Oando Crisis: Two Directors Resign – TheNigerialawyer

Following the recent removal of the Oando’s Group Chief
Executive Officer, Wale Tinubu, and his deputy, Omamofe Boyo and
the subsequent clampdown on the company by the Securities and
Exchange Commission (SEC), two non-executive directors have
resigned.

Oando Plc notified the Nigerian Stock Exchange (NSE), its
shareholders, stakeholders and members of the public of the
resignation of the directors, Sena Anthony and Oghogho Akpata, from
its board.

According to a statement on the NSE website, their resignation
became effective from Monday, June 3.

“Chief Sena Anthony and Mr. Oghogho Akpata were active members
of the board and its sub-committees. The board and management of
Oando Plc appreciate their valuable contributions to the growth of
the company,” Oando said in the three-paragraph statement.

The statement also barred them from holding director positions
in public companies for a minimum of five years.

While the SEC has set up an interim management to be headed by
Mutiu Sunmonu, Tinubu and Boyo have secured a court order by
Justice Mojisola Olatoregun of the Federal High Court in Lagos
which orders the SEC and Mr. Sunmonu to maintain status quo pending
the determination of the motion on notice.

The commission has said the interim management would oversee the
affairs of Oando Plc and conduct an Extra Ordinary General Meeting
on or before July 1, 2019.

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