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 the Group Chief Executive Officer
and the Deputy Group Chief Executive Officer of Oando Plc 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.