Tinubu bars from being director of any public company for five years

SEC bars Oando’s Wale Tinubu from being director of any public company for five years.

The Securities & Exchange Commission (SEC) has barred Wale Tinubu, CEP of Oando Plc, from being a director in (any) public company for the next 5 years. The coy’s deputy CEO is also barred while board members found guilty of various infractions have been directed to resign.

The commission said an extraordinary general meeting should be convened before July 1 to appoint new directors.

SEC had given Deloitte the go-ahead to carry out a forensic audit after Dahiru Mangal, a shareholder,accused the company of declaring false profits and insider trading.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures,

and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.”