Three years after SEC’s sanction for false disclosures, Oando chief financial officer, Adeyemo resigns

Oando’s Group Chief Financial Officer, Olufemi Adeyemo, has resigned from the position.

Adeyemo’s resignation from Oando came almost three years after the Securities and Exchange Commission (SEC) sanctioned him and other officials of the oil firm including the Chief Executive Officer, Wale Tinubu, his deputy, Omamofe Boyo, and other board members over several infractions including false disclosure of financial reports.

He was asked to resign from the position in June 2019 over his role in the certification of the company’s false financial statements for 2013, 2014, and 2015.

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He was also fined N91.12 million by the commission for his role in the matter.

The company confirmed the development in a statement sent to the Nigerian Exchange Group (NGX) and investing public on Friday.

Adeola Ogunsemi had since taken over as the new Group Chief Financial Officer.

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