Two Oando directors resign as crisis deepens

Oando PLC

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

Their resignation comes amidst clampdown on the company by the Securities and Exchange Commission (SEC).

According to a statement on NSE website, their resignation became effective from 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 appreciates their valuable contributions to the growth of the company,” Oando said in the three-paragraph statement.

SEC had last Friday announced the removal of the company’s Group Chief Executive Officer, Wale Tinubu, and his deputy, Omamofe Boyo.

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

After sacking Messrs Tinubu and Boyo, SEC set up an interim management to be headed by Mutiu Sunmonu.

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

However, Tinubu and Boyo have secured a court order asking all parties to maintain status quo.

Justice Mojisola Olatoregun of the Federal High Court in Lagos ordered SEC and Mr Sunmonu to maintain status quo pending determination of the motion on notice.

She also ordered that the order be served on the commission along with the motion on notice, and other processes.