Business News

Police take over Oando head office days after Wale Tinubu’s suspension

Officers and men of the Nigeria Police have taken over the head office of Oando PLC in Victoria Island Lagos.

The staff of the company also reportedly stayed off work.

This is coming as the Securities and Exchange Commission (SEC) seeks to enforce the removal of the management of the company that was announced last week.

Newsheadline247 understands SEC had set up an interim management team to oversee the affairs of Oando following the suspension of company’s Group Chief Executive Officer, Mr Wale Tinubu and other members of the board.

The Interim Management Team (IMT) headed by Mr. Mutiu Sunmonu is set to oversee the affairs of Oando Plc and conduct an Extra Ordinary General Meeting on or before July 1, 2019.

Although other members of the IMT were not disclosed, SEC said in a terse statement issued last night that the team was to also appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc.

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The head of Oando Plc Interim Management Team (IMT) was the managing director of The Shell Petroleum Development Company of Nigeria Limited from 2004 to March 1, 2015.

He served as Vice President of Production Sub-Saharan Africa at Royal Dutch Shell Plc and served as its Country Chairman of Nigeria since December 31, 2009.

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