SEC Lists 9 Major Sins of Oando, Imposes N417.7m Fine
By Dipo Olowookere
Last Friday, the Securities and Exchange Commission (SEC) wielded the big stick on Oando Plc and the issue has remained a talking point since then.
At the weekend, a letter addressed to the Chairman of the company, Oba Michael Adedotun Gbadebo, by the regulator surfaced.
In the letter dated May 31, 2019, SEC said the forensic audit of the firm’s activities showed some infractions allegedly committed by the indigenous energy firm, including insider trading.
The regulator, in the letter, said as a result of the alleged wrongdoings, the company must pay the sum of N89.675 million to the commission, while some indicted board members of the firm must refund the sum of N145.767 million to the oil and gas entity.
It also said the Group CEO of the firm, Mr Adewale Tinubu, should pay the sum of N91.125 million, while the Chief Financial Officer, Mr Olufemi Adeyemo is to also pay the same amount.
View the full letter below