Police Vacate Oando Head Office, As 2 Non-Executive Directors Of Oando Resign

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Oando Plc
Oando Plc

Operatives of Nigeria Police Force that barricaded Oando Plc’s head office in Lagos have finally vacated the office.

This development is coming four days after a Federal High Court’s order in Lagos on June 3, granted an interim injunction restraining SEC from executing the interim management in Oando.

The court injunction followed an application filed by Wale Tinubu, Managing Director and his Deputy, Mr Omamofe Boyo.

Confirming the latest development to Vanguard, Head of Corporate Affairs of Oando Plc, Alero Balogun said: “All the policemen have left our head office. On Friday, they all left and work is going on smoothly.

”The Managing Director and Deputy Managing Director and other staff are all in their offices. So work is moving as usual. The case is in the court and the hearing will commence from June 14, 2019.”

She wondered why SEC has not released the forensic audit report? Saying “we want the SEC to make public the forensic audit report and give the Board fair hearing.”

Besides, two directors of Oando Plc have resigned from the Board, the company notified the Nigerian Stock Exchange, NSE, weekend.

A statement sent to the Exchange read: “The company notified its valued shareholders, key stakeholders and the public of the resignations of its Non-Executive Directors, Chief Sena Anthony and Mr. Oghogho Akpata from the Board of Directors of Oando Plc, with effect from June 3, 2019. Chief Sena Anthony and Mr. Oghogho Akpata were active members of the Board and its subcommittees.

”The Board and Management of Oando PLC appreciate their valuable contributions to the growth of the Company.”

Meanwhile, reacting to the  concern raised by Oando and other stakeholders, SEC yesterday affirmed that Oando was given sufficient opportunity of being heard before they were penalised.
According to a statement from SEC, Oando officials had opportunities to defend themselves during the investigation by SEC and during the forensic Audit.

The statement read: “The attention of SEC has been drawn to various reports questioning the regulatory authority of the SEC, and insinuating lack of due process in the investigations of Oando Plc.

“To put the records straight, SEC, hereby, states that fair hearing is a paramount and fundamental principle, which the commission as a law abiding agency adheres to in all its investigative processes.

“In the course of the investigations, communications e.g. letters and phone calls were exchanged and meetings held between the commission and Oando Plc, requesting for its comments and explanations on issues relating to the investigations. The findings of the commission were communicated to the Group Chief Executive Officer of Oando Plc by a letter dated July 10, 2017.”

The commission said it subsequently engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc.

SEC said in the course of conducting the forensic audit, Deloitte & Touche held regular sessions with members of the Board and senior management of Oando Plc, and afforded them the opportunity to provide explanations on issues relating to the audit.

“The commission confirms that Oando Plc was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation.

”The responses given by Oando Plc were, however, considered unsatisfactory, prompting the decision by the commission to penalize the company and some of the individuals related to it for violations of securities laws.

“The actions of the commission were properly effected pursuant to the provisions of the Investments & Securities Act (ISA) 2007 and the SEC Rules and Regulations made pursuant to the ISA 2007,” SEC said.

The commission said these facts had been properly articulated in the court process it filed at the Federal High Court in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive officer of Oando Plc.

“Failure or refusal of the commission to act in the face of the serious issues thrown up by the investigations or to reverse its directives, would undermine the Federal Government’s agenda to build strong institutions and promote the transparency and integrity of the Nigerian capital market, especially given that these are preconditions for attracting foreign investors to the Nigerian capital market,” SEC added.