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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.

BIG STORY

RRS Officers Stop Armed Policemen From Taking Timi Dakolo and His Wife, Busola To Abuja

Gbemileke Ajayi

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The Rapid Response Squad (RRS) were right on time to stop Timi Dakolo and his wife, Busola from being taken by armed policemen to Abuja over allegations of criminal conspiracy, falsehood, mischief and threat to life.

Timi Dakolo had shared the letter of ‘invitation for questioning’ which according to him, came after Pastor Fatoyinbo allegedly bribed investigating officials to delay summons, and also pushed for the case to be transferred to Abuja.

However, the armed policemen were stopped from taking away the singer and his wife by RRS officers.

End SARS campaigner, Segun Awosanya tweeted that the policemen sent to “abduct” Timi Dakolo and Busola, are now under investigation.

See his tweets below:

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You Can’t Intimidate Us, We’re Ready For War —- Timi Dakolo Fires Back At Biodun Fatoyinbo

Peter Okunoren

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As Police stormed the residence of popular Nigerian singer Timi Dakolo and his wife Busola Dakolo, to invite them for questioning over the allegation they (Dakolo’s) levelled against the Commonwealth of Zion Assembly (COZA) Pastor Biodun Fatoyinbo, Mr. Timi, has said that he would not allow them (Police) to intimidate his family. Busola Dakolo and Pastor Biodun Fatoyinbo COZA Recall that Busola in an interview with an online media revealed how Fatoyinbo raped her at 16.

In view of that report, Police on Saturday visited their family (Dakolo), to invite them for interrogation. Siasia begs abductors for mother’s release(Opens in a new browser tab) From the Police letter obtained by Vanguard, the force said that they want to investigate a criminal conspiracy, falsehood, mischief and threat to life. Reacting, Timi via his instagram opined that he would never allow Police officers to intimidate his wife, children or any member of his family.

His words, “Our lawyers had told us to get ready for this letter. We have long been ready for this type of institutionalized intimidation and dirtiness. Investigating officials have frustrated as a result of underhand delay? Dirty bloggers are fabricating things that cover the truth, going to the IG’s people under dark to force this case to be posted to Abuja?

Now this: a false investigation in Abuja when our own petition filed since June has not been answered and NO INVITATION HAS BEEN MADE TO THE ACCUSED IN A RAPE CASE????! NOT ONE MOVEMENT TOWARDS JUSTICE??? Rubbishing the legal and criminal system? Father accused of sexual assault on 3 daughters remanded in prison(Opens in a new browser tab) And sending a bus load of questionable armed “policemen” and shady men lying in wait to intimidate my wife and children today, forcing their way into my home?

Is that how the REAL police delivers a letter? This is best you can do? This is why all the hurting women and families haven’t come out with HORRIBLE THINGS DONE TO THEM???!!

You picked the wrong one and you picked the wrong time. Nigerians are more awake than you think. I will fight for my wife and my children -it’s the promise I made with my life and one I intend to keep I will defend them from the unrelenting attack of a weak man who thinks he can use money and power to cover for all of his crimes. Like I said, we have since been ready. GIVE US THE FIRE, THEN WATCH ME WORK!”.

Vanguard

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BREAKING: Police Invite Timi, Busola Dakolo Over Alleged Falsehood, Criminal Conspiracy And Threat To Life [Letter Attached]

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The Police on Saturday invited soul singer, Timi Dakolo and his wife, Busola, a celebrity photographer, for interrogation over alleged falsehood.

The invitation letter, which was delivered at the Lekki residence of the Dakolos around 6pm, may not be unconnected with the allegation of rape by Busola against the founder of Commonwealth of Zion Assembly (COZA), Pastor Biodun Fatoyinbo.

Busola had alleged Fatoyinbo raped her at 16 in Ilorin while attending his church.

The allegation led to the stepping down of the flamboyant Abuja-based preacher pending the conclusion of the investigation.

The invitation letter signed by Deputy Commissioner of Police IGP Special Tactical Squad Force Headquarters, Abuja asked the couple to report for interrogation on Tuesday by 10am.

The couple was accused of “criminal conspiracy, falsehood, mischief and threat to life.”

There was drama during delivery of the invitation letter as the couple raised alarm with the social media awash with the alleged invasion of their private residence by police operatives.

Calls to Police spokesman Frank Mba were not answered or returned.

But a police source confided the Police authorities will issue a statement shortly on the matter.

Details shortly…

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