In an apparent show of regulatory power, the Securities and Exchange Commission, SEC has announced appointment of an interim management to oversee the operations of OANDO PLC pending the constitution of a substantive management for the company .
The announcement of the interim management team was made public in a statement by SEC on the 2nd of June 2019.
“Further to our press release on Oando Plc, dated May 31, 2019, the Commission hereby informs the public of the constitution of an Interim Management Team headed by Mr. Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and conduct an Extra Ordinary General Meeting on or before July 1, 2019 to appoint new Directors to the Board of the Company, who would subsequently select a Management Team for Oando Plc. The Commission wishes to reiterate its commitment to maintaining integrity of the market”.
Mr. Sunmonu, is a former Managing Director of The Shell Petroleum Development Company of Nigeria Limited from 2004 to March 1, 2015 and a Director of many other companies
The SEC statement is silent on who are the other members of the Interim Management Team.
It would be recalled that SEC had on the 31st of May 2019 in furtherance of the conclusion of its investigative oversight functions of some alleged infractions of Capital Market Rules gave a directive for the resignation of some board members of OANDO Plc, amongst other sanctions.
The most prominent of those advised to resign as Director of the Company Wale Tinubu, the Group Chief Executive Officer of the company and Omomafe Boyo, his deputy. SEC also barred , Wale Tinubu, and Omomafe Boyo, from being directors of any public company for five years. These sanctions amongst many others were imposed after the capital market regulator concluded investigation into the activities of the company, regarding alleged infractions and other market violations.
Meanwhile, OANDO in its public reactions to the SEC Report has vowed to challenge the order in the court , stating that it was not given fair hearing before taking action from its investigation .