A Civil Society Organisation, Initiative for Leadership and Economic Watch in Nigeria, has faulted the Securities and Exchange Commission (SEC) over its decision to penalise Oando PLC over alleged infractions. SEC had recently directed Oando Plc to suspend its Annual General Prior to the directive, it also ordered Oando’s Group Chief Executive Officer, Mr Wale Tinubu, and other affected board members to resign. However, the company immediately replied, saying the alleged infractions and penalties were unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company. Reacting to the development, the Executive Director, Initiative for Leadership and Economic Watch in Nigeria, Mr Splendour Agbonkpolor called on SEC to be an unbiased umpire by being transparent in the discharge of its duties. Agbonkpolor said: “The stakeholders of OANDO PLC demanded for the content of the investigation report which took two years to compile but the Commission refused to oblige the stakeholders’ access to the investigation report.

Source: Nigerian Tribune June 19, 2019 16:07 UTC