BREAKING: Police storms Oando head office, Sent staff home

Sade AdewaleJune 3, 2019

0 2 minutes read

Staff members of Oando Plc have been forced to stay away from work as policemen stormed the head office of the company on Monday morning.

The Securities and Exchange Commission announced on Sunday night 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 other affected board member should resign.

Our correspondent who visited Oando’s Wing Office Complex located on Ozumba Mbadiwe Avenue, Victoria Island, observed policemen numbering over 10 at the entrance of the complex, which houses other companies.

They later moved into the complex.

A staff member, who spoke with our correspondent in confidence, said, “We got a message late last night about the interim management. So for the safety of staff because we are not sure of the way things will go, we did not come to the office.

“Some people still came to work this morning, but if you go to work and you see police everywhere, you are most likely to turn back. Fear will make you turn back and go home. So, that has been the situation.”

Security officers at the complex told our correspondent that some staff members of Oando were denied access to their office at the instance of their (security officers’) supervisor.

SEC said in a statement on Sunday, “Further to our press release on Oando Plc, dated May 31, 2019, the commission hereby informs the public of the constitution of an interim management team headed by Mr Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and conduct an Extraordinary General Meeting on or before July 1, 2019 to appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc.

SEC had on Friday announced the conclusion of the investigation of Oando and ordered the GCEO of the company, Tinubu, and other affected board members to resign.

The apex capital market regulator also said it barred Tinubu and the Deputy Group Chief Executive Officer of the company, Mr Omamofe Boyo, from being directors of public companies for a period of five years.

The commission said 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, among others.”

Oando, however, said the “alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.”