Oando boss, Wale Tinubu, is licking his wounds after receiving an order from, Securities Exchange Commission, SEC, to resign his position.
It is no longer news that Wale Tinubu, the Group Managing Director and Chief Executive Officer of Oando Oil, has been ordered by Securities Exchange Commission to tender his resignation letter. Members of the management team on the board of the oil firm have also been asked to resign.
Certain infractions of securities and other relevant laws were said to have been observed before the commission took their final decision to save the company.
According to SEC, the infractions include 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.
Further checks have confirmed that Wale’s lifestyle is a result of his present predicament.
What broke the camel’s back is the fact that his uncle, Asiwaju Bola Ahmed Tinubu, the national leader of the ruling party, could not save him from the mess despite his robust contacts and connection to bail the company from the present situation.
A privileged source close to the family revealed to us that Tinubu, who is still struggling for his political future, has ignored Wale and his problems because he has been uncomfortable with the lifestyle the Oando boss has chosen to live over the years.