The Securities and Exchange Commission, SEC, on Friday released the final report of its investigation of Oando Plc instructing the Group Chief Executive Officer, CEO, of the company, Wale Tinubu, and other indicted board members to resign.
In a statement issued by SEC, Tinubu and the Deputy Group Chief Executive Officer of the company, Omamofe Boyo, were barred from holding a position as directors of public companies for a period of five years.
It also directed that an Extraordinary General Meeting should be convened on or before July 1, to appoint new directors.
The Commission also listed several punitive measures taken against the company which includes payment of monetary penalties and refund of improperly disbursed remuneration by the affected Board members to the company.
The statement signed by the management of the Commission goes thus: “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 statement reads.
The company is also expected to pay an undisclosed monetary penalty while board members are expected to refund improperly disbursed remuneration.
However, SEC stated that other aspects of the findings would be referred to relevant bodies which include Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC).