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Friday, May 31, 2019

OANDO'S WALE TINUBU & MOFE BOYO SACKED AND BANNED

Adewale Tinubu 

Mofe Boyo

It's most definitely not the best of time for the Billionaire top helmsmen at one of Nigeria's biggest oil and gas firm Oando. Both the erstwhile GMD & his Deputy have been sacked from the company. And not only have they gotten the ignoble boot, they have also gotten banned for atleast the next 5 years too, from holding any position in any public company. The fact is that it is what can be likened to triple jeopardy. As they would still also face criminal investigation afterwards too.

Wale Tinubu and Omamofe Boyo were both the Group Chief Executive and Deputy Group Chief Executive/Executive Director (Oando Energy Resources) at Oando Plc until the sledgehammer of the SEC fell on them today, Friday, May 31, 2019.

This is coming on the heels of the SEC investigation of Oando Plc following the receipt of two petitions by the commission in 2017 against the company.

According to the SEC, “Certain infractions of securities and other relevant laws were observed. The commission further engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc.

“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.”

The Commission also directs that some members of the Board of the group should resign immediately while it also directs payment of monetary penalties by Oando to affected individuals and directors and refund remuneration.

The commission also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected board members to the company.

It said as required under Section 304 of the Investments and Securities Act, (ISA) 2007, it would refer all issues with possible criminality to the appropriate criminal prosecuting authorities.

SEC stated that other aspects of the findings would be referred to the Nigerian Stock Exchange, Federal Inland Revenue Service, and the Corporate Affairs Commission.

The apex capital market regulator said, “The commission is confident that with the implementation of the above directives and introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced.

“Therefore, in line with the Federal Government’s resolve to build strong institutions, boards of public companies are enjoined to properly perform their fiduciary duties as required under extant securities laws.”

According to the commission, these, among others, are part of measures to address identified violations in the company.

However, the commission maintains its zero tolerance to market infractions, and reiterates its commitment to ensuring the fairness, integrity, efficiency and transparency of the securities market, thereby strengthening investor protection.

It also directed the convening of an Extraordinary General Meeting on or before July 1, 2019, to appoint new directors.

26 comments:

Fan said...

OMG! This where the word slay should be used (the old usage.) APC couldn't step in? Or have they gone rogue?

Anonymous said...

What manner of thinking is this @ APC couldn't step in? Smh

Anonymous said...

Wow God help them. Oando is a sinking ship ... they mismanaged that company ehn its pitiful. Anyways it was built on scam soo it was expected.

Anonymous said...

The way the cookie crumbles!

Anonymous said...

@FAN its part of 2023 games.Elrufai and the cabal have resolved to cut Jagaban down to size.He will sell his stake in the Lagos tolls and oriental etc before the end of this year,FG will come for them.

Anonymous said...

So this is Ego Boyo’s sweetie! Hmmmmm! They wrecked that company! How far Wale? Now you use the stairs, no more elevators!

Anonymous said...

Gboyega Balogun should be made one of the new Directors because the guy is highly intelligent.

Fan said...

This is where*

Do keep up. APC stepped in when the Sec Gen was removed not too long ago. RME!

Mama Borngirl said...

This has been long overdue.

Anonymous said...

Wale and Mofe are rogues. Snatched the company from late Osaze and other investors. Greedy and wicked people. I hope Bola Tinubu is reading the writing on the wall. He is next!

Gbogbo Bigz Girlz said...

In your dreams. Ahmed Tinubu is the next president of Nigeria.

Anonymous said...

Yimu, what is this one saying? Sell what? You really don’t know how all these things work. Who is Elrufai? You want us to start with him too? Please.
Wale was very reckless I agree. It’s unfortunate.

Anonymous said...

Excuse me? Gboyega Balogun ke? How? Are you high on weed? Common shut up there

Anonymous said...

Oriental hotel is already on the market for $250 million...hmmm

Anonymous said...

Anon 8:49 Calm down na wa. Oya no vex !

Is he not intelligent or wetin you mean ?

Anonymous said...

You people are drinking paracetamol for someone else’s head ach.

Typing away (tap, tap, tap)...

You come on social media to talk rubbish about people you don’t even know. Then tomorrow you will be in church praying for God’s blessings.

How do you think that will work out??

The people affected are established industry leaders and are significantly better than you on your best day.

Instead of looking for ways to achieve a small percentage of what these men have achieved your here spewing negativity.

Well done.

Anonymous said...

Nigerian blog comment sections show the magnitude of the problems we have in this country.

Instead of finding ways to make the country a better place your here laughing at the misfortunes of your fellow brother.

Anonymous said...

Atiku is pissed that he lost the Presidency. Everyone is gonna get it hehehehe.Only God knows how much he has bribed SEC with. Oando without these 2 at its helms is no longer worth investing in. I would suggest the shareholders mandate that the management remains.

Anonymous said...

Idiotic comment, please what’re you doing on this same social media? Afi your here na.

Anonymous said...

Idiotic comment by the same idiot above. Afi your here na. If you’ve never had shares and a pension you won’t understand what’s going on here.

Anonymous said...

Abiola, it's time you start blogging about mental health and giving people resources. Your commenters these days are something else, showing so many signs of being in need of mental health interventions. Please not everytime gossip, sometimes get people help.

Anonymous said...

Na wa for all the dumb comments on this blog now. Atiku ko Atiku ni.

Anonymous said...

Anon I agree especially comments lately. Seems to be coming from the newbies on this blog. A get as e be.

Anonymous said...

You’ve commented 3 times on the same post. Na wha for joblessness.

I’m guessing these words got to you. Go to church and pray for forgiveness.

Anonymous said...

Onye ohi na thief Ole na thief barawo Na thief.Truth be told everyone knows these so called wiz kids were fraudulent from the O&O days of stealing crude etc.They messed with the wrong people Volpi and Manga. The chickens have come to roost.Though Jite has his own problems I’m sure he’s laughing in Spanish.

Anonymous said...

πŸ€£πŸ€£πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚! Loving this blog.