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Oando settles legal dispute with the SEC

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Oando settles legal dispute with the SEC

By Chinyere Joel-Nwokeoma

Oando Plc struck a deal with the Securities and Exchange Commission (SEC) in the best interests of the company’s shareholders and the capital market after years of legal struggle.

This was contained in a circular posted on the SEC website on Monday and obtained by the News Agency of Nigeria (NAN).

NAN reports that the commission said in 2019 that it found Oando guilty of serious offenses, thereby excluding Mr. Wale Tinubu, the company’s chief executive, and Mr. Mofe Boyo, its deputy managing director, from the boards of directors of the company. public enterprises for five years.

The SEC also instituted an interim leadership to appoint a new board of directors and a new management team for Oando.

The circular said the company had reached a settlement with the commission without accepting or denying responsibility for the immediate withdrawal of all lawsuits filed by it and all affected directors.

He said the deal included payment of a sum of money and a commitment by the company to implement improvements in corporate governance.

“Part of the terms required the Company to submit quarterly reports on its compliance with the terms of the Settlement Agreement; the 2007 Law on Investments and Securities; SEC rules and regulations; the National Code of Corporate Governance and the SEC Guidelines on the Code of Corporate Governance.

“In accordance with the powers conferred on the Commission by the Investment and Securities Law of 2007 and the rules and regulations adopted thereunder, the Commission concluded on July 15 an agreement with Oando Plc (the company).

“The commission, in its letter to the company dated May 31, 2019, gave certain directives and imposed sanctions on the company, following investigations carried out in accordance with two petitions filed with the commission in 2017.

“The company and some of its affected directors had challenged said guidelines in a series of lawsuits in the Federal High Court,” he said.

The circular said Oando had approached the commission for a settlement of the matter, and the two parties had agreed to settle taking into account the impact that a further extended period of litigation would have on the company’s shareholders and the company. value of their investments.

The commission also reiterated its commitment to ensure fairness, transparency and integrity in the capital market, while respecting its mandate to protect investors. (NAN) ()

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