SWITZERLAND, MAY 31 – There are indications that Oando Plc CEO, Wale Tinubu may seek legal redress following the sanctions imposed on him and other members of the board of directors of the oil giant by the Securities and Exchange Commission (SEC).
Following the conclusion of its investigation on Oando Plc, the SEC on Friday, May 31, ordered Wale Tinubu, and other affected board members to resign.
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.
It also directed the convening of an Extraordinary General Meeting on or before July 1, 2019 to appoint new directors.
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.
However, Today’s Echo gathers that we may not have seen the last of Wale Tinubu and his team. Inside sources have revealed to us that the diminutive brilliant business tycoon, seen by many as the face of oil in Nigeria, will fight back and has a fair chance of winning.
According to an investor analyst who spoke to Today’s Echo on the issue, Tinubu will soon head to court to contest the SEC’s pronouncement and may make a comeback.
“This order from the SEC is significant. However, we see Wale taking legal redress. He is likely to file for a stay of execution and in his usual dogged manner, he will fight back,” he said