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Securities and Exchange Commission hits Oando boss Wale Tinubu with a five-year ban for infractions

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FRI, MAY 31 2019-theG&BJournal-The Securities and Exchange Commission (SEC) have directed the board of Oando Plc to convene an extra-ordinary general meeting on or before July 1 2019, to appoint new directors after it slammed a five-year ban on both the firms group chief executive officer Wale Tinubu and top executive Omamofe Boyo from being directors of public companies.

SEC said the suspension is a measure to address identified violations in the company. The violations were not specified.

SEC imposed the ban after it investigated what it called ‘’certain infractions of Securities and other relevant laws.’’

 According to SEC, ‘’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.  SEC said the Commission further engaged Deloitte and Touche to conduct a forensic a forensic audit of activities of Oando Plc.

SEC suggested the suspension is a notice to the general public that the investigation of Oando Plc is concluded.