Tag: Oando
-
Two directors quit Oando over uproar with SEC
Two non-executive directors of Oando have resigned their appointments in the latest twist to the face-off between Oando and the Securities and Exchange Commission (SEC). Chief Sena Anthony and Oghogho Apata resigned on Friday a week after SEC asked Wale Tinubu, the group managing director, and Mofe Boyo, his deputy, to quit and barred from…
-
Operators seek FG intervention in SEC, Oando saga
Capital market operators on Wednesday called for urgent intervention of the Federal Government in the conflict between the Securities and Exchange Commission (SEC) and Oando Plc. They made the call in interviews with the News Agency of Nigeria (NAN) in Lagos. They reacted to the outcome of a forensic audit on Oando released by SEC…
-
BREAKING: Court restrains SEC from removing Tinubu, deputy as Oando directors
The Federal High Court in Lagos on Monday restrained the Securities and Exchange Commission (SEC) from removing Mr Wale Tinubu as Group Chief Executive Officer of Oando Plc. The court also barred SEC from imposing a fine on Tinubu and carrying out its decision to bar him and his deputy Mr Omamofe Boyo from being…
-
BREAKING: Police take over Oando head office
Police have stormed Oando’s head office in Victoria Island Lagos, making staff of the company stay off work. The Securities and Exchange Commission on Sunday said that it had set up an interim management team to oversee the affairs of Oando following the order that the company’s Group Chief Executive Officer, Mr. Wale Tinubu, and…
-
SEC sets up interim management team for Oando
The Securities and Exchange Commission (SEC) Sunday named Mutiu Sunmonu as the head of an interim management team it constituted to oversee Oando Plc. It mandated members of the interim team to conduct an Extra Ordinary General Meeting on or before July 1 to appoint new directors to the Board of the company. The new…
-
Oando heads to court over SEC’s ruling baring CEO, Deputy from holding public company positions
Oando Plc said on Friday that it would challenge the Securities and Exchange Commission (SEC) ruling on the outcome of its forensic audit. The company made the disclosure in a statement issued in Lagos by its Head of Corporate Communications, Mrs Alero Balogun. Balogun said that the company would take all legal steps to protect…
-
Senate approves N348bn subsidy payments to Oando, Capital Oil, 72 others
The Senate on Wednesday gave approval for the payment of outstanding subsidy claims to the tune of N348 billion to Oando, Total, Honey Well, Capital Oil, Conoil, A.A. Rano, and 68 other petroleum marketers. The approval is sequel to a letter on Promissory Note Programme and a Bond Issuance to Settle Inherited Local Debts and…
-
Adeosun suspended me because I refused to stop Oando audit – Gwarzo
Suspended Director General of Securities and Exchange Commission, SEC, Munir Gwarzo has said the Minister of Finance, Mrs. Kemi Adeosun because he (Gwarzo) refused to stop the audit of Oando. The suspended DG revealed this at an investigative hearing organised by the House Committee on Capital Market and Institutions on Tuesday at the National Assembly.…
-
Oando heads to Appeal Court over ‘biased’ SEC sanctions
Oando PLC has challenged at the Appeal Court the findings and sanctions on it by the Securities & Exchange Commission (SEC), following an alleged investigation, which began in May 2017. SECs had placed technical suspension on Oando PLC shares and ordered a forensic audit into the company’s affairs. A statement published on Oando’s website on…
-
Shares’ suspension: Operators urge SEC, Oando to settle out-of-court
Some capital market operators on Thursday urged the Securities and Exchange Commission (SEC) and Oando Nigeria to settle the dispute over the latter’s shares suspension out-of-court. They told the News Agency of Nigeria (NAN) in Lagos that further impasse over the issue in the public could dampen public interest in the nation’s capital market. Mr…