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SEC Order: Oando Plc Fights Back, Says ‘We Were Not Given A Fair Hearing’

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Oando Plc, leading Africa’s integrated oil and gas company has challenged an order by the Securities and Exchange Commission (SEC) sacking its GCEO, Jubril Adewale Tinubu and other top directors over an alleged capital market infractions.

The company in an official statement issued late on Friday May 31, 2019, said they were not given a fair hearing on the lingering issue.

Below is the excerpt of the full statement:

Our attention has been drawn to a press release published and syndicated by the Securities and Exchange Commission, on Friday, May 31, 2019 “Press Release on “Investigation of Oando PLC”

In the statement, the Commission confirms the conclusion of its investigations and that the findings from the audit report indicate serious infractions by the Company and as part of its measures to address these violations, the Commission has directed penalties as follows:

Resignation of the affected Board members of Oando Plc,

The convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors,

Payment of monetary penalties by the company to affected individuals and directors,

Refund of improperly disbursed remuneration by the affected Board members to the company,

Bar of the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc, Wale Tinubu and Mofe Boyo from being directors of public companies for a period of five (5) years.

Oando is of the view that these alleged infractions and penalties, were unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company, which might seriously affect the smooth running of the multi billion dollars investment.

The Company has not been given the opportunity to verify, review and respond to the forensic audit report, so its unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC.

The Company has reserved its rights to take all possible legal steps to protect its business and assets while remaining committed to acting in the best interests of all its shareholders.

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BIG STORY

Best Alcohol Unveils New Premium Drink, Best Honey Cream

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A new flavour from the stables of Nigerbev Limited, makers of Best alcoholic beverage, has been unveiled in Nigeria to the delight of their teeming alcoholic beverage lovers.

Best alcohol premium beverage aims to satisfy the taste buds of our esteemed customers and consistent with our pledge to provide Best products and exciting choices at all times, we have recently introduced a new variant called Best Honey cream made from soothing and comforting honey flavor which can be served chilled or with ice.

The product is now available in trade channels (open markets, supermarkets, neighborhood stores, bars, and restaurants)

Best Honey cream is Thick… Rich… Creamy…

Available in 750ml and 200ml #simplythebest

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BIG STORY

BREAKING: Egypt’s Ousted President, Mohammed Morsi Dies In Court

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Mohammed Morsi, the ousted president of Egypt, has collapsed during a court session and died, according to state TV.

It is believed that the 67-year-old former leader was attending a session in his trial on espionage charges on Monday when he collapsed and then died.

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Supreme Court To Hear Adeleke, PDP Appeal On Osun Governorship Poll Today

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The Supreme Court has fixed Monday (today) to hear the appeal filed by the candidate of the Peoples Democratic Party in the September 2018 governorship election in Osun State, Senator Ademola Adeleke.

The date of the hearing was contained in notices sent to parties to the suit, which also has the PDP as plaintiff, last week by the Registry of the Supreme Court.

Adeleke and the PDP are seeking the reversal of the May 9, 2019 majority judgment of the Court of Appeal, Abuja, which upheld the election of Adegboyega Oyetola of the All Progressives Congress as the Governor of Osun State.

The ruling of the Court of Appeal came after the March 22, 2019 judgment of the Osun State Governorship Election Petitions Tribunal, which ruled by split decision to give victory to Adeleke and the PDP.

Justices Peter Obiorah and Adegboye Gbolagunte, in the majority decision, upheld the petition, voided Oyetola’s victory and declared Adeleke of the PDP winner of the poll.

Justice Ibrahim Sirajo, who chaired the tribunal, however, gave a minority judgment that dissented and struck out the petition on the grounds that the petitioners did not prove their case.

Oyetola, APC and the Independent National Electoral Commission appealed the majority judgment at the Court of Appeal, Abuja, while Adeleke and the PDP appealed the minority decision.

On May 9, 2019, the Court of Appeal gave its decisions on the appeals, with four members of the five-man panel upholding the appeals by Oyetola, APC and INEC, and dismissing the cross-appeal by Adeleke and the PDP.

The Court of Appeal’s majority judgment set aside the majority judgment of the election tribunal, upheld the result as declared by INEC and affirmed Oyetola of the APC as the winner of the election.

Justices Jummai Sankey, Abubakar Yahaya, Isaiah Akeju and Bitrus Sanga gave the majority decision, while Justice George Mbaba gave the minority judgment, in which he dismissed the appeals and upheld the cross-appeal.

The appeal to be heard by the Supreme Court on Monday is that filed by Adeleke against the majority decisions of the Court of Appeal.

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