Dipo Olowookere
By Dipo Olowookere
Information reaching Business Post indicates that some top officials of the Securities and Exchange Commission (SEC) on Wednesday held an important meeting to discuss the best ways to handle the Oando Plc debacle.
Last Friday, the agency rolled out some sanctions on the energy company after it conducted a forensic audit of the company.
SEC, in a statement last week, alleged that the firm and its top officials carried out some actions against the rules of the capital market.
As a result, the agency imposed fines on the firm and some of its board members, including the chairman, Oba Adedotun Gbadebo, who is the Alake of Egbaland.
Also, the Group CEO and deputy Group CEO of Oando, Mr Wale Tinubu and Mr Omamofe Boyo respectively, were asked to resign from the board.
The apex capital market regulator later constituted an interim management team headed by Mr Mutiu Sunmonu to pilot affairs of the company pending the election of new board members on or before July 1, 2019.
However, on Monday, Oando approached a Federal High Court in Lagos to secure an injunction to prevent the sacking of Mr Tinubu and his deputy. The company also got an order from court to stop the interim management from taking over the firm.
Business Post understands that the main reason for today’s meeting by SEC was to discuss the next line of action, following the court injunction obtained by Oando.
Though decisions taken at the meeting were not revealed to us, it was gathered that SEC management would inform the investing public on its next steps very soon.
