ABUJA—SOME aggrieved shareholders in the case between the Securities and Exchange Commission, SEC and Oando PLC have expressed their grievances against the SEC, specifically faulting the recent actions of the regulatory body against Oando PLC.
Speaking at the Annual General Meeting of Okomu Oil Palm Company PLC in Abuja, a concerned minority shareholder, Chief Olatunde Okelana, expressed concerns about the processes SEC has followed.
Okelana stated that SEC cannot play the role of both accuser and judge; neither does it qualify to dictate the tone of an appeal.
Also speaking at the June 2019 Institute of Directors (IoD) Nigeria New Members’ Induction, founder / CEO of Proshare Nigeria Limited, Olufemi Awoyemi spoke specifically to the SEC and Oando issue.
In his address titled: Governance: Who Guards the Guardians?, Awoyemi said: “This situation unfortunately is further exacerbated by the lack of, absence and the perception that those empowered to exercise such oversights themselves have serious issues of corporate governance to contend with. So, where do we begin to reset our sovereign corporate governance issues? While this debate struggles with traction, it is my considered view that, directors are better served by immediately availing themselves with best practices; upgrade their knowledge, understanding and application of their roles and responsibilities to render unto themselves and society a risk-based discharge of their functions.”