Press Release
 
SEC Concludes Oando Investigation: Bars Group CEO for Five Years

The Securities and Exchange Commission, SEC, has concluded investigation of Oando Plc and directed among others the resignation of the affected Board members, and also barred the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc from being directors of public companies for a period of five (5) years.

The SEC also directed the convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors.

These among others the SEC stated, are part of measures to address identified violations in the company.


According to the SEC, “Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges).

“Certain infractions of Securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.    

“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed 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, amongst others”.

The SEC also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected Board members to the company.

As required under Section 304 of the Investments and Securities Act, (ISA) 2007, the Commission said it would refer all issues with possible criminality to the appropriate criminal prosecuting authorities.

In addition, the SEC stated that other aspects of the findings would be referred to the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC).

“The Commission is confident that with the implementation of the above directives and introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced.

“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 statement added.

The Commission, as the apex regulator of the Nigerian capital market, maintains its zero tolerance to market infractions, and reiterates its commitment to ensuring the fairness, integrity, efficiency and transparency of the securities market, thereby strengthening investor protection.

https://www.sunnewsonline.com/forensic-audit-sec-sacks-bars-oando-ceo-deputy-for-5yrs/

Ok

So this shitload of underhand deals and abuses happened because some of these companies are not subjected to thorough internal corporate governance. When there is a ceremonial board of directors, why won't there be abuses like those stated by the SEC? Kudos to SEC for not being compromised. I have hope that Nigeria go better.

okay i'll be back

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AFONJA and corruption

Nigerian Stocks and sharp practices, Wale Tinubu got burnt this time, i guess his uncle wants him else where. He himself is worth some tens of million dolars, The Tinubus have major stake in multibillion Dollars INTELS, so the guy is pretty much covered for life

Ok

Great decision

Why didn't the article mention the name of the CEO?

I thought it was one of the Theifnubus?

The same SEC that just reinstated the BOSS?

This must be the case that gave him that case


But what do I know, it's NEXT LEVEL

Wow

I have no doubt that this country will be less corrupt in nearest future

emkz:
So this shitload of underhand deals and abuses happened because some of these companies are not subjected to thorough internal corporate governance. When there is a ceremonial board of directors, why won't there be abuses like those stated by the SEC? Kudos to SEC for not being compromised. I have hope that Nigeria go better.

Internal corporate governance on paper.

Quite revealing

ejihand:
I have no doubt that this country will be less corrupt in nearest future

You have seen anything yet

We shall get there soon.

Issorite...

Wale Tinubu, CEO of Oando, paid himself over N500 million in salary last year to emerged the highest earning CEO of a public listed company in Nigeria.

https://investorsking.com/nigerias-highest-paid-ceos-in-2018/

Yet, the company continues to struggle.

In July, a London arbitration awarded $680 million against his companies, Ocean and Oil Development Partners Limited, which owns 55.96 percent of Oando - and another company own by himself and Omamofe Boyo, Whitmore Asset Management Limited.

Tinubu. This is interesting.

We need such "combing" in nnpc

emkz:
So this shitload of underhand deals and abuses happened because some of these companies are not subjected to thorough internal corporate governance. When there is a ceremonial board of directors, why won't there be abuses like those stated by the SEC? Kudos to SEC for not being compromised..

Fixed.
Nobody is going to prison for it.

emkz:
So this shitload of underhand deals and abuses happened because some of these companies are not subjected to thorough internal corporate governance. When there is a ceremonial board of directors, why won't there be abuses like those stated by the SEC? Kudos to SEC for not being compromised. I have hope that Nigeria go better.

If you follow the case very well, you should know that if the Hausa man had not fought dirty, the cowboys wanted to push him out. In fact, he was already out. Recall, the suspension of Oando shares by SEC and the intervention by SLS.

thought obj was a major shareholder in oando didn't know tinubu family hands have been there no wonder the company nor get head

Wale Tinubu really has some serious explanation to do. I still don't trust how he handled that acquisition of ConocoPhillips assets in Nigeria and how the company sold off all its asset in the midstream and downstream business just to settle its debt in it got from acquiring an upstream business.
Had I known, I would have bought shares in Seplat. This guy really don scam us big time.
God airpus oo!!!

It was just a matter of time! You can’t use your closeness to the corridors of power to give your company an edge over others forever....at some point, whatever shortcomings your business has would be exposed when the regulatory authorities demand to see your books!

Isn’t the CEO one of those always seen with Buhari on foreign trips when they want to push forward the ‘faces of corporate Nigeria’?

Investing in Nigeria's stock market is like giving a thief your money and hoping he doesn't steal it.

winterfell007:
Wale Tinubu really has some serious explanation to do. I still don't trust how he handled that acquisition of ConocoPhillips assets in Nigeria and how the company sold off all its asset in the midstream and downstream business just to settle its debt in it got from acquiring an upstream business.
Had I known, I would have bought shares in Seplat. This guy really don scam us big time.
God airpus oo!!!

Hehehehe

Xander85:


Hehehehe

This one serious ooo!!!

Court orders reinstatement of Gwarzo and within days SEC concludes investigation on Oando all in the same week.

afonjas can liquidate companies