Mr. Mutiu Olaniyi Adio Sunmonu, ex-CEO of Shell Petroleum Development Company of Nigeria, has been appointed by the Securities and Exchange Commission to take over Oando.
Sunmonu will lead an interim management of Oando Plc, pending the constitution of a substantive management for the indigenous oil company.
Sunmonu was a former managing director of Shell Petroleum Development Company Nigeria.
His team will organise an Extra-Ordinary General meeting of the troubled company on or before July 1, where new directors of the company will be appointed.
In a statement on Sunday, SEC said: “Further to our press release on Oando Plc, dated May 31, 2019, the Commission hereby informs the public of the constitution of an Interim Management Team 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 integrity of the market.”
Sunmonu’s appointment came as Oando Chiefs, Wale Tinubu and Omamofe Boyo vowed to challenge in court the penalties imposed on them and the company.
Among the penalties imposed by SEC was the banning of Tinubu and his deputy from the directorship of any quoted company for five years.
SEC said Friday that its action followed a forensic report over alleged infractions committed by Tinubu and Oando board of directors, as alleged by two petitions filed against the company in 2017.
But in a statement by Ayotola Jagun, the board secretary, Oando said it has been denied fair hearing and therefore considered the ruling overboard.
“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”, it said.
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