Few days after removing the Group CEO of Oando Plc, Wale Tinubu and some other board members, the Securities and Exchange Commission (SEC), today appointed Mutiu Sumonu, a to head the interim management of the indigenous oil giant.
Although there are indications that Wale Tinubu and his team will challenge the SEC decision in courts, the regulatory agency has gone ahead with replacing the leadership of the company. The SEC also mandated members of the interim team to conduct an Extra Ordinary General Meeting on or before July 1 to appoint new directors to the Board of the company.
There are also reports that one of Oando’s creditors, Italian-born Gabriele Volpi is making moves to take over the oil giant.
Below is the profile of Mutiu Sunmonu, SEC’s appointed head of Oando’s management:
Mutiu Sunmonu, CON graduated from the University of Lagos in 1977 with a degree in Mathematics and Computer Science. He joined Shell Petroleum Development Company of Nigeria Limited (SPDC) in August 1978 and served in various capacities in Nigeria, UK, and the Netherlands.
After 36 years , he retired from Shell as the Managing Director of SPDC, and Country Chair of Shell Companies in Nigeria.
Since Mutiu Sunmonu’s retirement, he has continued to be active in the Oil and Gas industry.
Mutiu Sunmonu is currently the chairman of San Leon Energy UK. He is the Chairman of Julius Berger Nigeria Plc. and the Chairman of Imperial Homes Mortgage Bank. He was appointed to the Board of Unilever Nigeria Plc. in December 2015.