Imperative of having capable regulatory bodies

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The Federal Government inaugurated on June 3 the boards of five regulatory agencies in the health sector. Seventy two persons took oath to serve diligently on the boards of the Community Health Practitioners Registration Board of Nigeria (CHPRBN), Health Records Officers Registration Board of Nigeria (HRORBN), Medical Laboratory Science Council of Nigeria (MLSCN), Medical Rehabilitation Therapists (Reg) Board of Nigeria (MRTBN) and Optometrists and Dispensing Opticians Registration Board of Nigeria (ODORBN). Their appointments come at a time when decisions of regulators underscore their significance and highlight the imperative of having competent regulatory bodies in the country.

Regulatory bodies are some of the often-overlooked institutions within the panoply of government but with outsize importance to the economy and society. They carry out their function in the background. They manifest only when the situation demands. When they do, they take decisions whose impact reverberates across personal, corporate and institutional lives for many years. The implications of such decisions could range from the financial to the personal and professional.

Breach of an innocuous rule by MTN and the dynamics of the season led the Nigerian Communications Commission to impose a humungous fine on MTN Nigeria Communications that threatened the existence of that leading foreign investor and trade relations between Nigeria and South Africa. It delayed the listing of MTN on the bourse as well as sent signals that may not be positive to other investors. Regulatory action.

Regulatory action is currently at the heart of the matter of Oando Nigeria Plc and the Nigerian Stock Exchange. A leading indigenous oil and gas firm, Oando has raised issues about the approach of the Securities and Exchange Commission, its fairness and the appropriateness of the strictures the regulator imposed on it. It is playing out in the courts, of law and … Read More...

SEC says Oando was given fair hearing

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  The Securities and Exchange Commission (SEC) has said that Oando Plc was given sufficient opportunity of being heard before they were penalised. According to a statement from the SEC, Oando officials were given various opportunities to defend themselves during the investigation by SEC and during the forensic Audit. “The attention of the SEC has…

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Why SEC moved against Oando directors

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Amid growing list of questions trailing the release of the result of the forensic audit into Oando plc and the attendant sanctions levelled against the company, BusinessDay has gained insight, through a letter to the chairman of Oando plc, Oba Michael Adedotun Gbadebo, into why the Securities and Exchange Commission (SEC) moved against directors of…

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Oando challenges SEC’s ruling on Forensic Audit report

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Oil giant Oando plc has challenged the ruling by the Securities and Exchange Commission on the report on a forensic audit into its activities, which included the order for the resignation of the company’s directors, and barring Wale Tinubu, the CEO, and his deputy, from being a director in any public company for five years.

In an emailed statement late Friday, Oando said the alleged infractions and penalties levelled against it were “unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company.”

Oando argued that it was not 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.”

Oando said it reserved the rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders.

SEC had earlier said in its statement that it had concluded its investigation and recommended the following sanctions:

1. Resignation of the affected Board members of Oando Plc,

2. The convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors,

3. Payment of monetary penalties by the company and affected individuals and directors,

4. Refund of improperly disbursed remuneration by the affected Board members to the company,

5. Bar of the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc from being directors of public companies for a period of five (5) years.

 

OLUFIKAYO OWOEYE

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