Monday, 03 June 2019 11:23

Police seal off Oando Head Office

Men of the Nigeria Police, on Monday, sealed off the head office of Oando Plc.

Although no reason has been advanced by the police for its action, this is coming on the heels of the sacking of the management and board of the company by the Securities and Exchange Commission on Friday and the appointment of an interim management team led by Mr Mutiu Sunmonu, former Managing Director of Shell Petroleum Development Company.

Sunmonu’s team will be in charge of the company pending the constitution of a new management team.

SEC has also ordered the conduct of an Extra Ordinary General Meeting on or before July 1, 2019 to appoint new directors for the indigenous oil company.

While announcing the sack of the company’s management and board last Friday, SEC had said the result of the forensic audit carried out on the company over a year ago revealed serious infractions by the company.

It then directed the resignation of the company’s board and management. It also placed a five-year ban on the Group Managing Director, Mr Wale Tinubu, and the Deputy Group Managing Director, Mr Omamofe Boyo, from serving as director in any public-qouted company. of any company.

Tribune

 

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