Oando’s two accused non-Executive Directors resign

Two non-executive directors of Oando Plc have resigned from the Board of the company. They are Sena Anthony and Oghogho Akpata.

Already, Oando Plc in a letter dated June 6 and signed by Ayotola Jagun, its Company Secretary, notified the Nigerian Stock Exchange (NSE) and its valued shareholders of the directors’ resignation which took effect from June 3, 2019.

The two were among the eight (8) directors that the Securities and Exchange Commission (SEC) asked to refund money in view of the alleged gravity of the corporate governance lapses and internal control failures said to have been observed in the company.

SEC asked Oghogho Akpata to refund N28.97million while Sena Anthony was asked to refund N11.25million.

“Sena Anthony and Oghogho Akpata were active members of the Board and its subcommittees. The Board and Management of Oando Plc appreciate their valuable contributions to the growth of the Company,” Oando said in a statement at the NSE.

As at 1:14 pm on Friday June 7, 2019, the share price of Oando Plc on the Nigerian Stock Exchange was up by   5kobo or 1.25percent, from N4 to N4.05.

The Federal High Court sitting in Lagos had last Monday June 3 restrained the Securities and Exchange Commission (SEC) from removing Wale Tinubu and Omamofe Boyo as Group Chief Executive Officer (GCEO) and Deputy Group Chief Executive Officer (DGCEO) of Oando Plc, respectively. The Court also stopped the Mutiu Olaniyi Adio Sunmonu-led Interim Management Team.

The Federal High Court of Lagos under presiding Judge C M A Olatoregun granted Oando Plc Group Chief Executive, Adewale Tinubu, and Deputy Group Chief Executive, Omamofe Boyo, an injunction pending the hearing and determination of the applicant’s motion for interlocutory injunction.