• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Tuesday, July 1, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Oando vows to challenge SEC’s ruling on audit

The Matters Press by The Matters Press
June 1, 2019
Reading Time: 2 mins read
0
Oando vows to challenge SEC’s ruling on audit

Oando

Oando

Oando, oil giant, said that it would challenge the Securities and Exchange Commission (SEC) ruling on the outcome of its forensic audit.

RELATED POSTS

Nasarawa showcases efficient use of fuel subsidy savings, exposes futility of Tinubu’s opposition’s mischief – TDF

Transformational in FCT in line with Tinubu’s Renewed Hope agenda

Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

The company made the disclosure in a statement issued in Lagos by its Head of Corporate Communications, Mrs Alero Balogun.

Balogun said that the company would take all legal steps to protect its business and assets, while remaining committed to act in the interest of its shareholders.

“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,” she said.

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

These were outcomes of the forensic audit of the company instituted by the commission in March 2018.

SEC noted that it appointed Deloite Nigeria to proceed with the forensic audit.

It said that the audit revealed infractions.

The commission in a statement also directed resignation of affected board members, and called on the company to convene an extra-ordinary general meeting on or before July 1, to appoint new directors.

Balogun, however, described as unsubstantiated, the commission’s call for 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.

According to her, payment of monetary penalties by the company and affected individuals and directors, refund of improperly disbursed remuneration by the affected board members to the company were also unsubstantiated.

Balogun said that the company’s attention had been drawn to a statement issued by the commission on Friday, barring its GCEO and DGCEO from being directors of public companies for a period of five years.

She said that Oando was of the view that the alleged infractions and penalties were unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.

“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,” she said.

Tags: OandoSEC
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Group hails Presidential Council initiative, welcomes President Tinubu’s N2tn stabilisation package
Economy/Technology

Nasarawa showcases efficient use of fuel subsidy savings, exposes futility of Tinubu’s opposition’s mischief – TDF

July 1, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

Transformational in FCT in line with Tinubu’s Renewed Hope agenda

June 30, 2025
China’s agricultural wholesale products prices continue to drop
Agriculture

Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

June 29, 2025
$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Next Post
N43tn e-payments made in Nigeria

N43tn e-payments made in Nigeria

Buhari in Saudi Arabia for OIC summit

Buhari thanks Islamic bank for 2nd Niger Bridge

Recommended Stories

FIRS deploys tech platform for tax collection

Stakeholders urge Nigeria to disregard clamour for increase in Sugar tax

November 16, 2023
Investment in refinery driven by innovation — Dangote

$15b Dangote refinery begins production 2021

March 1, 2020
44-year-old Faye Sworn-In As Senegal’s President

44-year-old Faye Sworn-In As Senegal’s President

April 2, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nasarawa showcases efficient use of fuel subsidy savings, exposes futility of Tinubu’s opposition’s mischief – TDF
  • Transformational in FCT in line with Tinubu’s Renewed Hope agenda
  • Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us