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Oando Got a Fair Hearing Before Penalties — SEC

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  • Oando Got a Fair Hearing Before Penalties — SEC

The Securities and Exchange Commission said on Sunday that Oando Plc was provided sufficient opportunity of being heard before it was penalised.

SEC said in a statement that its attention had been drawn to various reports questioning its regulatory authority and insinuating a lack of due process in the investigations of the oil firm.

It said, “Fair hearing is a paramount and fundamental principle, which the commission, as a law-abiding agency, adheres to in all its investigative processes.

“In the course of the investigations, communications e.g. letters and phone calls were exchanged and meetings held between the commission and Oando Plc, requesting for its comments and explanations on issues relating to the investigations. The findings of the commission were communicated to the Group Chief Executive Officer of Oando Plc by a letter dated July 10, 2017.”

The commission said it subsequently engaged Deloitte & Touche to conduct a forensic audit of the activities of the oil firm.

It said, “In the course of conducting the audit, Deloitte & Touche held regular sessions with members of the board and senior management of Oando Plc, and afforded them the opportunity to provide explanations on issues relating to the investigation.

“The commission confirms that Oando Plc was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation. The responses given by Oando Plc were, however, considered unsatisfactory, prompting the decision by the commission to penalise the company and some of the individuals related to it for violations of securities laws.”

According to the statement, the actions of the commission were properly effected pursuant to the provisions of the Investments & Securities Act 2007 and the SEC Rules and Regulations made pursuant to the ISA 2007.

It said, “These facts have been properly articulated in the court process filed at the Federal High Court by the commission in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive officer of Oando Plc.

“As the apex regulator of the Nigerian capital market, the commission has a mandate to protect investors. The commission’s recent action on Oando Plc aligns with the above cardinal mandate, as the directive for the removal of persons from the board of Oando Plc and the appointment of an interim management team to temporarily steer the affairs of the company is to protect investors and preserve stakeholder value.”

The commission said failure or refusal to act “in the face of the serious issues thrown up by the investigations” or the reversal its directives would undermine the Federal Government’s agenda to build strong institutions and promote the transparency and integrity of the Nigerian capital market.

On May 31, SEC ordered Oando’s GCEO, Mr Wale Tinubu, and other affected board members to resign. But the company immediately replied, saying the alleged infractions and penalties were unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.

The oil firm said it had not been given the opportunity to see, review and respond to the forensic audit report and so was unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before SEC.

SEC announced on June 2 that it had set up an interim management team to oversee the affairs of the company and conduct an extraordinary general meeting on or before July 1, 2019 to appoint new directors who would subsequently select a management team for the company.

However, the Federal High Court sitting in Lagos granted an interim injunction on June 3 following an application by Oando’s GCEO and his deputy, restraining SEC from executing the sanctions.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Standard Bank Appoints Sanni Chief Executive for Africa

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The Standard Bank Group, Africa’s largest bank by assets has appointed Yinka Sanni as its new Chief Executive for Africa Regions and a member of the Group Leadership Council.

Sanni, the group’s Regional Chief Executive for West Africa, takes over from Sola David-Borha, who is retiring after 31 years of service to the banking group.

This was disclosed in a statement.

Sanni holds a B. Agric. (Hons) degree in Agricultural Economics from the University of Nigeria and an MBA from Obafemi Awolowo University. He attended the Advanced Management Programme at Harvard Business School in 2009, and the Global CEO Programme at the Wharton School in 2017. He has over 30 years of experience in the financial sector across wholesale, retail and asset management, and joined Standard Bank Group’s Nigerian subsidiary, Stanbic IBTC Bank Plc, in December 1990.

In a note to employees, Standard Bank Group CEO, Sim Tshabalala, congratulated Sanni on his appointment and thanked David-Borha for her extraordinary contributions to the group.

“Sola was appointed as the Chief Executive of Africa Regions in January 2017 and is one of the group’s most deeply expert and experienced bankers,” Tshabalala said.

“Under her leadership, the Africa Regions portfolio has grown remarkably in capacity, market share and contribution to the group’s headline earnings.”

David-Borha has been a passionate advocate of culture change and executive leadership development, having sponsored the ‘Last Mile’ programme, which has resulted in the successful promotion of talented people into both Regional Chief Executive and Country Chief Executive positions, including the appointment of two female Chief Executives in the Africa Regions business.

“It has been a great honour and privilege to serve and contribute to the growth of the Standard Bank Group,” David-Borha said.

“I am delighted to be handing over to Yinka Sanni, an exceptional, authentic and experienced leader who will take the baton forward in driving Africa’s growth.”

David-Borha will remain with the group until the end of June to ensure a successful leadership transition and handover process. Sanni’s appointment is effective from today, 15 April.

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Experts to Provide Insights on Tech & Digital Transformation at MSME Dialogue 3.0

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The third edition of MSME Dialogue will take place on Saturday, April 24, 2021 at 10am (WAT). Experts at the virtual event will provide insights while discussing the theme: Powering MSMEs with Technology and Digital Transformation.

The event, which is organized by MSME Africa, is expected to have owners and managers of Micro, Small and Medium Enterprises, Entrepreneurs and Business owners from different sector in attendance.

MSME Dialogue which holds every quarter, seeks to address, burning and relevant  issues about entrepreneurship and running a small business as well as proffering solutions to those issues.

The event aims to provide the right knowledge and know-how for MSMEs, Entrepreneurs, and Startups to enable them to grow and thrive and features subject matter experts, seasoned entrepreneurs, professionals, and players within the MSME Ecosystem.

The speakers expected at the event are: Akeem Lawal, Divisional CEO, Interswitch Group, Rex Mafiana: CEO, FPG Technologies, Fatma Nasujo, Global Head of Operational Excellence at Sokowatch, Kenya, David Lanre Messan, CEO, FirstFounders, Bisoye Coker, CEO/Co-founder, Kiakia FX. The session will be moderated by Solape Akinpelu: CEO/Founder, HerVest.

According to the convener of the event who is also the founder of MSME Africa, Seye Olurotimi “Every business owner who is serious with their business would agree with me that technology and digital transformation are important factors for business growth and success. We all can’t all run or won Tech startups but we can always drive our businesses and operations with Technology and Digital Tools”

“Tech-driven Businesses are making waves and turning in almost unbelievable results against all odds. Businesses who have embraced technology, automation and digital transformation are enjoying unquantifiable advantages. It is because of this that I am calling on business owners and managers to join us at the 3rd Edition of MSME Dialogue, on Saturday April 24, 2021 at 10am ( WAT), as we bring in experts to provide insights on this theme” Olurotimi added.

MSME Africa is a multi-faceted resource platform for Micro, Small, and Medium Enterprises (MSME) in Africa providing capacity development, news, opportunities, business articles and other resources for MSMEs, entrepreneurs, and startups.

Olurotimi said the platform was poised to build the biggest network and community of MSMEs in Africa in the nearest future.

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Ericsson Launches Automation Hub in Nigeria

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Ericsson announces plans to create an Automation Hub in Nigeria to support operators for improved consumer experience.

Ericsson Automation Hub is an open innovation platform, inspired by lean startup methodology in which the Ericsson team works in close dialog with customers, users and partners to showcase and reach the high potential that network automation allows in configuration, provisioning, assurance and orchestration of network services.

This will enable service providers to gain the ability in their environments to govern, manage and orchestrate hybrid networks holistically and in real time and as a result, offer an enhanced consumer experience.

Fields to be covered include but not limited to 5G and Internet of Things (IoT) use cases, Network Slicing and Orchestration, Hologram Calls, Complex Standalone, Business Support System (BSS) and Operations Support System (OSS), Cloud and Core product cases, Automated Acceptance Tests demonstration and enhancements as well as complex charging scenarios for 5G and 4G networks.

Lucky La Riccia, Vice President and Head of Digital Services at Ericsson Middle East and Africa at Ericsson says: “As Industry 4.0 accelerates in Africa, automation in operations is proven to boost customer experiences. Ericsson continues to support the telecom industry players in setting #AfricaInMotion, and with the Ericsson Automation Hub in Nigeria, we will focus on driving business outcomes for our partners in Africa as they aim to leverage digital transformation to turn complexities into opportunities while offering a greater experience and value to consumers.”

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