SEC Appoints Sunmonu to Head Interim Management for Oando

By Modupe Gbadeyanka

Mr Mutiu Olaniyi Adio Sunmonu has been announced as the head of the interim management team constituted by the Securities and Exchange Commission (SEC) to oversee affairs at Oando Plc.

At the close of work last Friday, SEC directed the team led by Mr Adewale Tinubu to resign, with another directive for the appointment of a new board on or before July 1, 2019.

Business Post reports that Oando will hold an already-fixed Annual General Meeting (AGM) this month and in order not to create a vacuum, the capital market regulator has set up an interim board to pilot affairs of the company.

In a statement on Sunday, SEC said the interim board will conduct an Extraordinary General Meeting (EGM) on or before July 1, 2019, for the appointment of the new directors to the board of Oando.

“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, 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 wishes to reiterate its commitment to maintaining the integrity of the market,” the statement issued by SEC at the weekend said.

Mr Sunmonu is an oil and gas expert, who served as the Managing Director of Shell Petroleum Development Company of Nigeria Limited from 2004 to March 1, 2015.

He currently serves as an Executive Consultant to Pan Ocean and Newcross EP providing leadership across the operations, regulatory/statutory compliance and external relationship management.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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