SEC sets up interim management for Oando Plc

SEC sets up interim management for Oando Plc

Ebun Francis|

The Securities and Exchange Commission, SEC, has constituted an Interim Management Team to 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.

In a statement in Abuja on Sunday, the Head of Corporate Communications of the SEC, Mrs. Efe Ebelo, said, the new directors would subsequently select a Management Team for Oando Plc.

The interim management will be headed by Mr. Mutiu Olaniyi Adio Sunmonu, CON, who till date is an Independent Non-Executive Director of Unilever Nigeria Plc, and the Chairman of Julius Berger Nigeria Plc.

SEC on Friday, after concluding investigation of Oando Plc, directed Wale Tinubu, the company’s CEO, his deputy and other board members to resign.

The commission also barred Wale Tinubu and his deputy from being directors of public companies for a period of five (5) years.

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