Lagos — Two non-executive directors of Oando Plc have resigned their appointment with the embattled energy company.
According to a notice to the Nigerian Stock Exchange, NSE on Friday, seen by SweetcrudeReports, the affected directors include; Chief Sena Anthony and Mr. Oghogho Akpata.
The memo signed by the company’s Company Secretary, Ayotola Jagun, and Head, Corporate Communications, Alero Balogun, the duo’s resignation from the Board of Directors of Oando PLC took effect from June 3, 2019.
Chief Sena Anthony and Mr. Oghogho Akpata were active members of the Board and its subcommittees.
The Security and Exchange Commission, SEC, had in a statement asked for “Resignation of the affected Board members of Oando Plc”, including “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” among other penalties.
SEC said it had after an investigation into the affairs and accounts of Oando found some irregularities in the firm’s business conducts.
However, earlier in the week, the Federal High Court of Lagos under presiding Judge C M A Olatoregun, had granted the firm’s Group Chief Executive, Adewale Tinubu, and Deputy Group Chief Executive, Omamofe Boyo, an injunction restraining the SEC from executing sanctions on them pending the hearing and determination of the applicant’s motion for interlocutory injunction as follows:
Restraining the Securities and Exchange Commission, SEC, its servants, agents, employees and / or privies from taking any step concerning and / or acting on the decisions contained in its letter of 31st May 2019 imposing a fine of N91,125,000 on the Jubril Adewale Tinubu and barring both Jubril Adewale Tinubu and Omamofe Boyo from being Directors of public companies for a period of 5 years.
Restraining Mutiu Olaniyi Adio Sunmonu from acting as the head of the Interim Management of Oando PLC
An order staying and/or suspending the execution or the enforcement of the SEC’s decisions contained in its letter dated 31st May 2019 imposing a fine of N91,125,000 on Jubril Adewale Tinubu and barring both Jubril Adewale Tinubu and Omamofe Boyo from being Directors of public companies for a period of 5 years
Restraining the SEC, its servants and its agents from directing, requesting any Agency of the Government from acting upon the SEC’s decisions contained in its letter dated 31st May 2019
The injunction goes on further to say that all parties involved are to maintain the status quo pending the determination of the motion on notice.