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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President Muhammadu Buhari
FG Rebates Owners Occupier to promote Energy Efficiency
in Buildings
The Permanent Secretary of Federal Ministry of Power, Works and
Housing , Mohammed Bukar has disclosed that government would give
rebate to Owners Occupier that have their building plan drawings
Energy Efficient in Nigeria. He made this disclosure at the meeting
of Inter-Ministerial Team on Renewable Energy Efficiency buildings
in Abuja recently.
The Permanent Secretary, who also doubles as the Chairman of the
Team , said that the rebate would be given to ensure that all
buildings in Nigeria are Energy Efficiency Compliant . He further
directed that all building projects in the Ministry must be in
accordance to the specification under the Building Energy
Efficiency Code (BEEC).
Mr Bukar added that with the launch of BEEC in June 2017 by the
immediate past Minister, Babatunde Raji Fashola, it was agreed that
the BEEC would run for a two year Voluntary Stage, with the aim
that awareness creation would be on going, during which the
acceptability of the code and it’s implementation will be
assessed.
The Permanent Secretary urged the stakeholders to brain storm
and come up with measures that will promote an alternative means of
Energy that would result in job creation, business opportunities
and economic growth.
He commended the effort of stakeholders and the technical
partner, the Nigerian Energy Support Programme (NESP)/German Agency
for International Cooperation(GIZ) in the journey of ensuring
implementation of BEEC in Nigeria, noting that it would be of
enormous benefit to Nigerians.
According to him, “this puts the programme of energy efficiency
in buildings at an advantage in making a paradigm shifting in our
mode of design and construction method in building and construction
industries. “As we fully embrace the implementation of BEEC in our
new building projects design and construction, it will no doubt
result in 40% reduction in energy consumed by these buildings if
properly implemented.”
The Permanent Secretary encouraged financial mehanism in making
loans available with low interest rate and tax relief for those
Energy Efficient related products which are required for Energy
Efficient buildings, like water heaters, Solar PV, air-conditioners
and others which would in no small measure aid the penetration of
Energy efficiency advocacy and implementation.
The Director of Engineering Services in the Ministry,
Engr.Julius Olurinola, urged the private sector in collaboration
with the professional bodies, to take a shot at sponsoring a bill
to add BEEC to the National Building Code, now that the programme
is at the voluntary stage.
The GIZ support partners expressed satisfaction at the level of
awareness the programme has reached judging by the enthusiasm shown
by the stakeholders in the implementation of the programme.
The Ministry in collaboration with the technical partners have
come up with the adoption of BEEC in the three pilot states out of
the 36 states of the federation, namely Lagos, Kaduna and Plateau
states to kick start the process of making buildings in the country
Energy Efficient.
Grace Osuji
SIO
For : Director Information