Oil tycoon, Wale Tinubu is the Group CEO, while Omamofe Boyo is the Deputy Group Chief Executive (DGCE) of the group  

“Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges). Certain infractions of Securities and other relevant laws were observed.

“The Commission further engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others,” the SEC said in a statement seen by Business Insider Sub-Saharan Africa by Pulse on Friday.

Other decisions of the capital market regulator include:

  • Resignation of the affected Board members of Oando Plc,
  • The convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors,
  • 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,

The management said it will refer all issues with possible criminality to the appropriate criminal prosecuting authorities. It also stated that the findings would be referred to the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC).

The flip side of the story

In 2017, Oando was embroiled in petitions and scandals as two aggrieved shareholders Gabriel Volpi and Dahiru Mangal petitioned the SEC.

The duo had accused the senior management of Oando of mismanagement and the acquisition of oil production assets of Conoco-Phillips in Nigeria. 

The petition made the SEC institute a forensic audit into their accounts.

According to reports, the former DG of the Securities and Exchange Commission Munir Gwarzo was suspended for his refusal to halt the audit despite Oando losing court case against the regulator.