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IoD wades into SEC-Oando crisis, sets up investigative panel


Institute of Directors

The Institute of Directors (IoD) Nigeria, has set up a panel to investigate the crisis between the Securities and Exchange Commission (SEC), and Oando Plc.  

IoD, which said it has issued public comments accordingly, also mandated its committees on Director Development and on Ethics, to examine the outcome and recommend suitable actions when the issues are finally resolved.    
The Institute explained that its interest in the matter is borne out of its commitment to entrenching good corporate governance in Nigeria.  

In a statement signed by its Director-General, Bamidele Alimi, IoD Nigeria said the committee is expected to make appropriate recommendations for the consideration of the Governing Council.

Alimi said the outcome of the SEC-Oandi crisis have created huge lessons for all corporate directors as well as SEC, regardless of whatever their eventual outcome may be.

“As an apex professional organisation whose mandate is the enthronement of good corporate governance practice, these developments, which have become public, are certainly of great interest and concern to our Institute.

“As the professional body for directors in the country, IoD Nigeria, has taken a very keen interest in the developments, and is monitoring the outcomes of all the actions initiated by all the parties concerned.”

SEC had on May 31, released a statement indicting the management and board of Oando for sundry corporate governance abuses and infractions of relevant capital market laws. SEC barred Oando’s Group Chief Executive Officer, Wale Tinubu, and his Deputy, Mofe Boyo, from being directors of public companies for a period of five years.

SEC also ordered certain members of the board of directors of Oando to resign, as its investigation into alleged corporate governance abuses at Oando, found it guilty of serious infractions and market abuses.

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