Cracks in Oando as two non-executive directors resign

Oando

The development at Oando could be taking an interesting direction.

The company has just announced that two of its non-executive directors have tendered their resignation from its board.

The two directors are “Chief Sena Anthony and Mr. Oghogho Akpata from the Board of Directors of Oando PLC, with
effect (sic) from June 3, 2019.”

“Chief Sena Anthony and Mr. Oghogho Akpata were active members of the Board and its subcommittees,” the company said.

However, the date of their resignation is curious, to say the least. It was the same day the Nigerian Securities and Exchange Commission announced an interim board to oversee its order to change the companies board.

Oando has been at loggerheads with the SEC after the apex capital markets regulator ordered the resignation of the company’s CEO, his deputy and every other member of the board of directors.

It is not clear why the two directors dropped their resignation. It is also unclear why Oando refused to file the information on the same day with the Nigerian Stock Exchange. A capital market analyst told us that some members of the board could have decided to leave because they might not want to be dragged into a possible ‘messy’ situation that could ensue in the coming weeks.

While Oando has filed its case securing an exparte order against the SEC, the Commission is said to be determined in fighting to execute its order at the oil company.

Earlier today, we reported that officials of the Nigerian Police are still occupying key points at the headquarters Oando after the SEC ordered for the resignation and replace of Oando’s board of directors.

The SEC has not commented on the matter since Oando secured a restraining order against the commission.