SEC orders Wale Tinubu to resign from Oando.
The Securities and Exchange Commission, on Friday, ordered the Group Chief Executive Officer of Oando, Wale Tinubu, including other affected board members to resign.
The commission barred Tinubu and Mr Omamofe Boyo, the company’s secretary, from being directors of public companies for a period of five years.
It has also picked July 1, 2019 to convene an extraordinary general meeting to appoint new directors for the company.
Checks confirmed that there were serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming 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, among others.
“Certain infractions of securities and other relevant laws were observed.
“We, however, further engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc before we took our decision.
“Therefore, in line with the Federal Government’s resolve to build strong institutions, boards of public companies are enjoined to properly perform their fiduciary duties as required under extant securities laws,” the commission stated.