The Securities and Exchange Commission (SEC) has constituted an interim management board for Oando PLC, following last week’s recommendation by SEC that some key management and board members of the embattled oil major should step down.
According to a statement issued by the capital market regulator, the interim management team will be headed by Mr Mutiu Olaniyi Adio Sunmonu, and their core function will be to oversee the affairs of the company in the meantime. They were also mandated to hold an Extra Ordinary General Meeting (EGM) not later than July 1st, 2019.
The statement reads: “Further to our press release on Oando Plc, dated May 31, 2019, the commission hereby informs the public of the constitution of an interim management team headed by Mr Mutiu Olaniyi Adio Sunmonu, to oversee the affairs of Oando Plc, and conduct an Extraordinary General Meeting on or before July 1, 2019, to appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc.”
The interim management team is expected to take over on June 3rd, 2019. Meanwhile, about four of the company’s current board members (including the chairman Oba M.A. Gbadebo), have all reportedly tendered their resignations in line with the SEC directive.
Recall that last week SEC reportedly sacked Oando board after the conclusion of its investigation into the affairs of company. The investigation was said to have revealed serious infractions by the company, ranging from false disclosures, market abuses, manipulation of financial statements and internal control failure.
SEC also recommended the immediate resignation of some of the company’s key board members including the CEO who was barred from becoming a director in any company quoted in the next five years.
In a swift reaction to the development, Oando Plc had issued a statement to the Nigerian Stock Exchange, absolving itself of any wrongdoing whilst stating its resolve to take all necessary legal means to establish its innocence.

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