By Destiny Day
The Securities and Exchange Commission (SEC) has set up an interim management to run Oando Plc pending when issues are sorted out.
The interim management team is headed by Mutiu Olaniyi Adio Sunmonu.
The SEC named Sunmonu on Monday as follow-up to the May 31, 2019, suspension and ban placed on Wale Tinubu-led team of Oando Pl over fraudulent practices.
According to the Commission, the interim management is to oversee the affairs of Oando Plc, and conduct an Extra Ordinary General Meeting on or before July 1, 2019 to appoint new Directors to the Board of the Company, who would subsequently select a Management Team for Oando Plc.
Wale Tinubu and other directors were at the weekend barred from holding public office for five years over their activities in Oando that the SEC investigative committee found unbecoming.
But Tinubu believes they have committed no infraction and that the report on them is a nullity.
The Commission wishes to reiterate its commitment to maintaining the integrity of the market.