Oando Plc has challenged the barring of its Group Chief Executive Officer, Wale Tinubu, and his deputy, Moyo Boyo, by the Securities and Exchange Commission (SEC).
Okay.ng reported on Friday, 31st May, that SEC concluded investigation on two petitions against the company.
The commission also asked the members of the board to resign after placing a five-year ban on them.
However, reacting on this decision, Oando in a statement said the position of SEC was prejudiced and meant to hurt the company’s business.
The statement read:
“Oando PLC Challenges the Securities and Exchange Commission’s Ruling on the Outcome of the Forensic Audit into Oando PLC,” and signed by the Chief Compliance Officer and Company Secretary, Ayotola Jagun, the company said:
“Our attention has been drawn to a press release published by the Securities and Exchange Commission (SEC) on Friday, May 31, 2019 Press Release on
‘Investigation of Oando PLC (the Company).’
“In the statement, the Commission confirms the conclusion of its investigations and that the findings from the report reveal serious infractions by the Company and as part of measures to address these violations, the Commission has directed penalties as
follows:
1. Resignation of the affected Board members of Oando Plc,
2. The convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors,
3. Payment of monetary penalties by the company and affected individuals and
directors,
4. Refund of improperly disbursed remuneration by the affected Board members to the company,
5. Bar of the Group Chief Executive Officer (GCEO) and the Deputy Group Chief
Executive Officer (DGCEO) of Oando Plc from being directors of public
companies for a period of five (5) years.
“Oando is of the view that these alleged infractions and penalties are 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.
“The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders.”
