Two Directors Quit Oando Board Amid SEC Saga

By Dipo Olowookere

Leading energy firm, Oando Plc, has announced the resignation of two of its non-executive directors from its board.

A notice to the Nigerian Stock Exchange (NSE) on Friday said the two persons are Mr Sena Anthony and Mr Oghogho Akpata.

However, the statement jointly signed by the company secretary, Ayotola Jagun, and the Head of Corporate Communications, Alero Balogun, did not state the reason for the resignation of the two directors.

Last week, Oando received sanctions from the Securities and Exchange Commission (SEC), which accused the company of market infractions.

Oando, this Monday, approached a Federal High Court sitting in Lagos to seek an order to stop the sanctions and halt the taking over of its management by an interim team set up by the capital market regulator.

In the notice released today, Oando described the two former directors as “active members of the board and its sub-committees.”

The board and management of Oando Plc also expressed their appreciation to the directors for their valuable contributions to the growth of the company.

“Oando Plc hereby notifies the Nigerian Stock Exchange (NSE), its valued shareholders, key stakeholders and the public of the resignations of its Non-Executive Directors, Chief Sena Anthony and Mr Oghogho Akpata from the Board of Directors of Oando Plc, with effect from June 3, 2019.

“Chief Sena Anthony and Mr Oghogho Akpata were active members of the Board and its subcommittees.

“The board and management of Oando Plc appreciates their valuable contributions to the growth of the company,” the notice said.