June 3 (Lagos) - Shares of
OANDO Plc hit 52 week low today of N 3.80 per unit today. The Company responded to SEC investigation report which alleged serious infractions by the Company.
SEC has demanded,
1. Resignation of the affected Board members of Oando Plc,
2. The convening of an Extra-Ordinary General Meeting on or before July 1, 2019,
to appoint new directors,
3. Payment of monetary penalties by the company and affected individuals and
directors,
4. Refund of improperly disbursed remuneration by the affected Board members to
the company,
5. Bar of the Group Chief Executive Officer (GCEO) and the Deputy Group Chief
Executive Officer (DGCEO) of Oando Plc from being directors of public companies for a period of five (5) years.
In the press release
OANDO said it keeps its legal options open and does not agree with the allegations.
Shareholders of
OANDO will be disappointed with the result of the SEC findings but rumors have been around regarding the financial practices of the Company and the corporate governance issues that it has faced in the past. Their investment in the Company has been destroyed over the years and now again faces uncertainty. Some might have given up on the stock while others may see the low price as an opportunity to get in. It is important to be careful here because this SEC investigation seems to have some end purpose with regards to improving the corporate governance standards of public listed Companies in Nigeria.
reporting for easykobo.com on Monday, June 3 2019 from Lagos, Nigeria