Oando to Challenge SEC’s Ruling


Goddy Egene

Oando Plc has said it will challenge the Securities and Exchange’s (SEC) ruling, insisting that  the  alleged infractions and penalties were unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.

Responding  to the SEC ruling in a statement Friday, Oando said: ”Our attention has been drawn to a press release published by the SEC on Friday, May 31, 2019 “Press Release on “Investigation of Oando PLC (the Company).

 “In the statement, the commission confirms the conclusion of its investigations and that the findings from the report reveal serious infractions by the Company and as part of measures to address these violations, the Commission has directed penalties as follows:  resignation of the affected Board members of Oando Plc; the convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors; payment of monetary penalties by the company and affected individuals and directors; refund of improperly disbursed remuneration by the affected Board members to the company; barring of the Group Chief Executive Officer and the Deputy Group Chief Executive Officer of Oando Plc from being directors of public companies for a period of five years.”
Details shortly…