- SEC Bars Wale Tinubu for Five Years
The Securities and Exchange Commission (SEC) has barred Wale Tinubu, the Group CEO of Oando Plc, for five years following the conclusion of an investigation conducted on the activities of the company and its executives.
Wale Tinubu was the highest paid CEO of a public listed company in 2018, earned N568 million despite all the issues going on with the company and the fact that a London court awarded $680 million against two of his firms, Ocean and Oil Development Partners Limited, which owns 55.96 per cent of Oando Plc; and Whitmore Asset Management Limited – belonging to Nigerian businessman, Wale Tinubu, and his partner, Omamofe Boyo.
According to the SEC, “Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges).
“Certain infractions of Securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.
“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.”
The SEC also barred the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc from being director of public companies for five years.
The SEC directed the company and affected individuals and directors to refund improperly disbursed remuneration and pay monetary penalties.
The commission will now refer all issues with possible criminality to the appropriate authorities for prosecution in accordance with Section 304 of the Investments and Securities Act, 2007.
“The Commission is confident that with the implementation of the above directives and introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced.
“Therefore, in line with the Federal Government’s resolve to build strong institutions, Boards of public companies are enjoined to properly perform their fiduciary duties as required under extant securities laws” the statement added.
