There are reports that police authorities have locked down Oando plc’s headquarters in Lagos.
According to an unverified report:
Oando staff giving matching order to go home as police storm head office
Staff members of Oando Plc have been forced to stay away from work as policemen stormed the head office of the company on Monday morning.
The Securities and Exchange Commission announced on Sunday night that it had set up an interim management team to oversee the affairs of Oando following the order that the company’s Group Chief Executive Officer, Mr. Wale Tinubu, and other affected board member should resign.
From reliable source who visited Oando’s Wing Office Complex located on Ozumba Mbadiwe Avenue, Victoria Island, observed policemen numbering over 10 at the entrance of the complex, which houses other companies.
They later moved into the complex.
A staff member, who spoke in confidence, said, “We got a message late last night about the interim management. So for the safety of staff because we are not sure of the way things will go, we did not come to the office.
“Some people still came to work this morning, but if you go to work and you see police everywhere, you are most likely to turn back. Fear will make you turn back and go home. So, that has been the situation.”
Security officers at the complex confirmed that some staff members of Oando were denied access to their office at the instance of their (security officers’) supervisor, he said.
PageOne cannot verify this report as at the time of filing this report.
Earlier today, we reported that
the Nigerian Securities and Exchange Commission has appointed an interim board to execute its change of board Oando.
The SEC said in a statement sighted by PageOne’s team says that the interim board will be headed by “Mr. Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and conduct an Extra Ordinary General Meeting on or before July 1, 2019 to appoint new Directors to the Board of the Company, who would subsequently select a Management Team for Oando Plc.”
“The Commission wishes to reiterate its commitment to maintaining the integrity of the market,” the statement said.
While the SEC has not released the decision on its website, there are feelers that Oando will be contesting the board replacement.
The order to suspend Oando’s board came in last Friday, when Nigeria’s top capital market regulator said the impropriety it dug at Oando plc ranges “from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.”
The SEC ordered that:
- Resignation of the affected Board members of Oando Plc,
- The convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors,
- Payment of monetary penalties by the company and affected individuals and directors,
- Refund of improperly disbursed remuneration by the affected Board members to the company,
- Bar of the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc from being directors of public companies for a period of five (5) years.
The SEC said it will also e referring the matter to the appropriate authorities for ” possible criminality to the appropriate criminal prosecuting authorities. In addition, other aspects of the findings would be referred to the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC).”
In a swift but brief response, Oando rebuffed all the allegations of the SEC claiming 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 threatened it will go ahead to:
“Take legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders.”
Oando has not issued a statement on the latest move by the SEC to change its board nor the closure of its headquarters.
Earlier this morning, Oando issued a statement to counter a purported letter the company’s management sent to the SEC director general that:
“Our attention has been drawn to an unsigned document circulating online addressed to the Securities and
Exchange Commission (SEC) and allegedly from the Chairman of Oando PLC.”
“We would like to use this medium to inform the general public that the Company has not officially
released a statement or letter in response to the SEC.”
“We urge the general public to be aware,” the company said.
Keeping mum at this crucial time might mean that there are underground discussions with the SEC or there are further escalations on the looming crisis.
