Tinubu, others guilty as charged, SEC insists

Securities and Exchange Commission (SEC), says the directive for the removal of the CEO of Oando Plc and other top management staff of the company and the appointment of an interim management team to temporarily steer the affairs of the company was to protect investors and preserve stakeholder value.

The commission in a statement on Sunday said that failure or refusal of the commission to act in the face of the serious issues thrown up by the investigations or to reverse its directive would undermine the Federal Government’s agenda to build strong institutions.

National Daily recalls that SEC on June 2, following the outcome of its forensic audit constituted an Interim Management team for the company to be headed by Sunmonu for embattled Oando Plc.

It noted that Sunmonu would oversee the affairs the company and conduct an Extraordinary General Meeting (EGM) on or before July 1, to appoint new board of directors.

But the Federal High Court Lagos on June 3 granted an interim injunction to the embattled management of Oando restraining SEC from executing an interim management in the company.

The interim injunction followed an application filed by Messrs Jubril Adewale Tinubu, embattled GCEO and Omamofe Boyo, for the enforcement of their fundamental human rights.

It also restrained the commission from imposing a fine of N91.13 million on Tinubu and barring him and Boyo from being directors of public companies for five years.

According to the commission, affected persons were given sufficient opportunity of being heard before they were penalised.

The commission said in Lagos that there were various opportunities by the company to defend themselves during the investigation by SEC and during the forensic audit.

“The findings of the commission was communicated to the Group Chief Executive Officer (GCEO) of Oando Plc by a letter dated July 10, 2017,” SEC said in statement by Mrs Efe Ebelo, its Head, Corporate Communications.

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“In the course of conducting the forensic audit, Deloitte & Touche held regular sessions with members of the board and senior management of Oando Plc, and afforded them the opportunity to provide explanations on issues relating to the audit.

“The responses given by Oando Plc, were, however, considered unsatisfactory; prompting, the decision by the Commission to penalise the company and some of the individuals related to it for violations of securities laws.

“The actions of the commission were properly effected pursuant to the provisions of the Investments & Securities Act (ISA) 2007 and the SEC Rules and Regulations made pursuant to the ISA 2007,” SEC said.

It added that these facts had been properly articulated in the court process it filed at the Federal High Court in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive Officer of Oando Plc.

“As the apex regulator of the Nigerian capital market, the commission has a mandate to protect investors,” it said.