Many especially members of the business community were shocked last week Friday when Security Exchange Commission, SEC came out with the press release many described as the most draconian order of the century as the regulatory body ordered OANDO Plc Group Chief Executive Officer, Wale Tinubu and his deputy Omamofe Boyo’s immediate resignation from the leading oil firm over alleged infractions and bridging of stipulated rules of SEC.
This was stating in a syndicated press release, also announced an interim management board which will convene a special general meeting of shareholders, where new management board will be selected and inaugurated.
However the severity of the penalties and the timing of the release has roused public curiosity as to the motive and the basis for the penalties. According to the Chief Operating Officer, Oando Energy Resources, Dr. Ainojie ‘Alex’ Irune, at a press conference in the Company’s head office, “We were not given a chance to review and respond to the outcome of the report. You do not sentence a person to death without giving him or her a chance to defend him or herself.
In this instance we have been sentenced to death without knowing what our crime is or being given a chance to defend ourselves. At the barest minimum, best practice requires that you give the person a chance of a fair hearing. We have not been accorded this opportunity.”
Dr. Irune further explained that when the company made the decision to drop its court case challenging the SECs decision to carry out a forensic audit it was assured that they could trust the system for an independent investigation that would be fair and follow due process. He reiterated that it was in the spirit of transparency, cooperation and full disclosure, they agreed to the forensic audit.
Echoes of Oando’s sentiments are resounding across the country with everyone wanting to know what exactly have the Oando management team done to warrant such steep penalties’. Business personalities such as Atedo Peterside, founder of Stanbic IBTC bank went so far as going on social media to publicly ask the SEC why it would not share the findings of the forensic audit with Oando, thus; giving them an opportunity to defend themselves.
He went on further to challenge the SEC to share the forensic audit findings and Oando’s response with the general public so we can all judge for ourselves.
According to a media source at the Oando press briefing, the forensic audit report was ready and submitted by Deloitte and Touche as far back as December 2018.
The reason why SEC decided to sit on the report for six month without engaging Oando where necessary, remains a mystery yet to be unraveled. It also brings to mind the famous quote “power corrupts, but absolute power corrupts absolutely”. Is this a case of abuse of power, or has someone been put under duress to release the report without any regard for due process? What are the details of the infractions as opposed to a summary and what are the associated penalties for each infraction according to the SEC rule book.
The oil giant also wrote a five-page letter dated June 1, 2019, and addressed to the Acting Director-General, SEC, Mary Uduk, demanded the withdrawal by SEC of the penalties listed in the letter within three days, insisting that the findings were largely unfounded and remained unsubstantiated in the absence of any representation from the oil and gas company before the regulator arrived at its sanctions.
The oil and gas company also demanded that it should be given the findings of the forensic audit as well as an opportunity to defend itself
Another source revealed to us about the house of maggot called SEC oozes of corruption.
Little wonder it former Director General, Mounir Gwarzo was suspended after he accused by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) of fraud and abuse of office. When SEC announced his purported reinstatement, many workers went on protest.
A source disclosed that SEC officials are playing out a well scripted play after receiving bribe from Volpi , owned by Gabriele Volpi an Italian-born Nigerian businessman, who is also a business partner and close ally to Peoples Democractic Party’s Candidate last general election presidential candidate, Abubakar Atiku.
The source revealed further that it is an agenda to wrestle the company away from Tinubu in order for them to use Oando resources for Abubakar’s court proceeding since Nigerian Ports Authority (NPA) terminated its boats pilotage monitoring and supervision agreement with one of their cash cow, Intels for failure to pay $145 million in revenues the FG’s Treasury Single Account ( TSA).
Shortly after the purported order by the SEC Mr. Gabriele Volpi, the Chairman and main shareholder of Intels Nigeria Limited, who has been having a running battle with Tinubu and Boyo over the control of the oil and gas company commenced a desperate move for the soul of the company that Tinubu sweat to build from the scratch.
It was disclosed that that Volpi has began consultations in since last weekend and desperate to join Dahiru Mangal to join him in this pursuit despite Mangal making peace with Tinubu and Boyo and appointing three directors into Oando Plc. But they would have no quorum to convene the board and take decisions.
However, on Monday the brilliant trained lawyer floored them the Federal High Court restrained the Securities and Exchange Commission from removing Messrs Wale Tinubu and Omamofe Boyo as Oando Plc’s Group Chief Executive Officer and Deputy Group Chief Executive Officer, respectively.
Justice Mojisola Olatoregun sitting in Lagos granted an interim injunction following an application by the embattled GCEO and DGCEO.
The Oando chiefs had applied for enforcement of their fundamental rights.
The court also restrained SEC, its servants or agents from taking any step concerning the commission’s letter dated May 31 in which it barred Tinubu and Boyo from being directors of a public company for five years.
It also restrained the commission from imposing a fine of N91.13 million on Tinubu.
It also ordered that SEC should restrain from all actions on the said letter pending hearing and determination of the applicants’ motion for an interlocutory injunction.
The court also restrained Mr Mutiu Sunmonu from acting as the Head of Oando’s interim management team pending the hearing and determination of the motion.
