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NSE Release: Oando Plc Warns Against Unofficial Company News Circulating In The Media

Frauds & Scandals	4871 VIEWS
Frauds & Scandals
4871 VIEWS

Monday, June 03, 2019 / 10:27AM / By NSE Public Notice

Our attention has been drawn to an unsigned document circulating online addressed to the Securities and Exchange Commission (SEC) and allegedly from the Chairman of Oando PLC (the ‘Company’ or ‘Oando’).

We would like to use this medium to inform the general public that the Company has not officially released a statement or letter in response to the SEC.

We urge the general public to be aware.

Additional News – Post-Appointment Of Interim Chairman

The Oando Group has said that the “SEC’s Appointment of Mutiu Sunmonu to Head Interim Management at Oando, Lacked Legal Process”

Beyond the incongruity of a formal letter from the SEC Nigeria detailing its public notice on actions, followed by the letter to Oando giving its till July 2019 to act; this recent action smacks of desperation by the regulators which is worrisome.

The concerns are captured in this commentary.

The announcement by the Securities and Exchange Commission (SEC) on Sunday June 2, 2019, on the alleged appointment of Mr. Mutiu Olaniyi Adio Sunmonu CON, to head an Interim Management Team at Oando may have been executed without recourse to due process.

First, no director or the chairman has since resigned contrary to an online post as at the time of this post.

Second, and in response to an enquiry about the story circulating on various news platforms about the purported appointment, a very well-placed source at Oando disclosed that the company has not been made aware of any regulatory process taken ahead of such a critical announcement.

"I can categorically confirm that Oando is not aware of any court order obtained by SEC to put an interim management team in place, a process that is critically necessary in circumstances such as this”, the source said.

The source further revealed that there is a procedure that must be followed before the institution of an interim management team as the onus is on the SEC to convince a judge that the institution of an interim management team is the right thing to do before execution.

"We also have no evidence to show that any orders have been conferred by the Investment & Securities Act (ISA) to SEC to carry out such drastic action. Thus the SECs action contravenes the ISA and Company & Allied Matters Act which is the legal framework for all private and publicly listed companies. This action as with recent actions taken by the SEC, appear calculated and with a view to prejudice the business of the Company. We believe this is a deliberate ploy by the SEC to ensure that the Company is unable to challenge and seek redress for the misdeeds of SEC against the Company” the source added.

The Company sees this action as an illegal act and that all persons involved are advised to seek legal advice. "Please note that Oando and its Board of Directors have not changed the Company’s management team. We respectfully request that the Federal Government call the SEC to order with immediate effect. In the interests of our shareholders, employees and other key stakeholders please note that it is very much business as usual”, the source said.

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