Nigeria’s Oando Plc said it will file a lawsuit to fight the removal of its CEO, Wale Tinubu by the order of the SEC.
Earlier today, the Nigerian Securities and Exchange Commission, SEC, said it has barred Oando’s CEO, Wale Tinubu and some other members of the board for five years over alleged financial impropriety.
Oando said in a statement that:
“Oando is of the view that these alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company. The Company has not been given the opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC,”
“The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders,” the company said.