The Securities and Exchange Commission (SEC) has barred the chief executive officer of Oando Plc, Wale Tinubu, from being a director of any public company for a period of five (5) years
This was contained in a statement by the Commission on Friday adding that Tinuba was barred alongside the Deputy Group Chief Executive Officer of the company, Mr. Omamofe Boyo.
“Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges). Certain infractions of Securities and other relevant laws were observed.
“The Commission further engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.
“The general public is hereby notified of the conclusion of the investigations of Oando Plc.
“The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others,” the statement read.
SEC further directed the convening of an Extraordinary General Meeting on or before July 1, 2019, to appoint new directors.