Oando Vows To Challenge SEC Order On Resignation Of Board Members

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Updated June 1, 2019

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The management of Oando Plc has said that it would take all legal steps to protect itself and interests following an order by the Securities and Exchange Commission (SEC).

The oil and energy company said this in a statement released few hours after the Commission (SEC), gave a directive for the resignation of some board members.

It had also barred the Group Chief Executive Officer of the company, Wale Tinubu, and his deputy, from being directors of the companies for five years over allegations of multiple market infractions.

Read Also: SEC Orders Resignation Of Oando Board, Bars Wale Tinubu

Oando said it of the view that the alleged infractions and penalties are unsubstantiated, while it has not been given the opportunity to see, review and respond to the forensic audit report carried out by accounting firm, Deloitte & Touche.

The company further explained that it reserved its rights to take all legal steps to protect it’s business and assets, while remaining committed to act in the best interests of all its shareholders.