…Says: We were not notified of SEC’s appointment of interim management***
Oando Plc on Monday it is in a quandry over recent development in its premises, including the heavy presence of police, because it is yet to receive any letter from the Securities and Exchange Commission (SEC) on the appointment of any interim management team.
A staffer who pleaded for anonymity insisted that the SEC was yet to officially communicate anything, and whatever they learnt was obtained from newspapers and social media.
“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”, he highlighted, expressing disappointment with the heavy negative reports in the media and it’s attendant impact on profits.
The source also expressed disappointment at unusual presence of policemen at the company’s headquarters in Lagos.
Also read: Oando saga: SEC bars Wale Tinubu from being public company director 5 years
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.
The SEC on Sunday, according to a statement issued by SEC’s Head of Corporate Communications, Mrs Efe Ebelo, constituted an interim management team for Oando; headed by one Mr Mutiu Sunmonu.
Indicated the statement: “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 said 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.
Another staffer also in Oando noted 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”, he indicated further adding that no interim management team has assumed office.
The SEC is expected to speak further, tomorrow Wednesday through the media.