SEC Nigeria Orders Oando Group CEO, Wale Tinubu, Others To Resign
The Securities and Exchange
Commission (SEC), yesterday, said it has concluded investigation of Oando Plc
and directed, among others, the resignation of the affected board memberstive
officer (DGCEO), Omamofe Boyo, from being directors of public companies for a
period of five years.
SEC, in a statement to our correspondent yesterday,
directed the convening of an Extra-Ordinary General Meeting (EGM) on or before
July 1, 2019, to appoint new directors.
These, among others, SEC stated, are
part of measures to address identified violations in the company. According to
the SEC, following the receipt of two petitions by the Commission in 2017,
investigations were conducted into the activities of Oando Plc, a company
listed on the Nigerian and Johannesburg Stock Exchanges. “Certain infractions
of Securities and other relevant laws were observed. The Commission further
engaged Deloitte & Touche to conduct a Forensic Audit of the activities of
Oando Plc.
“The
general public is hereby notified of the conclusion of the investigations of
Oando. The findings from the report revealed serious infractions such as false
disclosures, market abuses, mis-statements 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, amongst others.” “The Commission has directed the
payment of monetary penalties by the company, affected individuals and
directors, and refund of improperly disbursed remuneration by the affected
board members to the company.
SEC added that other aspects of the findings would be referred to the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC). “The Commission is confident that with the implementation of the above directives and introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced.
“Therefore, in line with the federal government’s resolve to build strong institutions, boards of public companies are enjoined to properly perform their fiduciary duties as required under extant securities laws,” the statement added.
SEC added that other aspects of the findings would be referred to the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC). “The Commission is confident that with the implementation of the above directives and introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced.
“Therefore, in line with the federal government’s resolve to build strong institutions, boards of public companies are enjoined to properly perform their fiduciary duties as required under extant securities laws,” the statement added.
The Securities and
Exchange Commission (SEC), yesterday, said it has concluded
investigation of Oando Plc and directed, among others, the resignation
of the affected board memberstive officer (DGCEO), Omamofe Boyo, from
being directors of public companies for a period of five years.
SEC, in a statement to LEADERSHIP Weekend, yesterday, directed the
convening of an Extra-Ordinary General Meeting (EGM) on or before July
1, 2019, to appoint new directors.
Read More at: https://leadership.ng/2019/06/01/sec-orders-oando-group-ceo-wale-tinubu-others-to-resign/
Read More at: https://leadership.ng/2019/06/01/sec-orders-oando-group-ceo-wale-tinubu-others-to-resign/
No comments