Expectedly, the management of Oando Plc, also on Friday evening reacted to the press statement by the Securities & Exchange Commission (SEC) ordering the sack of Jubril Adewale Tinubu and Omamofe Boyo, its Group Chief Executive and Deputy Chief Executive respectively, over what it termed serious infractions as revealed by the forensic audit conducted by Deloitte & Touche (READ MORE).
Oando insisted that the “alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company.”
The company said its management was not afforded “the opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC.”
Consequently, the statement by Ayotola Jagun, its company secretary said Oando reserves the “rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders.”