The Security and Exchange Commission (SEC) barred the CEO of Oando PLC Mr Wale Tinubu from holding the post of a director in any firm for the next five years.
The Deputy CEO and board members of the Company were also barred after being found guilty of several infractions and were told to resign.
The Commission disclosed in a statement to the cable that an extraordinary general meeting should be convened before July 1st to appoint new directors.
“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),” the statement read.
“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The Company will pay an Undisclosed monetary penalty while board members are to refund wrongly withdrawn remuneration.
The SEC has referred the other investigation to Nigeria Stock Exchange (NSE), Federal Inland Revenue Service (FIRS) and the Corporate Affairs Commission (CAC).