Securities and Exchange Commission (SEC) has ordered the Group Chief Executive Officer of Oando Plc, Wale Tinubu, and several other board members to resign.
Mr Tinubu is a nephew to the national leader of All Progressives Congress (APC), Bola Tinubu.
The order comes after an investigation by SEC on the company.
In a statement on Friday, SEC also barred Tinubu and the Deputy Group Chief Executive Officer of the company, Omamofe Boyo, from being directors of public companies for five years.
The commission said it would convene an extraordinary general meeting on or before July 1 to appoint new directors for Oando.
SEC said it noticed ‘certain infractions’ from the forensic audit conducted on the activities of Oando.
“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,” part of the statement said.
SEC 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.
It said it would refer all issues with possible criminality to the appropriate criminal prosecuting authorities as required under Section 304 of the Investments and Securities Act, (ISA) 2007.
