Following an order by the Securities and Exchange Commission, SEC to Oando boss, Wale Tinubu to hand in his resignation and his barring as well as tha
Following an order by the Securities and Exchange Commission, SEC to Oando boss, Wale Tinubu to hand in his resignation and his barring as well as that of board members from holding any director position in a public quoted company for five years, the management of Oando Plc has said that it would take all legal steps to protect itself and interests.
The oil and energy company said this in a statement released few hours after the Commission (SEC), gave a directive for the resignation of some board members following allegations of multiple market infractions. Oando said it is of the view that the alleged infractions and penalties are unsubstantiated, while it has not been given the opportunity to see, review and respond to the forensic audit report carried out by accounting firm, Deloitte & Touche.
The company further explained that it reserved its rights to take all legal steps to protect its business and assets, while remaining committed to act in the best interests of all its shareholders.
