Breaking: SEC Appoints Sunmonu Head Of Oando Plc Interim Management

Even while the dust of Friday’s sacking of Jubril Adewale Tinubu and Omamofe Boyo as Group Chief Executive and Deputy respectively of Oando Plc is yet to settle, the Securities & Exchange Commission (SEC), on Sunday night appointed an Interim Management Team to run the company.
The team, headed by Mutiu Olaniyi Adio Sunmonu, former country chair, Shell companies in Nigeria and Managing Director of Shell Petroleum Development Company, is “to oversee the affairs of Oando Plc, and conduct an Extra Ordinary 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.”
The commission, in the statement, reiterated “its commitment to maintaining the integrity of the market.”
Meanwhile, reacting to Friday’s statement by the commission, the management of Oando described the allegations as “unsubstantiated,” hinting of possible legal action against the SEC.