By Glam & Essence
The Group Chief Executive Officer Oando, Wale Tinubu,has been ordered by the Securities Exchange and Commission following the conclusion of in investigation of the company to resign.The order also affects board members of Oando.
In a statement on Friday,SEC also said it has barred Tinubu and the Deputy Group Chief Executive Officer of the company, Omamofe Boyo, from being directors of any public company for a period of five years.
It also directed the convening of an Extraordinary General Meeting on or before July 1, 2019, to appoint new directors for Oando.
The commission said this among other things are part of measures taken to address identified violations in the company.
The commission further engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc.
According to SEC,
“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The 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, amongst others.”
The commission also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected board members to the company.
It said as required under Section 304 of the Investments and Securities Act, (ISA) 2007, it would refer all issues with possible criminality to the appropriate criminal prosecuting authorities.
Other aspects of the findings according to SEC will be referred to the Nigerian Stock Exchange, Federal Inland Revenue Service, and the Corporate Affairs Commission.
The apex capital market regulator said, “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.