Skip to main content

Tinubu’s suspension will bring sanity on NSE – operators

Operators on the nation bourse on Friday said that suspension of two directors of Oando Plc from public companies for five years would bring sanity to the capital market.

They spoke with the News Agency of Nigeria (NAN) in Lagos in reaction to the outcome of the Securities and Exchange Commission (SEC) forensic audit of Oando Plc.

NAN reports that SEC on Friday barred Mr Wale Tinubu, the company’s Group Chief Executive Officer, and Mr Omamofe Boyo, the Deputy Group Chief Executive Officer, from being directors of a public company for five years

The commission conveyed the decision in a statement signed by Mrs Efe Ebelo, its Head of Corporate Communications,

NAN reports that SEC in March 2018 announced the commencement of audit of Oando Plc’s account.

It said it had appointed Deloite Nigeria to proceed with the forensic audit.

The commission in the statement also directed resignation of the affected board members, and called on the company to convene an extra-ordinary general meeting on or before July 1, to appoint new directors.

Commenting on the development, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that the suspension would send a signal to other managing directors and executives in the market.

Omordion said that the outcome of the forensic audit showed that SEC could bite and not only bark.

He said that the investing public had been calling for change in the company’s management for a long time.

According to Omordion,. there will be santiy in the company when the new management takes over in July.

“Other companies and their directors will sit up, seeing how Oando management and its directors ended up.

“SEC decision will further boost corporate governance and transparency in qouted companies and increase investors’ confidence,” Omordion told NAN.

Malam Shehu Mikail, National President, Constance Shareholders Association of Nigeria, also expressed satisfaction at the commission’s decision.

ALSO READ: Oando Saga: SEC bars Wale Tinubu from being public company director 5 years

Mikali said that the ban would instill transparency and corporate governance in the nation’s capital market.

The shareholder activist said that the outcome showed that nobody was above the law in the market.

He said that some companies had collapsed due to lack of transparency and corporate governance. 

ridoola.blogspot.com.ng

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Okpebholo suspends A-G & LG Chair under 3 months over finance dealings

The Edo Government has announced the suspension of Samson Osagie , its Attorney-General and Commissioner for Justice, and Damian Lawani , chairman of the Local Government Service Commission. Mr Musa Ikhilor , Secretary to the State Government (SSG) announced the suspension in a statement in Benin on Thursday morning. ALSO READ: Kano Govt suspend 2 school principals for alleged absenteeism, negligence Ikhilor said the two-state top officials were suspended over allegations of “grave official and financial interactions”. Okpebholo suspends Edo Attorney-General and LG Service Commission Chairman According to him, the suspension, which takes immediate effect, is pending the conclusion of an investigation into the allegations. The SSG said; It is hereby announced for the information of the general public that Gov. Monday Okpebholo has approved the suspension from office of the Chairman of Edo Local Government Service Commission, Damian Lawani and Commissioner for Justice, Samson Os...
Post a Comment
Read more

List of America's one-term presidents & why they were not re-elected

U.S. President Joe Biden becomes the most recent entrant in a list of president who served for only one term. U.S. President Joe Biden announced that he would not be seeking re-election for a second term in the November 5, 2024 elections. Biden, in a statement said that he would be focused on completing his remaining term, endorsing his Vice President Kamala Harris as his most preferred nominee for the Democratic Party to take on former President Donald Trump. Joe Biden endorses Kamala Harris as Democrats' candidate after withdrawing from race [X:@JoeBiden] Biden now joins a list of former U.S. Presidents that only served for one term. John Adams (1797-1801) The second president of the United States, John Adams was a Founding Father who faced significant challenges during his presidency, including conflicts with political adversaries and foreign nations. His support for the Alien and Sedition Acts, perceived as a violation of civil liberties, contributed to his unpopulari...
Post a Comment
Read more

Tinubu appoints MKO Abiola's son, Jamiu as SSA on Linguistics & Foreign Matters

President Bola Tinubu has appointed Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters. The appointee is one of the children of the late Chief Moshood Kolawole Abiola , the winner of the 1993 presidential election annulled by General Ibrahim Babangida . According to a statement by Segun Imohiosen , the Director of Information and Public Relations, Office of the Secretary to the Government of the Federation on Wednesday, November 27, 2024, Jamiu's appointment took effect from November 14, 2024. Imohiosen said the appointment aligns with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended. Until his recent deployment, the appointee served as the Special Assistant to the President of Special Duties in the office of the Vice President. Tinubu tasked Jamiu to work closely with the Federal Ministry of Foreign Affairs and bring his wealth of experience to bear in his new ...
Post a Comment
Read more