Fresh facts have emerged concerning the alleged infractions and false disclosures by Oando Plc which prompted the Securities and Exchange Commission to mandate the oil firm’s Group Chief Executive Officer, Wale Tinubu, his deputy, Omamofe Boyo, and other board members to resign.
The letter partly read, “There were several corporate governance lapses stemming from poor Board oversight. The trades purportedly took place between January and October 2015, preceding the release of the 2014 audited financial statements on October 23, 2015, in which Oando Plc declared an unprecedented loss of N183 billion.
Other infractions highlighted in the letter were that Alhaji Dahiru Baraú Mangal failed to disclose his substantial ownership in Oando Plc as required by CAMA.
SECNigeria AdewaleTinubu Oando_PLC This Oando case is an example of how many unsuspecting ordinary shareholders have lost their hard earned money to insider dealings of unscrupulous directors of companies. Is this not worse than MMM?
SECNigeria AdewaleTinubu Oando_PLC There will always be a reason to drown the dog. You don't have to search far for it. In the coming days, tinubu will lash out at the PDP for destroying the economy for 16 years.