Oando Shareholders Call For Adeosun’s Sack

Shareholders of Oando Plc have called for the sack of Kemi Adeosun, Minister of Finance, over her alleged role in the company’s stock market saga.

The shareholders in a statement on Monday accused the minister of shielding Wale Tinubu and the present management of Oando from being probed by the Securities and Exchange Commission (SEC).

They said Adeosun was stalling the forensic audit of the company, and even went ahead to remove 2 SEC DGs from their positions, because they refused to stop the probe of the company.

According to them, the action by the minister was detrimental to Oando shareholders as well as the entire Nigerian capital market.

The statement was issued by Trusted Shareholders Association of Nigeria (TSAN) issued in conjunction with the Proactive Shareholders Association (PSA).

“SEC’s preliminary investigation, as disclosed by the commission in a letter dated October 17, 2017 and signed by its head of legal unit, Braimoh Anastasia, unearthed several malpractices in the company,” Taiwo Oderinde, national coordinator of the Proactive Shareholders Association (PSA), said in a statement.

“These (infractions) include insider trading, decoration of dividends from unrealised profits, release of false financial statements to the public and the disposal of assets without the knowledge of the regulatory body in contravention of the Investment and Securities Act 2007.

“It must concern Mr President, Mr Vice-President and all Nigerians that Adeosun has now removed two SEC DGs from their positions all in a desperate attempt to shield Wale Tinubu and the present management of Oando from probe. These men have been sacked from their positions because they refused to stop the probe of Oando.

“Zubair was sacked because he initially resisted Adeosun’s attempt to forcefully remove the suspension placed on the shares of Oando to preserve investors’ funds. Unfortunately, she had her way and the lifting of the suspension is part of a grand plan to sweep the weighty allegations against Oando under the carpet.”

Recall that the NSE had last week lifted the technical suspension on Oando shares.

On Friday, Adeosun appointed Mary Uduk as new director-general of SEC, replacing Abdul Zubair who was moved to the External Relations Department.