SWITZERLAND, JUNE 03 – Few days after removing the Group CEO of Oando Plc, Wale Tinubu and some other board members, the Securities and Exchange Commission (SEC) has appointed Mutiu Sumonu, a non-executive director of Unilever Plc to head the interim management of the indigenous oil giant.
The SEC 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.
The new board would subsequently select a management team for Oando Plc, the SEC said yesterday in a statement signed by its Head of Corporate Communications, Mrs. Efe Ebelo.
Besides being a director at Unilever, Sunmonu is also the Chairman of Julius Berger Nigeria Plc.
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.
However, in a statement signed by Company Secretary, Ayotola Jagun and seen by Today’s Echo’s correspondent, Oando said that these alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company.