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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.

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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