*Staff return home
Lagos — Following the Security and Exchange Commission, SEC’s order on Oando Plc last week, policemen were on Monday, spotted barricading the firm’s Wings office on the Island.
The development comes after SEC on Sunday, said it had constituted an interim government pending Oando’s next general meeting in July where new directors will be appointed.
SweetcrudeReports was on the ground at Oando’s office on Ozumba Mbadiwe Avenue, Victoria Island at the early hours of Monday, and observed that staff of the embattled firm was being forced to return home upon siting policemen in uniforms.
A staff member, who spoke with our correspondent in confidence, said they received with “shock” messages on Sunday, informing them about the setting up of an interim administration by SEC.
“We had to come to confirm it because we didn’t know what would be our fate”.
SEC said in a statement on Sunday, “Further to our press release on Oando Plc, dated May 31, 2019, the commission hereby informs the public of the constitution of an interim management team headed by Mr. Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and conduct an Extraordinary 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.
SEC had on Friday announced the conclusion of the investigation of Oando and ordered the GCEO of the company, Tinubu, and other affected board members to resign.
The Commission also barred Tinubu and the Deputy Group Chief Executive Officer of the company, Mr. Omamofe Boyo, from being directors of public companies for a period of five years.
The commission said findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements 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, among others.”
Oando, however, said the “alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.”
The company said it would challenge SEC’s investigation as it was not given an opportunity to see results of the investigation.
The company had also in a release on Sunday, debunked what it described as an “unofficial” document circulating online addressed to SEC and allegedly from its Chairman, Mr. Tinubu.
“We would like to use this medium to inform the general public that the Company has not officially released a statement or letter in response to the SEC. We urge the general public to be aware”, the statement read.