Nigeria’s apex capital market regulator, The Securities and Exchange Commission (SEC), said it has reconstituted an interim management for Oando Plc, an oil and gas firm listed on the Nigerian Stock Exchange (NSE) and the Johannesburg Stock Exchange (JSE).
According to the SEC, the interim management team headed by Mr. Mutiu Olaniyi Adio Sunmonu CON, will oversee the affairs of Oando Plc, and conduct an Extra Ordinary 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.
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The SEC had recently revealed findings from an investigation into Oando Plc revealing several market infractions.
SEC commenced the investigation into Oando following the receipt of two petitions from concerned investors in 2017.
The SEC said it found certain infractions of securities and other relevant laws, after which it engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.
Upon conclusion of its investigations, the SEC issued several sanctions including barring the group CEO and deputy group CEO from holding offices on public companies for five years.
The Commission said it is confident that with the implementation of its sanctions and other directives as well as the introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced.
It enjoined the Board of public companies to properly perform their fiduciary duties as required under extant securities laws so as to fall in line with the Federal Government’s resolve to build strong institutions.
The Commission reiterated its stance as the apex regulator of the Nigerian capital market towards maintaining zero tolerance to market infractions, and reiterated its commitment to ensuring the fairness, integrity, efficiency and transparency of the securities market, thereby strengthening investor protection.