Oando settles legal tussle with SEC, to pay penalties
July 19, 2021 David Agba Business 0
Oando Plc has entered into a settlement with the Securities and Exchange Commission (SEC) in the overriding interest of the shareholders of the company and the capital market after years of legal tussle.
This was contained in a statement from SEC in Abuja.
The commission in 2019 found Oando guilty of serious infractions, thereby barring Wale Tinubu, the company's Chief Executive Officer and Mofe Boyo, its deputy CEO, from the boards of public companies for five years.
SEC also instituted an interim management to appoint new board of directors and management team for Oando.
The circular published Monday said the company had reached a settlement with the commission on the immediate withdrawal of all legal actions filed by it and all affected directors.
It said the agreement included payment of all monetary penalties stipulated in the commission's letter of May 31, 2019; and an undertaking by the company to implement corporate governance improvements.
"Part of the terms required the submission by the company of quarterly reports on its compliance with the terms of the Settlement Agreement; the Investments and Securities Act, 2007; the SEC Rules and Regulations; the National Code of Corporate Governance and the SEC Guidelines to the Code of Corporate Governance," it said.
"Pursuant to the powers conferred on the Commission by the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, the commission on July 15, entered into a settlement with Oando Plc (the company).
"The commission in its letter to the company dated May 31, 2019, gave certain directives and imposed sanctions on the company, following investigations conducted pursuant to two petitions filed with the commission in 2017.
ARC receives award for overall lowest-risk in insurance industry
Petrol, diesel, kerosene prices rise 28.49%, 8.05%, 1084% – NBS