SEC bars Wale Tinubu from being director in any public company for 5 years, orders him to resign from Oando

The Securities and Exchange Commission on Friday ordered the Group Chief Executive Officer of the company, Wale Tinubu, deputy CEO, Bayo Omamofe and other board members to resign.

The directive followed the conclusion of its investigation of Oando Plc.

In a statement made available to newsmen, SEC, also barred Tinubu and the Deputy Group Chief Executive Officer of the company from being directors of public companies for a period of five years.

The commission equally directed the convening of an Extraordinary General Meeting on or before July 1, 2019 to appoint new directors.

The statement read, “Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges).

“Certain infractions of securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc.