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Nigeria: Oando PLC & Its Directors’ Sanctioned By Securities and Exchange Commission (SEC)

Unic Press UK: Oando PLC and some of its directors have been sanctioned by the Securities and Exchange Commission (SEC) of Nigeria, following two petitions to the Commission in 2017.

In a press release Friday relating to an investigation of Oando PLC [a company listed on the Nigerian and Johannesburg Stock Exchanges] the SEC said that the result of a “forensic audit” of the activities of the company by Deloitte & Touche, further confirms that Oando had committed “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.”

The SEC sanctions against Oando and some of its directors included:

  • Directing that the affected Oando PLC Board Members resign;
  • Calling on the company Oando to convene an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors;
  • Imposition of monetary penalties on the company and the affected individuals and directors;
  • Asking the affected Board members to refund all improperly disbursed remuneration;
  • Placing a ban on the Group Chief Executive Officer (GCEO), Wale Tinubu and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc from holding the position of directors of public companies for a period of five (5) years.

Oando is, however, challenging the Securities and Exchange Commission ruling on the findings of the Forensic Audit. In a statement issued on May 31, Oando said:

“Oando is of the view that these alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company. The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders.”

 

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