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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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I’ll Retrieve My Senate Mandate And Become Kogi Governor …Dino Melaye Reacts To Tribunal Sack Order

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The Kogi State National Assembly/State Assembly Election Petition Tribunal sitting in Abuja has sacked Dino Melaye as the representative of the Kogi West senatorial district in the Senate.

Melaye beat his closest challenger, Smart Adeyemi, and other candidates in the election that was conducted on February 23, 2019 for a second term in the upper legislative chamber.

However, Mr. Melaye has allayed the fears of his supporters saying, “no cause for alarm”.

In a twitter message immediately after the tribunal ruling, Melaye wrote;

“On Tribunal judgement. No cause for alarm at all. Even if it went my way they will still go to the Appeal Court. Our mandate cannot be taken. We will get judgment at the Appeal Court.

There will be a fresh election in Kogi West because I will be governor. For my senate mandate, no shaking.”

Adeyemi filed a petition before the tribunal to contest the result, alleging that the process was plagued with irregularities and disorganizations.

The tribunal agreed with him and annulled the election in a ruling delivered on Friday, August 23.

In a unanimous judgment, the three-member panel, led by Justice A. O. Chijioke, ordered for a fresh election to be conducted in the district.

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BREAKING: Tribunal Sacks Dino Melaye As Kogi West Senator, Orders Fresh Election

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The Kogi State National Assembly/State Assembly Election Petition Tribunal has nullified the election of Senator Dino Melaye representing Kogi West senatorial district.

Recall that Dino Melaye polled a total of 85,395 votes to defeat his APC opponent who scored 66,902 votes.

But the APC candidate, Sam Adeyemi proceeded to challenge the declaration on three grounds of irregularities, overvoting and non-compliance with the Electoral Act.

According to Vanguard, the three-man panel led by Justice A. O. Chijioke, in a unanimous judgment on Friday, accepted Adeyemi’s ground and ordered for another election in the senatorial district.

Details later…

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Okorocha Stole N1trillion From Imo State, He Must Account For All His Evil Deeds —– Gov Ihedioha

Peter Okunoren

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Imo State Governor, Emeka Ihedioha, has accused former Governor Rochas Okorocha, of stealing N1trillion while in power.

This was contained in a statement on Friday issued by his Special Adviser on Media, Steve Osuji.

“Available records show that in eight years, former Governor Okorocha mismanaged about One Trillion Naira belonging to Imo State”, he said.

“We are taking our time in unveiling the numerous atrocities of the last administration and certainly, he must answer for all the evil he did against the people of Imo State.

“It is very strange that a former Governor could sit and concoct lies. How could Governor Emeka Ihedioha spend N2.8b on sanitation? What was it used for? Okorocha’s problem is that he is so used to lies that he no longer knows the difference between lies and the truth.

“The state spends only about Twenty-Five Million Naira on sanitation and the bulk of the funds come from support from corporate organizations as part of their corporate social responsibility.

“Okorocha also alleged that Governor Ihedioha has, within two months in office, built a Hotel in Abuja and new houses in Owerri and his village. This further shows that the man, Okorocha is sick.

“As at today, Governor Ihedioha operates from his private residence in Owerri, following the pillage and vandalisation of Government House by former Governor Okorocha and his cronies.

“How could he say the Governor is building new houses when he owns a palatial residence in Owerri, where he operates from and mansions in his village, built many years ago? The question is – are houses built in two months?

“Only Okorocha can build a house in two months and it collapses after a short while. Imo people already know that Okorocha is a habitual liar and should not be taken seriously.

“The truth is that Okorocha wrecked Imo State. All he is doing is to attempt to divert the attention of Imo people. Unfortunately, Imo people are smarter than that.

“He also claimed that Governor Ihedioha did not win the last election. So who won? He cannot get over the fact that his puppet in-law failed; he is also in pains that he has not been able to extend his dynasty in Imo.

“But no amount of falsehood will deter the people’s governor, Ihedioha from fulfilling his electoral promise of rebuilding Imo State. The present administration shall remain on course in its efforts to recover Imo people’s funds and property looted by Rochas Okorocha and his cronies,” he said.

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