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SEC sets up interim management to appoint new directors for Oando

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Court adjourns ruling on SEC’s preliminary objection against Gwarzo

After ordering the resignation of some of its board members, the Securities and Exchange Commission (SEC) has constituted an Interim Management Team to oversee the affairs of Oando Plc.

The interim management will also conduct an Extra Ordinary 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 Head of Corporate Communications, Efe Ebelo, made this known in a statement issued on Sunday in Abuja.

READ ALSO: SEC orders Oando Group CEO’s resignation

The interim management will be headed by Mutiu Olaniyi Adio Sunmonu who till date is an Independent Non-Executive Director of Unilever Nigeria Plc, and the Chairman of Julius Berger Nigeria Plc.

Following findings from their two year investigation of petitions against the company, SEC had barred the Group Chief Executive Officer of Oando Plc, Wale Tinubu, and his deputy, Omamofe Boyo, from being directors of public companies for a period of five years.

All affected board members were also asked to resign.

The SEC 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 to the company.

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