SEC Appoints Interim Management Team For Oando Plc Headed By Mr. Mutiu Olaniyi Adio Sunmonu


Sunday, June 02, 2019   /  10:57PM  /  By SEC Public Notice  / Header Image Credit: Nairametrics

Further to our Press Release on Oando Plc, dated May 31, 2019, the Commission hereby informs the public of the constitution of an Interim Management Team headed by Mr. Mutiu Olaniyi Adio Sunmonu CON, to

  • oversee the affairs of Oando Plc;
  • conduct an Extra Ordinary General Meeting on or before July 1, 2019; and to
  • appoint new Directors to the Board of the Company, who would subsequently
  • select a Management Team for Oando Plc.


The Commission wishes to reiterate its commitment to maintaining the integrity of the market. 


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About Mutiu Olaniyi Adio Sunmonu 

Mr. Mutiu Olaniyi Adio Sunmonu, CON, BSc serves as an Executive Consultant to Pan Ocean and Newcross EP providing leadership across the operations, regulatory/statutory compliance and external relationship management. Mr. Sunmonu served as the Managing Director of The Shell Petroleum Development Company of Nigeria Limited from 2004 to March 1, 2015.


He served as Vice President of Production Sub-Saharan Africa at Royal Dutch Shell plc and served as its Country Chairman of Nigeria since December 31, 2009.


He joined Royal Dutch Shell Plc in August 1978 as a Computer Programmer and Business Analyst. From 1983 to 1986, he served as a Senior EDP Auditor, where he was responsible for operational audit of computer systems, business applications, as well as the computing and network environment.


He proceeded to the Shell UK Expro Aberdeen in 1990, the first of two overseas assignments, where he had a three-year stint as Information Planner and Portfolio Consultant. On his return to Nigeria in September 1993, he was appointed as Head of IT Infrastructure Services and became IT Manager of SPDC in October 1995. In 1997, Mr. Sunmonu moved from the IT function, to the core production area of the business. He first worked as Area Production Manager, overseeing some 10 producing fields and was two years later, appointed as Asset Manager of Southern Swamp Area, with responsibility for 12 producing fields. He was to later proceed on a second overseas assignment in 2001, working as Regional Business Adviser at the Shell Headquarters at The Hague.


In this role, he was part of the team that developed the initial investment proposal for the China West to East integrated pipeline and gas supply project. Returning to Nigeria in 2003, he was appointed as General Manager Production for the SPDC Eastern operations. He served as Country Chairman of Shell Petroleum Development Company of Nigeria Ltd.


He served as SPDC's Executive Director of Corporate Affairs and also served as its Executive Director of Production since February 2006, where he had overall accountability for its oil and gas production activities and delivery.


He serves as the Chairman of Imperial Homes Mortgage Bank. He has been Non-Executive Chairman of San Leon Energy Plc since September 21, 2016. He has been Chairman of the Board of Julius Berger Nigeria PLC since April 01, 2016. He has been a Director of Julius Berger Nigeria PLC since January 1, 2015. He serves as Director of Petralon Energy Resources and Unilever Nigeria Limited. He has been an Independent Non-Executive Director of Unilever Nigeria Plc since December 31, 2015. He served as a Director of SPDC since 2005. Mr. Sunmonu did his graduation from the University of Lagos in 1978 with a first class BSc. degree in Mathematics and Computer Science.

**Above Profile of Mutiu Sunmonu was sourced from Bloomberg



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1.       Post-Forensic Exchanges: The SEC Letter to Oando Plc and The Oando RebuttalJun 02, 2019

2.      Oando Challenges SEC’s Ruling On The Outcome Of The Forensic Audit Into Oando PLC – May 31, 2019

3.      SEC Announces Far Reaching Decisions On The Investigation Of Oando Plc – May 31, 2019 


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Proshare Reports - Oando Investigation

4.      Memo to The Market: The Oando Corporate Journey – At the Regulators Gate – Nov 22, 2017

5.      Download Full (PDF) Report - Memo to The Market: The Oando Corporate Journey – At The Regulators Gate – Dec 2017

6.      Review of the SEC Technical Committee Recommendations, Opinion and Final Report – Dec 08, 2017


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Quick Recall of Past Market Memorandum(s)

