Oando staff barred from work as police storm head office

Staff members of Oando Plc have been forced to stay away from work as policemen stormed the head office of the company on Monday morning.

It was gathered that about a dozen police officers were sighted at the company’s head office at Ozumba Mbadiwe Avenue, Victoria Island, Lagos.

The development comes in the wake of a directive by the Securities and Exchange Commission, SEC, which ordered the company’s Group Chief Executive Officer, Wale Tinubu, and other affected board member to resign.

It was also learnt that the Securities and Exchange Commission announced on Sunday night that it had set up an interim management team to oversee the affairs of Oando Plc.

“Further to our press release on Oando Plc, dated May 31, 2019, the commission hereby informs the public of the constitution of an interim management team headed by Mutiu Olaniyi Adio Sunmonu, CON, to oversee the affairs of Oando Plc, and conduct an Extraordinary General Meeting on or before July 1, 2019 to appoint new directors to the
board of the company, who would subsequently select a management team for Oando Plc,” SEC said in a statement.

Recall that recently, SEC announced the conclusion of its investigation and ordered the Chief Executive Officer of Oando Plc, Wale Tinubu and other affected board members to resign.

The regulator also barred Mr. Tinubu and the Deputy Group Chief Executive Officer of the company, Omamofe Boyo, from being directors of public companies for a period of five years.



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