Business

Police take over Oando head office

BREAKING: Police take over Oando head office

The police on Monday laid siege to the headquarters of Oando Plc located on Ozumba Mbadiwe Avenue, Victoria Island, Lagos.

Members of staff of the company were forced to stay away from work.

The company is facing trying times following the order from the Security and Exchange Commission (SEC) requesting the resignation of the company’s Group Chief Executive Officer and his Deputy, Wale Tinubu and Omamofe Boyo respectively.

SEC had also, on Sunday, announced that it had set up an interim management team to oversee the affairs of the company.

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Speaking on the interim management, a statement by SEC read, “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 company vows to challenge SEC’s order, saying it wasn’t allowed to respond after the audit report upon which the resignation order was premised.

Meanwhile, men of the Nigerian Police Force numbering about 10 manned the office complex while workers were restricted from gaining entrance.

By Babatunde Alao…

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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