We were not notified as SEC appoints interim management team, Oando

Oando Plc on Monday said that it had yet to receive any letter from the Securities and Exchange Commission (SEC) on the appointment of its interim management team.

A competent source in the company, who pleaded anonymity, told our reporter in Lagos that Oando had yet to be notified of any interim management.

The source also expressed disappointment at unusual presence of policemen at the company’s headquarters in Lagos.

He said that the company heard about appointment of an interim management for it, from journalists.

“We didn’t know, they didn’t send us any letter, till now we have not received any letter, it was the media that informed us, they didn’t tell us.

“I have never seen anything like this before, I don’t know this is how it is.

“No, they did not chase any of our workers anywhere, even if it is true, why will they chase the workers away,” the source said.

Our correspondent reports that SEC on Sunday constituted an interim management team for Oando.

The team is headed by Mr Mutiu Sunmonu, according to a statement issued by SEC’s Head of Corporate Communications, Mrs Efe Ebelo.

“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 Sunmonu,” the statement said.

It said that Sunmonu would oversee the affairs of the company and conduct an Extra Ordinary General Meeting (EGM) on or before July 1, to appoint a new board of directors.

The statement said that the new board of directors, to be appointed at the meeting, would subsequently select a management team for Oando Plc.

The source in Oando told our correspondent that the company received SEC’s letter on its forensic audit outcome at the close of work on Friday.

“They sent us a letter on Friday evening, it is today we will send them our own response; they have not given us time to send our own response, and they have put an interim management.

“In the letter they sent, they said they gave us up till July 1, to conduct an EGM to appoint a new board and management.

“We don’t understand what is happening, but we are speaking to our lawyers before we will do an official statement,” he said.

On police presence at the company’s headquarters, the source said: “I don’t understand what is going on.

“They are just trying to scare people away.

“It is one thing if you are saying Wale Tinubu and Mr Omamofe Boyo should step down, it is another thing when you are doing things that will negatively impact the company; shareholders have money there.

“The e shareholders are going to lose money, they are speaking to their lawyers, we will do a proper press statement.

“I don’t understand what is going on, people are scared seeing policemen around, this is their livelihood.

“There are policemen in our office, they have not chased any worker away, everybody is working but not directly from the office,”

He told our correspondent that he did not know if the interim management team had assumed office.

When contacted, sources at SEC said that the commission would speak on the issue as soon as possible.