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Oando shareholders insist on suspension of management

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Oando shareholders insist on suspension of management

Shareholder group questions authenticity of the forensic audit set up to investigate the company under the acting SEC DG. The dust raised by alleged share malpractice at Oando Plc is yet to settle as aggrieved shareholders are still pushing for suspension of the current management team of the company headed by Mr. Wale Tinubu.

The shareholders, who conveyed their message via protest organised in Abuja, a step aside of the current management would enable the hired forensic auditor to do its work unhindered. Leading the protest are members of Trusted Shareholders Association and Proactive Shareholders Association of Nigeria. In a letter addressed to the Speaker of the House of Representatives and the Chairman, House Committee on Capital Market and other Institutions, the associations demanded that, “the management of Oando Nigeria Plc led by Mr. Wale Tinubu should step aside until the forensic audit is released to the public so as to pave way for an unhindered forensic audit.’’

The protesting shareholders urged the National Assembly to invite Acting Director General of Securities and Exchange Commission ( SEC), Abdul Zubair, to brief the members of the National Assembly on the authenticity of the forensic audit set up to investigate the company. Addressing the media yesterday, National Coordinator, Proactive Shareholders Association of Nigeria, Mr. Oderinde Taiwo, said: “We believe the minister is clearly working to protect her friends in Oando Plc from the impending embarrassment that findings from the forensic audit may cause them. “We also fear that the suspension of former director-general is a clear attempt to frustrate the forensic audit.’’

Similarly, the Chairman, Trusted Shareholders Association, Alhaji Mukhtar Mukhtar, said the group was convinced that SEC, under the acting DG, was only buying time by instituting a new forensic audit. He expressed anger that while shareholders of the company were dying without getting returns from their investments, the company’s management members are acquiring new expensive automobiles and private jets. “Many of our members have become victims of hypertension watching their investments tumble without any hope to salvage same in sight,” he said.

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