By Peter Egwuatu
SECURITIES and Exchange Commission (SEC), yesterday handed Afroil Plc overÂ to the new managementÂ after the Interim Management Committee (IMC) set up by the Commission to oversee the crisis that rocked the companyÂ completed its mandates.
The mandates given by the five man IMC which was jointly constituted by the SEC and Corporate Affairs Commission (CAC) was to take over the affairs of the company and organize Extra Ordibnary General Meeting (EGM) to elect directors of the company within 90 days in the interest of shareholders of the company; To take over the assets and management of the company until a proper board of directorsÂ is constituted for the company
Others include : To do all things that may be expedient in the circumstance for the benefit of shareholders and the good of the company in the course of exercising the above mandate; Submit a report to the management at the end of the exercise
At the handing over ceremony to the new management in Lagos, Mr. Charles Udora, Commissioner Legal and Enforcement unit, who represented the Acting Director General ofÂ the Commission, Ms Daisey Ekineh said that the IMC headed by Mrs. Abigail O. Obhielo has completed their assignment and has presented the report that would ensure that the company continue to do business as a going concern.Â He commended the IMC for their effort to complete the assignment given them with the collaboration of the few staff that remained in the company during the crisis.
In his words, â€œ I must equally commend the few staff that cooperated with the IMC to ensure that the company stands again. SEC has a developmental role to play in the market. Our role is not make rules and regulation only.
We still monitor the market to ensure that stakeholders are protected. We do full disclosure. The market determines the survival and failure of a company. We are not stepping into the activity of any company, but because of the interest of shareholders we had to step into Afroil to protect their interest. The assignment was done with the collaboration of the CAC. They cooperated with the SEC from the beginning to the end of the exercise and now we are handing over leadership to the new management that was elected by the shareholders at the EGM.â€
Speaking, Mrs Obhielo said, â€œ We successfully completed the task given us including organising an EGM where the shareholders appointed the new directors to control the affairs of the company. The report that we are handing over to the new management is expected to guide them to run the company. It contains all the assets and liabilities of the company. In fact, it contains everything that the new board needs to ensure that the business continues.â€
Responding, Mr. Obukohwo Odogun, one of the newly elected director commended the SEC, especially the IMC for the efforts to ensure that the company comes back to life.
According to him, â€œ We know we have much to do as we take the mantle of leadership to revive the company. We would remain committed top get the company back to it foots We hope to run the company with the land down rules and regulation.
But we are appealing to SEC if there is any otherÂ assistance they can render to us to ensure we progress. We understand that there is tenancy problem on ground to be addressed.â€