Police Take Over Oando Headquarters As SEC Set Up Interim Management

With the dismissal of the Group Chief Executive Officer of Oando, Mr Wale Tinubu, from being a director of a public company for five years the Security and Exchange Commission has set up an interim management team to oversee the affairs of Oando Plc.

Naija News recalls that the Securities and Exchange Commission on Sunday said 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 members should resign.

SEC revealed in a statement, “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.

“The commission wishes to reiterate its commitment to maintaining the integrity of the market.”

Meanwhile earlier today, men of the Nigerian Police Force have sealed the Corporate headquarters of Oando Plc on Ozumba Mbadiwe street in Victoria Island, Lagos this morning.

The action was in line with the directives of the Security and Exchange Commission (SEC) on the constitution of an Interim Management Team, headed by Mr. Mutiu Olaniyi Adio Sunmonu CON.