Oando Settles Legal Tussle With SEC, Agrees To Pay Penalties

Oando Plc has entered into a settlement with the Securities and
Exchange Commission (SEC) in the overriding interest of the
shareholders of the company and the capital market after years of
legal tussle.

This was contained in a circular posted on SEC’s website on
Monday and obtained by the News Agency of Nigeria (NAN).

The commission in 2019 found Oando guilty of serious
infractions, thereby barring Wale Tinubu, the company’s Chief
Executive Officer and Mofe Boyo, its deputy CEO, from the boards of
public companies for five years.

SEC also instituted an interim management to appoint new board
of directors and management team for Oando.

The circular published Monday said the company had reached a
settlement with the commission on the immediate withdrawal of all
legal actions filed by it and all affected directors.

It said the agreement included payment of all monetary penalties
stipulated in the commission’s letter of May 31, 2019; and an
undertaking by the company to implement corporate governance
improvements.

“Part of the terms required the submission by the company of
quarterly reports on its compliance with the terms of the
Settlement Agreement; the Investments and Securities Act, 2007; the
SEC Rules and Regulations; the National Code of Corporate
Governance and the SEC Guidelines to the Code of Corporate
Governance,” it said.

“Pursuant to the powers conferred on the Commission by the
Investments and Securities Act 2007, and the Rules and Regulations
made pursuant thereto, the commission on July 15, entered into a
settlement with Oando Plc (the company).

“The commission in its letter to the company dated May 31, 2019,
gave certain directives and imposed sanctions on the company,
following investigations conducted pursuant to two petitions filed
with the commission in 2017.

The company and some of its affected directors had challenged
the said directives in a series of suits commenced at the Federal
High Court.”

The circular said Oando approached the commission for a
settlement of the matter, and both parties had agreed to settle in
consideration of the impact that a further prolonged period of
litigation would have on the company’s shareholders and the value
of their investments.

The commission also reiterated its commitment to ensuring the
fairness, transparency and integrity of the capital market, while
upholding its mandate to protect investors.(NAN)

Oando Plc has entered into a settlement with the Securities and
Exchange Commission (SEC) in the overriding interest of the
shareholders of the company and the capital market after years of
legal tussle.

This was contained in a circular posted on SEC’s website on
Monday and obtained by the News Agency of Nigeria (NAN).

The commission in 2019 found Oando guilty of serious
infractions, thereby barring Wale Tinubu, the company’s Chief
Executive Officer and Mofe Boyo, its deputy CEO, from the boards of
public companies for five years.

SEC also instituted an interim management to appoint new board
of directors and management team for Oando.

The circular published Monday said the company had reached a
settlement with the commission on the immediate withdrawal of all
legal actions filed by it and all affected directors.

It said the agreement included payment of all monetary penalties
stipulated in the commission’s letter of May 31, 2019; and an
undertaking by the company to implement corporate governance
improvements.

“Part of the terms required the submission by the company of
quarterly reports on its compliance with the terms of the
Settlement Agreement; the Investments and Securities Act, 2007; the
SEC Rules and Regulations; the National Code of Corporate
Governance and the SEC Guidelines to the Code of Corporate
Governance,” it said.

“Pursuant to the powers conferred on the Commission by the
Investments and Securities Act 2007, and the Rules and Regulations
made pursuant thereto, the commission on July 15, entered into a
settlement with Oando Plc (the company).

“The commission in its letter to the company dated May 31, 2019,
gave certain directives and imposed sanctions on the company,
following investigations conducted pursuant to two petitions filed
with the commission in 2017.

The company and some of its affected directors had challenged
the said directives in a series of suits commenced at the Federal
High Court.”

The circular said Oando approached the commission for a
settlement of the matter, and both parties had agreed to settle in
consideration of the impact that a further prolonged period of
litigation would have on the company’s shareholders and the value
of their investments.

The commission also reiterated its commitment to ensuring the
fairness, transparency and integrity of the capital market, while
upholding its mandate to protect investors.(NAN)