Oando crisis: Reps summon SEC DG

Oando crisis: Reps summon SEC DG
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The House of Representatives Committee on Capital Market and Institutions has summoned the Director General of Securities and Exchange Commission (SEC), Mallam Mounir Gwarzo to appear before it and clear the air over the management crisis rocking Oando PLC.
A group of shareholders had on Saturday stormed the Annual General Meeting of Oando Plc venue in Uyo, Akwa-Ibom state with placards demanding the resignation of the company’s Group Chief Executive Officer, Mr.
Wale Tinubu over alleged gross abuse of corporate governance and financial mismanagement.

The Committee in a statement on Wednesday said the invitation has become necessary following the disturbing revelations making rounds in the media on the ownership and shareholding structure of the oil company.
“DG, may recall that the media has been saturated on disturbing revelations on the ownership and shareholding values of Mr. Wale Tinubu, Group Chief Executive Officer of Oando plc and Mr Gabrielle Volpi of Ausbury investment on the ownership and shareholding structure of Oando plc.
“You may also note the various petitions before the Annual General Meeting (AGM), protest and counter protests during the events in Uyo, Akwa-Ibom State on September 11, 2017 and the unsavory details emanating therefrom.
“Arising from the above, the committee has been inundated with information from far and wide by the concerned public, stakeholders, shareholders and investment analyst”, the statement read.
According to the statement signed by Hon. Tony Nwulu on behalf of the chairman, the DG is to appear before it on Tuesday 26th September, 2017.
“In cognisance of our oversight responsibilities and the need to restore investors’ confidence in the company, we are most strongly constraint to invite you and your management to appear before the house committee on Capital Market and institutions on Tuesday 26th September 2017 by 12pm prompt at meeting room 034 New Building, House of Representative, National Assembly, Abuja”, it stated.

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