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Economy SEC Sacks Tinubu, Other Oando Board Members for Infractions

The Securities and Exchange Commission (SEC) has barred the Group Chief Executive Officer (GCEO) of Oando Plc, Mr Adewale Tinubu, and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc, Mr Omamofe Boyo, from being directors of public companies for a period of five years.

The agency also ordered the resignation of the board members found guilty of tampering with figures of the company’s books.

This followed outcome of the forensic audit into the affairs of the indigenous energy firm after the commission received two petitions from shareholders of the company in 2017.

SEC had investigated the allegations raised in the petitions against the company, which is listed on the Nigerian and Johannesburg Stock Exchanges.

It was said that during the probe, certain infractions of securities and other relevant laws were observed, which forced the apex capital market regulator in the country to further engaged the services of Deloitte & Touche for a Forensic Audit of the activities of Oando Plc.

Announcing outcome of the audit today, SEC said it discovered “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, amongst others.”

In a statement obtained by Business Post, SEC said as part of measures to address these violations, it has directed the “Resignation of the affected Board members of Oando Plc; the convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors; payment of monetary penalties by the company and affected individuals and directors; refund of improperly disbursed remuneration by the affected Board members to the company; bar of the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc from being directors of public companies for a period of five (5) years.”

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“As required under Section 304 of the Investments and Securities Act, (ISA) 2007, the commission would refer all issues with possible criminality to the appropriate criminal prosecuting authorities. In addition, other aspects of the findings would be referred to the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC).

“The Commission is confident that with the implementation of the above directives and introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced.

“Therefore, in line with the Federal Government’s resolve to build strong institutions, Boards of public companies are enjoined to properly perform their fiduciary duties as required under extant securities laws.

“The Commission, as the apex regulator of the Nigerian capital market, maintains its zero tolerance to market infractions, and reiterates its commitment to ensuring the fairness, integrity, efficiency and transparency of the securities market, thereby strengthening investor protection.”

Source: businesspost

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