The Securities and Exchange Commission (SEC) has inaugurated an Interim Management Team for Oando Plc.
Okay.ng understands that the management will oversee the affairs of the petroleum company and conduct an Extra Ordinary General Meeting on or before July 1, 2019 to appoint new Directors to the Board of the Company.
Mrs. Efe Ebelo, the Head of Corporate Communications of the SEC, disclosed this in a statement on Sunday evening in Abuja.
She said that the interim management will be headed by Mr. Mutiu Olaniyi Adio Sunmonu, CON, who till date is an Independent Non-Executive Director of Unilever Nigeria Plc, and the Chairman of Julius Berger Nigeria Plc.
It would be recalled that the SEC barred the Group Chief Executive Officer and the Deputy Group Chief Executive Officer of Oando Plc from being directors of public companies for a period of five (5) years after concluding investigation of two petitions field against Oando Plc.
Also, the commission directed among others the resignation of the affected board members.
Meanwhile, SEC ordered that the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected board members to the company.
