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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.