Staff members of Oando Plc have been forced to stay away from work as policemen stormed the head office of the company on Monday morning .
The Securities and Exchange Commission announced on Sunday night that it had set up an interim management team to oversee the affairs of Oando following the order that the company ’ s Group Chief Executive Officer, Mr . Wale Tinubu , and other affected board member should resign .
Our correspondent who visited Oando ’ s Wing Office Complex located on Ozumba Mbadiwe Avenue , Victoria Island, observed policemen numbering over 10 at the entrance of the complex, which houses other companies.
They later moved into the complex.
A staff member , who spoke with our correspondent in confidence , said , “ We got a message late last night about the interim management. So for the safety of staff because we are not sure of the way things will go , we did not come to the office .
“ Some people still came to work this morning , but if you go to work and you see police everywhere , you are most likely to turn back . Fear will make you turn back and go home . So, that has been the situation . ”
Security officers at the complex told our correspondent that some staff members of Oando were denied access to their office at the instance of their ( security officers ’) supervisor .
SEC said in a statement on Sunday, “ Further to our press release on Oando Plc , dated May 31 , 2019 , the commission hereby informs the public of the constitution of an interim management team headed by Mr Mutiu Olaniyi Adio Sunmonu CON , to oversee the affairs of Oando Plc , and conduct an Extraordinary 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 .
SEC had on Friday announced the conclusion of the investigation of Oando and ordered the GCEO of the company , Tinubu, and other affected board members to resign .
The apex capital market regulator also said it barred Tinubu and the Deputy Group Chief Executive Officer of the company , Mr Omamofe Boyo , from being directors of public companies for a period of five years .
The commission said findings from the report revealed serious infractions such as false disclosures , market abuses , misstatements in financial statements , internal control failures , and corporate governance lapses , “ stemming from poor board oversight , irregular approval of directors ’ remuneration , unjustified disbursements to directors and management of the company , related party transactions not conducted at arm’ s length, among others . ”
Oando , however , said the “ alleged infractions and penalties are unsubstantiated , ultra vires , invalid and calculated to prejudice the business of the company . ”