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Police vacate Oando head office

By Peter Egwuatu

Operatives of Nigeria Police Force that barricaded Oando Plc’s head office in Lagos have finally vacated the office.

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This development is coming four days after a Federal High Court order in Lagos on June 3, granted an interim injunction, restraining Securities and Exchange Commission, SEC, from executing the interim management in Oando.

The court injunction followed an application filed by Wale Tinubu, Managing Director and his deputy, Mr Omamofe Boyo.

Confirming the latest development to Vanguard, Head of Corporate Affairs of Oando Plc, Alero Balogun, said: “All the policemen have left our head office. On Friday, they all left and work is going on smoothly.

‘’The Managing Director and Deputy Managing Director and other staff are all in their offices. So, work is moving as usual. The case is in the court and the hearing will commence from June 14, 2019.”

She wondered why SEC has not released the forensic audit report, saying: “We want SEC to make public, the forensic audit report and give the board fair-hearing.’’

2 non-executive directors resign

Besides, two directors of Oando Plc have resigned from the board and the company has notified the Nigerian Stock Exchange, NSE, weekend.

A statement sent to the exchange read:  “The company notified its valued shareholders, key stakeholders and the public of the resignations of its Non-Executive Directors, Chief Sena Anthony and Mr. Oghogho Akpata from the Board of Directors of Oando Plc, with effect from June 3, 2019. Chief Sena Anthony and Mr. Oghogho Akpata were active members of the board and its subcommittees.

‘’The board and management of Oando Plc appreciate their valuable contributions to the growth of the Company.”

Oando was given fair hearing— SEC

Meanwhile, reacting to the concern raised by Oando and other stakeholders, SEC, yesterday, affirmed that Oando was given sufficient opportunity of being heard before they were penalised.

According to a statement from SEC, Oando officials had opportunities to defend themselves during the investigation by SEC and during the forensic audit.

The statement read: “The attention of SEC has been drawn to various reports questioning the regulatory authority of the SEC, and insinuating lack of due process in the investigations of Oando Plc.

“To put the records straight, SEC, hereby, states that fair-hearing is a paramount and fundamental principle, which the commission, as a law-abiding agency, adheres to in all its investigative processes.”





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