SEC Sacks Tinubu From Oando, Bans Him For Five Years
Wale Tinubu

Oando Plc has said it will take legal action to challenge the Securities and Exchange Commission (SEC) ruling on the outcome of its forensic audit.

Concise News understands that the company said this in a statement it issued on Friday in Lagos  State.

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SEC had on Friday barred the company’s Group Chief Executive Officer (GCEO), Wale Tinubu, the Deputy Group Chief Executive Officer (DGCEO), Omamofe Boyo from being directors of a public company for five years.

The ban followed a forensic audit of the company instituted by SEC in March 2018 where it found out infractions.

However, according to the statement by Oando, the company will take legal steps to shield its business and assets.

“The company reserves the rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interest of all its shareholders.”

It described the call for the resignation of affected board members of Oando Plc and convening of an extra-ordinary general meeting on or before July 1, 2019, to appoint new directors as uncalled for.

“The company has not been given the opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions, and defend itself accordingly before the SEC,” the statement added.