Securities and Exchange Commission (SEC) has set up an interim management team to oversee the affairs of Oando Plc.
The commission had on Friday announced conclusion of investigation on Oando’s activities.
It also ordered the Group Chief Executive Officer of the company, Wale Tinubu, and other affected board members to resign after being indicted in the investigation.
In a statement on Sunday, SEC said it had set up “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 also barred Mr Tinubu and the Deputy Group Chief Executive Officer of the company, Omamofe Boyo, from being directors of public companies for a period of five years.
Oando said it would fight the decision of SEC, adding that the “alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.”
