If Wale Jubril Tinubu was to pen down a narrative essay on his sojourn and travails in business, He would probably not forget the hard times he is currently facing with his shareholders. Tinubu an astute businessman, well positioned with vast knowledge in the Oil and gas sector, commands respect from all quarters. Call him the ‘King Of African Oil’ then you are only stating the obvious as his achievement and success in business speaks good for him.
Wale’s enemies are at work again; they want to see him removed as the Head honcho of Oando empire. Oando’s top two shareholders; Alhaji Dahiru Barau and Mr Gabriele Volpi in September 2017, wrote a petition to The Securities Exchange Commission (SEC) stopping Oando from holding its Annual General Meeting (AGM), over alleged Mismanagement and abuse of share holders funds. Wale a trained lawyer from the UK, weathered the waving storm. He remains unperturbed by criticism surrounding him. His detractors got the shocker of their lives as SEC gave Oando a nod to continue with their AGM in Akwa-ibom, Uyo.
CITYSPY gathered from a close source present at the AGM that; ”To the chagrin of Wale’s critics, he gathered massive support and vote of confidence from his shareholders to continue paddling the canoe of the company to a treasure island”.
At the early hours of Wednesday 18th of October, The Securities & Exchange Commission (SEC), directed the Nigerian Stock Exchange (NSE) to place the shares of Oando Plc on a full suspension for 48 hours with immediate effect from Wednesday, and further awarded technical suspension from Friday, October 20.
According to SEC, the temporary suspension is to enable the body conduct a thorough forensic audit into the affairs of Oando Plc following petitions from Alhaji Dahiru Barau of Mangal and Mr Gabriele Volpi of Ansbury Incorporated alleged the management of Oando of financial mismanagement and abuse of investors funds.
Dahiru and Volpi, claiming high ownership in Oando Plc, had earlier petitioned SEC, indicating that the company was being mismanaged by the management board led by Mr. Wale Tinubu, Oando’s Group CEO.
They further tendered a letter of immediate removal of Tinubu and Omomofe Boyo as the Group’s CEO and Deputy Group CEO, respectively. Like the proverbial cat with nine lives, Wale Tinubu is set to bounce back with more fire power to prove his critics wrong of the allegation by placing the company above its competitors.
