Regulatory Alerts2019-05-31
Press Release on Investigation of Oando Plc
The Nigerian Securities and Exchange Commission has concluded its investigation into Oando Plc, identifying serious infractions including false disclosures, market abuses, and governance lapses. To rectify these violations, the regulator has ordered the resignation of affected board members, mandated an extraordinary general meeting by July 1, 2019 to appoint new directors, and imposed monetary penalties alongside refunds of improperly disbursed remuneration. Additionally, the Group Chief Executive Officer and Deputy Group Chief Executive Officer face a five-year directorship ban, while potential criminal matters are referred to prosecuting authorities and relevant regulatory bodies.
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