Operators on the nation bourse on Friday said that
suspension of two directors of Oando Plc from public companies for five years
would bring sanity to the capital market.
NAN reports that SEC on Friday barred Mr Wale Tinubu, the
company’s Group Chief Executive Officer, and Mr Omamofe Boyo, the Deputy Group
Chief Executive Officer, from being directors of a public company for five
years
The commission conveyed the decision in a statement signed
by Mrs Efe Ebelo, its Head of Corporate Communications,
NAN reports that SEC in March 2018 announced the
commencement of audit of Oando Plc’s account.It said it had appointed Deloite Nigeria to proceed with
the forensic audit.
The commission in the statement also directed resignation
of the affected board members, and called on the company to convene an
extra-ordinary general meeting on or before July 1, to appoint new directors.
Commenting on the development, Mr Ambrose Omordion, the
Chief Operating Officer, InvestData Ltd., said that the suspension would send a
signal to other managing directors and executives in the market.
Omordion said that the outcome of the forensic audit showed
that SEC could bite and not only bark.
He said that the investing public had been calling for
change in the company’s management for a long time.
According to Omordion,. there will be santiy in the company
when the new management takes over in July.
“Other companies and their directors will sit up, seeing
how Oando management and its directors ended up.
“SEC decision will further boost corporate governance and
transparency in qouted companies and increase investors’ confidence,” Omordion
told NAN.
Malam Shehu Mikail, National President, Constance
Shareholders Association of Nigeria, also expressed satisfaction at the
commission’s decision.
The shareholder activist said that the outcome showed that
nobody was above the law in the market.
He said that some companies had collapsed due to lack of
transparency and corporate governance.
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