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Police visit Oando VI headquarters


A team of Nigerian policemen Monday morning visited the headquarters of Nigerian oil firm Oando on Ozumba Mbadiwe, Victoria Island, in Lagos.

A source who informed The Guardian of the visit said it was unusual.

Two videos seen by The Guardian showed a lone uniformed police officer and four others in street clothes.

Nigeria’s Securities and Exchange Commission last Friday said Oando’s group chief executive Wale Tinubu, his deputy Omamofe Boyo, and the oil company were guilty of several “infractions”.

It barred both Tinubu and Boyo from being appointed as members of the board of directors of any public company for five years and ordered them and Oando to refund “improperly disbursed remuneration.”


The Commission also said it will refer “possible criminality to the appropriate criminal prosecuting authorities.”

But an Oando spokesperson said the claims against the company and its top chiefs cannot be substantiated.

The spokesman for Lagos State Police Command Bala Elkana could not be reached as phone calls and text messages sent to him were not immediately returned.

Oando’s Head of Corporate communications Alero Balogun was also contacted via email but there was no immediate response from her.

SEC said the sanctions against Oando followed the investigations of two petitions by the commission in 2017 about “certain infractions of securities and other relevant laws” perpetrated by Oando.

The findings of a forensic audit done on its behalf by Deloitte & Touche indicted Tinubu, Boyo and the company itself.

“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,” SEC said in a statement published on its website on Friday.

Oando’s company secretary Ayotola Jagun said last Friday that the oil firm was unable to ascertain what findings were made in relation to the alleged infractions and defend itself accordingly before the SEC.

He said the company may seek redress in court.

“The Company reserves its 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,” he said.

Nigerian banker Atedo Peterside panned SEC’s refusal to give Oando the opportunity to respond to the findings of the forensic audit.

“What I don’t understand is why the SEC would not give the findings of the Forensic Audit to Oando and give them an opportunity to defend themselves,” Peterside tweeted on Saturday. “The findings of the Forensic Audit should be made public alongside Oando’s responses so we can all judge for ourselves.”


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