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Why They Want Wale Tinubu Out —-Report

Gbemileke Ajayi

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Many,  especially members of the business community, were shocked last Friday when the Security and Exchange Commission, SEC, ordered the Group Chief Executive Officer, Oando Plc, Wale Tinubu, and his Deputy,  Omamofe Boyo, to immediately resign from the leading oil firm over alleged infractions and breach of stipulated rules of SEC.

The order, which was relayed via a syndicated press release, also announced an interim management Board, which will convene a special general meeting of shareholders, where new management board would be selected and inaugurated.

However, the severity of the penalties and the timing of the release have roused public curiosity as to the motive and the basis for the penalties. 

Speaking during a press conference held at the Company’s head office, the Chief Operating Officer, Oando Energy Resources, Dr. Ainojie ‘Alex’ Irune, said: “We were not given a chance to review and respond to the outcome of the report. You do not sentence a person to death without giving him or her a chance to defend him or herself.”

In this instance, we have been sentenced to death without knowing what our crime is or being given a chance to defend ourselves. 

“At the barest minimum, best practice requires that you give the person a chance of a fair hearing. We have not been accorded this opportunity.”Irune further explained that when the company made the decision to drop its court case challenging the SEC’s decision to carry out a forensic audit, it was assured that it could trust the system for an independent investigation that would be fair and follow due process. 

He explained further that the Management agreed to the forensic audit, having been assured that it would be done in the spirit of transparency, cooperation and full disclosure.

Since the development,  which many have described as “draconian”, echoes of Oando’s sentiments seem to be resounding across the country,  with everyone wanting to know what the Oando management had done to warrant such stringent penalties. Amidst the increasing wave of criticisms of the SEC order, renowned banker, Atedo Peterside, Founder,  Stanbic IBTC, wondered why the SEC would not share the findings of the forensic audit with Oando, thereby giving the management an opportunity to defend itself.

Atedo, who expressed his sentiment through social media,  went further to challenge the SEC to share the forensic audit findings and Oando’s response with the general public for all to judge.

According to a source, the forensic audit report was ready and submitted by Deloitte and Touche as far back as December 2018, adding that “The reason SEC decided to sit on the report for six months without engaging Oando where necessary remains a mystery yet to be unraveled. “It also brings to mind the famous quote that “power corrupts, but absolute power corrupts absolutely”.

Is this a case of abuse of power or has someone been put under duress to release the report without any regard for due process? What are the details of the infractions as opposed to a summary and what are the associated penalties for each infraction according to the SEC rule book?”The oil giant also wrote a five-page letter dated June 1, 2019, and addressed to the acting Director-General, SEC, Mary Uduk, demanding the withdrawal by SEC of the penalties listed in the letter within three days.

Also, in the letter, the Company insisted that the findings were largely unfounded and remained unsubstantiated in the absence of any representation before the regulator arrived at its sanctions.

Oando also demanded that it should be given the findings of the forensic audit as well as an opportunity to defend itself.

Another source disclosed that SEC officials are playing out a script, after allegedly receiving a bribe from Volpi owned by Gabriele Volpi, an Italian-born Nigerian businessman, who is also a business partner and close ally of the Peoples Democratic Party’s presidential candidate in the last general election,  Atiku Abubakar.” It is well known to many that SEC sinks with corruption that was the reason it former DG was accused of fraud by the ICPC. ”  

A source added. It was gathered that it is an agenda to wrestle the company from Tinubu, in order for them to use the Oando resources for Abubakar’s court proceedings since the Nigerian Ports Authority (NPA) terminated its boat pilotage monitoring and supervision agreement with one of its cash cow,  Intel, for failure to pay $145 million in revenues to the  Federal Government’s Treasury Single Account ( TSA). Shortly after the purported order by the SEC , Volpi, the Chairman and main shareholder of Intels Nigeria Limited, who has been having a running battle with Tinubu and Boyo over the control of the oil and gas company, commenced a desperate move for the soul of the company that Tinubu sweat to build from the scratch.

It was disclosed that Volpi has begun consultations since last weekend and is desperate to join Dahiru Mangal to join him, despite Mangal making peace with Tinubu and Boyo and appointing three directors into Oando Plc.  But they would have no quorum to convene the board and take decisions.

However, on Monday, June 3, Tinubu floored SEC at the  Federal High Court in Lagos. In a ruling, Justice Mojisola Olatoregun restrained the SEC from removing  Tinubu and Boyo as Oando Plc’s Group Chief Executive  Officer and Deputy Group Chief Executive  Officer, respectively.

Justice Olatoregun granted the interim injunction, following an application filed by both Tinubu and Boyo.

The Oando chiefs had applied for enforcement of their fundamental rights.

The court also restrained SEC, its servants or agents from taking any step concerning the Commission’s letter dated May 31 in which it barred Tinubu and Boyo from being directors of a public company for five years.

Justice Olatoregun also restrained the Commission from imposing a fine of N91.13 million on Tinubu.

The Judge also ordered SEC to restrain from all actions on the said letter pending hearing and determination of the applicants’ motion for an interlocutory injunction.

Justice Olatoregun restrained Mutiu Sunmonu from acting as the Head of Oando’s interim management team pending the hearing and determination of the motion.

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BIG STORY

Kano Drama! Court Restrains Ganduje, Anti Corruption Commission From Taking Action Against Emir Sanusi

Peter Okunoren

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A Federal High Court sitting in Kano on Tuesday granted an order restraining Kano State Governor, Dr Abdullahi Ganduje and the State Public Complaints and Anti Corruption Commission from acting on the preliminary report on alleged misappropriation of N3.4 billion by the Kano Emirate Council.

The order followed a suit filed on June 7, by Muhammad Mannir-Sanusi, Dan Buran Kano, seeking an order to restrain Ganduje, the Commission and the state Attorney General or their agents from acting on the preliminary report of the investigation.

Justice Obiara A. Egwuatu, issued the restraining order and directed that the respondents be served through a publication in the Daily Trust newspaper and the Attorney General of the state.

He adjourned the case to June 28, for hearing of the motion on notice.

The anti-corruption commission had on June 14, forwarded the preliminary report of the investigation in which it indicated the Kano Emirate Council, to the Secretary to the State Government for appropriate action by the state government.

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BREAKING: Thugs Beat Up Oshiomhole, 14 Other Edo Lawmakers-Elect

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Suspected thugs have beaten up Seidu Oshiomhole, the younger brother of the National Chairman of the All Progressives Congress and lawmaker-elect (Etsako West 11) of the Edo State House of Assembly.

The attack on Oshiomhole and 14 other lawmakers of the Edo State House of Assembly is the latest in the crisis between the Edo State Governor, Godwin Obaseki, and the National Chairman of the APC.

According to Tribune Online, the 15 lawmakers, who were absent at midnight on Monday when the other nine members of the Assembly were inaugurated, were attacked at a hotel in downtown Benin, the Edo State capital, where they were having a meeting.

Some of them were said to have sustained serious injuries.

A former Deputy Speaker of the Assembly, Victor Tiger Edoror, was said to have led his colleagues to the police headquarters in Benin to report the assault.

The nine members who met to inaugurate the Assembly elected Frank Okiye (Esan North East 1) as the Speaker.

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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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