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List of Appendix

13.   Corporate Governance Rating System (CGRS)

14.  Facts Behind the Figures (FYE 2016 & Q1 2017 Performance Review)

15.   Oando Plc Half Year Update Call (FYE 2015 & Q1 2016 Performance Review)

16.   NSE X-Compliance Report February 21, 2014

17.   NSE X-Compliance Report August 7, 2015  


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Related News on Oando

18.  Oando Optimises Value From Midstream Business – Apr 26, 2019

19.  OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k) – Apr 25, 2019

20. Oando PLC Announces Divestment of its Residual 25% Interest in Axxela Limited – Apr 04, 2019

21.  Oando’s Plan to Deleverage and Remain Profitable – Apr 04, 2019

22. Axxela Now 100 Percent Owned by Helios – Apr 04, 2019

23. Oando Plc Announces FYE 2018 Results, Posts N28.8 Billion Profit-After-Tax – Apr 02, 2019

24. OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k) – Apr 01, 2019

25.  Oando PLC, Canadian Government and Accountability Lab Champion the SDG 16 Innovation Challenge 2019 – Mar 26, 2019

26. OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k) – Mar 15, 2019

27.  Oando Female Engineers Mentor Female Pupils in Celebration of International Day of Women in Science – Mar 08, 2019

28. Oando Employees Donate Relief Materials to Flood Victims in the Niger Delta – Jan 31, 2019

29. Oando, NAPIMS and NAOC JV Celebrate Green River Project and 22nd Annual Farmers Day – Dec 03, 2018

30. NNPC, NCDMB, Oando, Seplat And Many More Push The Nigerian Agenda At The 25th Africa Oil Week – Nov 12, 2018

31.  Oando PLC, Nestle Nigeria, Union Bank and others lead conversations on Heritage Branding – Nov 01, 2018

32. OANDO Declares N10.39bn PAT in Q3 2018 Results (SP:N5.05k) – Oct 31, 2019

33. Oando Plc Eyes Growth After Curbing $2.5 Billion Debt – Aug 28, 2018

34. Oando Plc Successfully Concludes 41st Annual General Meeting  - Jul 28, 2018

35.  Oando Plc Sets the Record Straight Regarding the LCIA’s Ruling on Whitmore, OODP BVI and Ansbury – Jul 16, 2018

36. Oando Plc Awarded EPC Mandate to Develop Ajaokuta-Kaduna-Kano Gas Pipeline Project by the NNPC – Apr 19, 2018

37.  Oando PLC Announces YTD September 2017 Results; Gives Operational Highlights

38. Oando Plc state Positions on the Securities and Exchange Commission Alleged Findings

39. Oando Secures Court Injunction, restraining SEC, NSE

40. Oando Shares Now Available for Trading, No Price Movement During Technical Suspension

41.  JSE Follows NSE, Suspends Trading in the Shares of Oando Plc

42. Oando Gives Holding Response on SEC’s Directive to NSE to Suspend Trading of Its Shares

43. Oando PLC’s Official Statement on the SEC’s Directive to The NSE to Suspend Trading of Its Shares

44. NSE, SEC Confirm Decision To Suspend Trading On The Shares of Oando Plc

45.  Trading on the Shares of Oando Plc Suspended; Reasons Unknown

46. Oando Gas & Power Rebrands as Axxela

47.  House of Reps gives SEC Two weeks to submit Report on Oando PLC

48. Oando Plc. - AGM Resolution

49. Oando Plc holds 40th AGM, engages Shareholders on the Progress of its Restructuring Plan

50. Oando Plc's 40th AGM To Hold As Planned Following SEC Confirmation

51.   Oando Plc to Hold 40th AGM on Sept 11, 2017

52.  Oando Plc Issues an Update on Claims of a SEC Investigation

53.  OANDO Declares N4.56bn Profit in Q2 2017 Results,(SP:N7.80k)

54.  Oando Issues Press Release over SEC Investigation

55.  Corporate Earnings for the Week Ending 140717 – UCAP declares N1.99 billion Profit in Q2'17 Results

56.  SEC Investigating Oando Plc

57.  OANDO Plc Announces Closed Period

58. Oando Provides Clarifications on its Refinery Ambitions

59.  OANDO Declares N1.71bn Profit in Q1 2017 Results,(SP:N5.80k)

60. OANDO Plc Announces Closed Period

61.  Oando Plc to Hold 2016 AGM on Tuesday 2nd August

62. Oando Plc Key Highlights on Q4 15 and Q1 16

63. OANDO Concludes Recapitalization Partial Divestment of Equity Stake in Its Downstream Operations

64. Material Uncertainty May Cast Doubt on Oando’s Ability to Continue as a Going Concern – Ernst & Young

65.  OANDO Releases Q4 15 and Q1 16 Results Declares N4.10bn PAT in Q1 SP N6.50k

66. Oando Plc Secures 5 Year N94.6 Billion Medium Term Facility with 10 Nigerian Banks

67.  Oando explains what Deregulation of Petrol Price means for its Downstream Operations

68. OANDO to acquire OER Minority Shares for a Consideration of US 1.20 per share in Cash

69. The Corporate Governance Rating System – Proshare

70. ETI, Oando Plc under Fire over Ownership, Governance


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Related News on SEC Laws and Corporate Governance

71.   The-Market-Memorandum---Fundamental-Considerations-for-Capital-Market-Reforms-in-Nigeria/2910

72.  Corporate Governance and Directors' Remuneration

73.  SEC Proposes New Rules & Amendments to Rules on Book Building, Corporate Governance

74.  Good Corporate Governance is Good Business

75.  SEC, Udo Udoma And Corporate Governance: The Fact Files

76.  Enabling Law – Investment and Securities Act (ISA) 2007

77.  SEC Nigeria’s Executed Rules and Regulations as at June 2017

78. SEC Nigeria’s Consolidated Rules and Regulations as at 2013

79.  Code of Corporate Governance for Public Companies_4 April 2011


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Related News on Oando from Other Sources

80.N236bn Liability: Oando Shareholders Protest in Ibadan – Independent

81.  Intel’s Volpi Steps Up Battle Against Wale Tinubu over Control of Oando - ThisDay

82. Suspension of OANDO PLC – SEC

83. Oando Shareholders Set To Sack Wale Tinubu, Board – Independent

84. Notice to the General Public on Oando Plc – SEC

85. So what’s happening at Oando (2)? – Business Day

86. So what’s happening at Oando (1)? – Business Day

87. The inside story: Why SEC ordered a Forensic audit of Oando Plc – Business Day

88.Corporate Stories: Under siege, the battle for Oando - Nairametrics

89. Oando and IAS 24: What the law cannot do by @Doubleeph - Nairametrics


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Acknowledgement/Research Links

90. Securities and Exchange Commission, Nigeria  

91.  The Nigerian Stock Exchange

92. Oando Plc

93. Convention for Business Integrity

94. Vetiva Capital Management Ltd

95.  Oando’s Investors Relation Page - TheAnalyst

96. Oando Plc Audited Financial Statements – 2012

97.  Oando Plc Audited Financial Statements - 2013

98. Oando Plc Audited Financial Statements - 2014

99. Oando Plc Audited Financial Statements - 2015

100.         Oando Plc Audited Financial Statements - 2016



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