Trouble Looms Over Oando Again As Two Directors Resign   

Oando crisis deepens as two directors resign.     

Funsho Akinwale

Two members of the management staff of the troubled Oando Plc have resigned from the company.

The two non-executive directors, identified as Sena Anthony and Oghogho Akpata, left the oil firm on Friday.

Oando has notified the Securities Exchange Commission of the resignation of its valued shareholders who were part of the Board of Directors of the company.

Their resignation comes against the backdrop of the crisis rocking the oil firm.

The new development is coming barely a week after the SEC ordered Wale Tinubu, the Group Chief Executive Officer, to resign after the conclusion of their investigation.

The regulator also said it barred Mr Tinubu and the Deputy Group Chief Executive Officer of the company, Omamofe Boyo, from being directors of public companies for a period of five years.

During the week, attempts were made to reinstate Wale Tinubu as the CEO of the company. But as at the time of filing this report, SEC had appointed an interim management team headed by Mr Mutiu Olaniyi Adio Sunmonu CON to oversee the affairs of Oando Plc and to hold a general meeting on or before July 1, 2019. The new management team head has also been directed to appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc.

Happenings Media