Nigeria’s Securities and Exchange Commission (SEC) suspended Wale Tinubu as the CEO of Oando. The market regulator also mandated that Mr. Tinubu and some other senior leaders of the firm cannot be directors of public companies in the next five years. Read the full suspension letter here.
Oando has responded that it may take legal steps against SEC on the actions it has taken. Ayotola Jagun, the board secretary, noted that Oando has been denied fair hearing. Consequently, it considered the ruling overboard.
“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 act in the best interests of all its shareholders”, it said.
You can read more about the Oando accusations here.