SWITZERLAND, JUNE 02 – Founder, Stanbic IBTC Bank Plc and Chairman, ANAP Business Jets Ltd, Atedo Peterside has called on the Securities and Exchange Commission (SEC) to release its forensic audit report on Oando Plc by the regulatory agency sacked the top management of Oando, including its group CEO, Wale Tinubu.
In a Tweet on Saturday, Peterside said:
“On Oando, what I dont understand is why the SEC would not give the findings of the Forensic Audit to Oando and give them an opportunity to defend themselves? The findings of the Forensic Audit should be made public alongside Oando’s responses so we can all judge for ourselves?”
Following the conclusion of its investigation on Oando Plc, the SEC on Friday, May 31, ordered the Group CEO, Wale Tinubu, and other affected board members to resign.
The SEC, in a statement on Friday, also said it barred Tinubu and the Deputy Group Chief Executive Officer of the company, Mr. Omamofe Boyo, from being directors of public companies for a period of five years.
According to the Commission, these, among others, are part of measures to address identified violations in the company.
SEC said, “Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges).
“Certain infractions of securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc.
The Commission also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected Board members to the company.
It said as required under Section 304 of the Investments and Securities Act (ISA) 2007, it would refer all issues with possible criminality to the appropriate criminal prosecuting authorities.
SEC stated that other aspects of the findings would be referred to the Nigerian Stock Exchange, Federal Inland Revenue Service, and the Corporate Affairs Commission.
In the past four years Wale Tinubu and Omamofe Boyo have faced a tough, determined opposition to their leadership at Oando, arguably Nigeria’s largest indigenous oil and gas company. They have managed to survive at the helm of affairs in the last two Annual General Meetings despite major moves from those who insist on wresting the company from their hands.