SEC suspends Oando AGM
Following the ex-parte order of the Federal High Court, Ikoyi Lagos in suit no: FHC/L/CS/910/19 in Mr. Jubril Adewale Tinubu and Anor V Securiries and Exchange Commission (SEC) and Anor, the commission has announced the suspension of Oando Plc's Annual General Meeting (AGM) slated for Tuesday, June 11, 2019 till further notice. According to SEC,…
SEC sets up interim management team in Oando
The Securities and Exchange Commission (SEC) has set up an interim management team in Oando Plc, headed by Mr Mutiu Olaniyi Adio Sunmonu, the Commission's spokesperson Efe Ebelo said. Sunmonu will oversee the affairs of Oando Plc, and conduct an Extra Ordinary General Meeting on or before July 1, 2019, to appoint new directors to the…
SEC's claims against Wale Tinubu 'unsubstantiated', Oando says
Nigeria’s Securities and Exchange Commission’s claims that the group chief executive officer of Oando Plc Wale Tinubu, his deputy Omamofe Boyo and the oil firm were involved in dubious activities cannot be substantiated, an official of the oil company Oando said late on Friday. "Oando is of the view that these alleged infractions and penalties…
MTN pays N55b ahead of deadline, completes N330b infraction fine payment
Following investigations on alleged gross mismanagement and abuse of corporate governance leveled against the management of Oando Plc in 2017, the Securities and Exchange Commission, (SEC) yesterday, barred the Group Chief Executive Officer (GCEO), Wale Tinubu and the Deputy GCEO of the company from being directors of public firms for a period of five years.…
Oando's Wale Tinubu, deputy handed five-year ban by SEC
Nigeria's Securities and Exchange Commission Friday said it has barred the group chief executive officer of Oando Plc Wale Tinubu and his deputy Omemofe Boyo from being appointed directors of public companies for a period of five years. The commission said the duo and the oil company committed, among other infractions, "false disclosure" and "misstatements…
Shareholders reiterate confidence in Oando, as profit hits N8.5b
Shareholders of Oando Nigeria Plc have unanimously applauded the management team for restoring market confidence by maintaining a track record of growth over the last 18 months, culminating to N8.5 billion profit-after-tax for 2017.
Oando crisis resurfaces as London court orders Tinubu to pay Volpi $680m
The crisis rocking Oando Plc has assumed a new dimension as a London Court of International Arbitration (LCIA) ordered its Chief Executive Officer, Wale Tinubu and his deputy, Mofe Boyo to pay $680 million debt (about N244.8b) to Gabriele Volpi’s Ansbury Investments Incorporated.
Oando reduces debt profile, posts N383.5b turnover in Q3
Oando Nigeria Plc has recorded N383.5billion turnover in its third quarter (Q3) operations, against N329.9billion achieved in the corresponding period in 2016.
Oando Plc, Flour Mills deepen ties with American investors
Wale Tinubu applauded the Council for facilitating transactions between a very diverse set of stakeholders and expressed his hopes for even stronger and more impactful relationships in the near future.