By Dipo Olowookere
The management of Oando Plc has reacted to the sacking of its board on Friday, saying the action was calculated to prejudice the business of the company.
SEC, in a statement today, said the energy firm was involved in serious infractions and rolled out some sanctions.
The agency explained that it took the action after the forensic audit conducted by a neutral auditor found out the alleged infractions.
SEC then ordered the resignation of the affected board members of Oando Plc and asked for the convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors.
It further directed the company, affected individuals and directors to pay monetary penalties, also asking for refund of improperly disbursed remuneration by the affected board members to the company and barring the company’s Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) from being directors of public companies for a period of five years.
But in its reaction, Oando said it views these alleged infractions and penalties as “unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.”
Oando argued that it has not been given the opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC.
“The company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders,” it said in the statement.
