Wednesday, September 18, 2019
Home BUSINESS Nigerian regulator bars oil tycoon, Wale Tinubu and Oando Deputy Group CEO,...

Nigerian regulator bars oil tycoon, Wale Tinubu and Oando Deputy Group CEO, from being directors of any public company for five years

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Oil tycoon, Wale Tinubu, while Omamofe Boyo is the Deputy Group Chief Executive (DGCE) of the group  

“Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges). Certain infractions of Securities and other relevant laws were observed.

“The Commission further engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others,” the SEC said in a statement seen by Business Insider Sub-Saharan Africa by Pulse on Friday.

The management said it will refer all issues with possible criminality to the appropriate criminal prosecuting authorities. It also stated that the findings would be referred to the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC).