Babajide Okeowo
Oando Plc has reacted to the investigation carried out by the Securities and Exchange Commission (SEC) into its affairs which, among other things, recommended the resignation of the company’s Chief Executive Officer, Wale Tinubu.
According to a statement issued late last night to the Nigerian Stock Exchange (NSE), Oando Plc emphasised that the alleged infractions are unsubstantiated as such, the recommendations/penalties are pointless.
Oando’s Position: The company accused SEC of not giving it the opportunity to review and respond to the supposed findings from the forensic audit that was conducted. As such, the company said it cannot ascertain the authenticity of the findings; if at all there were any.
Therefore, Oando Plc believes that the entire drama is a ploy designed to malign its business. The statement went further to disclose the company’s intention to take all necessary legal action towards protecting its business and shareholders’ interests.
“Oando is of the view that these alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company. The Company has not been given the opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC.
“The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to acting in the best interests of all its shareholders.”
