Last week, Nigeria’s Securities and Exchange Commission (SEC) barred Oando CEO, Wale Tinubu, from the company. On Sunday, it noted that it would change the entire management with an interim management team to oversee the affairs of Oando. Mr Mutiu Olaniyi Adio Sunmonu will run the show at the moment.
“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 said in a statement.
Oando had gone to court to challenge the SEC original decision of pushing the CEO out. But it seems that is not coming as expected – some directors are already resigning.
“Oando PLC hereby notifies the Nigerian Stock Exchange (NSE), its valued shareholders, key stakeholders and the public of the resignations of its Non-Executive Directors, Chief Sena Anthony and Mr. Oghogho Akpata from the Board of Directors of Oando PLC, with effect from June 3, 2019,” Oando said, in the SEC disclosure.
The losers in this game are the small investors in Oando – those invisible teachers, traders and retirees. Another Africa’s promising empire goes out of track – very unfortunate. From my small records, I am yet to see any Nigerian non-bank company that recovered after government changes entire management with a new one. But here, government is doing the best it can – but I do not see any happy hour at the end. This is what I expect –a new management takes over, discovers something new, and AMCON (the bad asset management entity) nationalizes!