Femi Asu Staff members of Oando Plc have been forced to stay away from work as policemen stormed the head office of the company on Monday morning.
The Securities and Exchange Commission announced on Sunday night that it had set up an interim management team to oversee the affairs of Oando following the order that the company’s Group Chief Executive Officer, Mr. Wale Tinubu, and other affected board member should resign.
Our correspondent who visited Oando’s Wing Office Complex located on Ozumba Mbadiwe Avenue, Victoria Island, observed policemen numbering over 10 at the entrance of the complex, which houses other companies.
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.
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.”
Source: punch ng