), and Omamofe Boyo, the Deputy Group Chief Executive Officer
(DGCEO), from being directors of a public company for five
years.

These were outcomes of the forensic audit of the company
instituted by the commission in March 2018.

SEC noted that it appointed Deloite Nigeria to proceed with the
forensic audit.

It said that the audit revealed infractions.

The commission in a statement also directed the 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.

Mrs Balogun, however, described as unsubstantiated, the
commission’s call for resignation of the affected board members of
Oando Plc and convening of an extra-ordinary general meeting on or
before July 1, 2019, to appoint new directors.

According to her, payment of monetary penalties by the company
and affected individuals and directors, refund of improperly
disbursed remuneration by the affected board members to the company
were also unsubstantiated.

Mrs Balogun said that the company’s attention had been drawn to
a statement issued by the commission on Friday, barring its GCEO
and DGCEO from being directors of public companies for a period of
five years.

She said that Oando was of the view that the alleged infractions
and penalties were unsubstantiated, ultra vires, invalid and
calculated to prejudice the business of the company.

“The company has not been given the opportunity to see, review
and respond to the forensic audit report and so is unable to
ascertain what findings (if any) were made in relation to the
alleged infractions, and defend itself accordingly before the SEC,”
she said.

(NAN )

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