SEC sets up interim management team at oil firm Oando

The Securities and Exchange Commission (SEC) yesterday named Mutiu Sunmonu as the head of an interim management team it constituted to oversee Oando Plc.

It mandated members of the interim team to conduct an Extra Ordinary General Meeting on or before July 1 to appoint new directors to the Board of the company.

The new board would subsequently select a management team for Oando Plc, the SEC said yesterday in a statement signed by its Head of Corporate Communications, Mrs. Efe Ebelo.

Sunmonu, till date, is an Independent Non-Executive Director of Unilever Nigeria Plc, and the Chairman of Julius Berger Nigeria Plc.

SEC, after concluding investigation of Oando Plc, directed, among others, the resignation of the affected board members, and also barred the Group Chief Executive Officer and the Deputy Group Chief Executive Officer of Oando Plc from being directors of public companies for five years.

The SEC also directed the payment of monetary penalties by the company and affected individuals and directors, and the refund of improperly disbursed remuneration by the affected board members to the company.

 

Source: The Nation

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