By Uzoma Akobundu
The Securities and Exchange Commission (SEC) has constituted an interim management team to oversee the affairs of troubled Oando Plc following the ban placed on Wale Tinubu, the Group Chief Executive Officer.
Mutiu Sunmonu
The market regulator barred Tinubu and his deputy from holding public office for five years after they were indicated by an investigative panel for allegedly manipulating Oando shares and other alleged criminal acts while running the oil firm.
On Monday, the SEC announced that Mutiu Olaniyi Adio Sunmonu will in the interim oversee the activities of Oando as manager.
Sunmonu is to conduct an extraordinary general meeting on or before July 1, 2019, as well as appoint new directors who will eventually select a fitting management team for Oando.
The SEC on May 31 released the report of its findings on the deluge of complaints involving Tinubu’s management of Oando which among other things recommended his suspension from the board and ban from holding public office for five years.
Tinubu as usual has kicked against the report saying it is a nullity that cannot stand.
Meanwhile, officers and men of the Nigeria Police have taken over the head office of Oando PLC in Victoria Island Lagos.
Staff of the company stayed off work.