BATTLE NOT OVER YET AS OANDO TACKLES THE SEC OVER SACK OF HER DIRECTORS

Adewale Tinubu 

Friday, May 31, 2019 In a shocking pronouncement the Security and Exchange Commission, SEC, in a release, announced the sacking of Adewale Tinubu, Group Chief Executive Officer, GCEO,  Oando Plc, and other top directors of the Company over alleged capital market infractions.

In the statement, the commission stated that it had confirmed the conclusion of its investigations and that the findings from the audit report indicated serious infractions by the Company.
consequently, as part of its measures to address these violations, the commission  directed the resignation of the affected Board members of Oando Plc.

The SEC also directed the convening of an extra-ordinary General Meeting on or before July 1, 2019, to appoint new directors, as well as payment of monetary penalties by the Company to affected individuals and directors.

It further directed refund of improperly disbursed remuneration by the affected board members to the company, while also barring the GCEO and the Deputy Group Chief Executive Officer, DGCEO, Mofe Boyo from being directors of public companies for a period of five years.

However, in an official statement issued late on Friday May 31, 2019, the management of Oando Plc, a leading Africa's integrated oil and gas company, stated that it was not given a fair hearing on the lingering issue.
The Company stated that the alleged infractions and penalties were "unsubstantiated, ultra-vires, invalid and calculated " to prejudice the business of the Company, which might seriously affect the smooth running of their multibillion dollars investment.

The company, in the release, added that it was not given the opportunity to verify, review and respond to the forensic audit report, which made it difficult to ascertain what findings  were made in relation to the alleged infractions so as to defend itself before the SEC.

So in view of this, the Company has expressed its readiness to  explore all possible legal steps to protect its business and assets, while remaining committed to its pristine mission and vision in the interest of its shareholders.

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.

WALE TINUBU IS THE ULTIMATE MR. FLOSSER. OANDO GMD SHOWS HOW TO DO LIFESTYLE WITH RECENT 200MILLION ART PURCHASES

Peju Alatishe 

There are those that "flossing" is very natural to, while there are those who believes  in "faking it till you make it", all just so they can be seen or accepted to belong. For Wale Tinubu, the immensely intelligent head honcho at oil and gas giant, OANDO which recently relocated to their multibillion Naira new HQ aptly named Wings, he is an original, not a fake at all by any standards.

Long before flying "privately" became a popular thing in thing, like a status symbol amongst the nouveau rich where they compete on who flies or owns the the best, latest and most sophi jets, the highly cerebral oil and gas expert who is also a nephew of the enigma of South West politics, in the person of the all powerful and highly influential APC National Leader and the Jagaban of Borgu who some if not many defer to like a demi-god, in the person of Asiwaju Bola Ahmed Tinubu, Wale Tinubu had been riding the PJs like it were just taxis.

Even long before that time, Wale like many men and women of means was probably one the best clients of British Airways, essentially doing only First Class turning that class to like a cheap thing. All those who understands what to fly first class on an established well respected and renowned and award winning airline is, know very well what it means to fly it (1st class) on BA. We have said all of the above, just so to to let you all know that flossing is as natural to Wale Tinubu as water is natural to fish, like some are won't to say "nobi today oooooo"

Just imagine that we caught a glimpse of the dude very randomly at the last Arise Fashion Week 2018, just at the lobby about entering the elevator and imagine that as part of what's natural to him, his security detail disallowed any other person from entering the lift with the trio, maybe because others are less than human, even as it was a rush hour, with so many waiting to enter same lift to go to the same floor they were going to! But that's not really got our attention, for as very casual as Wale was in his dark outfits, his casual wrist watch was nother shabby at all. If that watch, which looks like either white gold or platinum is probably well valued, it cannot be less than $100000 dollars and might go as high as $350000 dollars! How much is that to a man at the top echelon of a very thriving oil and gas concern worth several billions!

But that's still not the story though, especially for this natural and ultimate flosser, a cool cat by all standards and a lifestyle king par excellence, one as cool as the now elusive Kola Aluko, but who is calmer by some standards, a man who works extremely hard and is therefore also allowed to play hard, in fact very hard at that if he so wishes. The dimunitive and bespectacled gentleman of class and distinction who is one a member of the league of extraordinary  gentlemen, that is men of timber and caliber is said to have done what's so natural to him again, by indulging his love for the arts to the utmost. That Wale Tinubu is a billionaire is not in doubt, that Forbes is not already shouting his name to high heaven, is because he is still deliberately staying under the radar, maybe very soon many who don't know now would come to understand he is probably one of the most loaded young Nigerian in the world. So to indulge in art loving is just an extension of his worth or value. A testament to that is at that newly opened Wings Office Complex.

If you have the chance and honour to enter Wings, that gorgeous edifice of a building which now houses OANDO HQ on 17a Ozumba Mbadiwe, Victoria  Island, 2 humonguous and mind-boggling art pieces would stare you in the face with the arrogance of awesome and artistic beauty. Standing out elegantly amongst other awesone displays of opulence and class. Each of these world class, work of art were bought for a whopping  100 million Naira each, making a total of a paltry 200 million this does not include all other pieces that might litter the whole buildings. Most definitely, there would be other bric a brac of lesser cost all over too. These art pieces would only had to the billions in value that the edifices, which on their own are architectural masterpieces already hovering over the lagoon are worth.

The 2 strategic pieces are the works of the stupendously talented Peju Alatishe, 43. Peju is a mixed medium award winning artist, who won the 2017 (FNB) Art Prize. She is a fellow of National Museum of African Arts, a part of the Smithsonian Institution. She's not only an artist, but a poet and a writer with published works. She trained as an architect and was one of only 3 to have showcased at the Biennale, the first Nigerians at the art exhibition. 

STOP THE RUMOUR! THAT ATIKU ABUBAKAR IS THE SINGLE HIGHEST SHAREHOLDER OANDO

Alhaji Atiku Abubakar, GCON

Is it possible for the former Vice President of Nigeria to own such colossal shares in such a company, oooo yes it is possible. Especially being a private citizen if he has the wherewithal/resources then by law, nothing stops him from acquiring the shares.

So does he own such colossal numbers of shares, whose value would be staggering to say the least? That we cannot readily tell you for sure, but the rumour is rife that he does and the only 2 people that can ascertain that for sure, are the former vice-president​ himself and or OANDO PLC.

But beyond any iota of doubt, Alhaji Atiku Abubakar, is a man of extraordinary and colossal means. Forget totally that part where his name is not listed in any Forbes rich list or Fortune networth list. In fact how many of the stupendously wealthty or rich Nigerians are listed on that so called list?

More after the break.