Tinubu’s suspension will bring sanity on NSE – operators

Operators on the nation’s 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,

The SEC had 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.

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.

More News

Yadda rikici a kan gishirin N20 ya yi sanadiyyar mutuwar wani mutum a Kano

Wani magidanci mai suna Zakari Hamza mai shekaru 45, ya gamu da ajalinsa a hannun kanen matarsa, wani Magaji Salisu saboda gishirin N20. Dan marigayin,...

Sojoji Sun Kashe Mayaƙan IPOB 5

Dakarun rundunar sojan Najeriya da kuma ta rundunar sojan ruwan Najeriya a ranar Talata sun kashe mayaƙan ƙungiyar IPOB guda biyar a yayin musayar...

Ɗan agajin Izala ya samu lambar yabo, kujerar hajji, kyautar mota bayan ya tsinci naira miliyan 100 ya mayar wa mai su

Salihu AbdulHadi Kankia, mamba ne na kungiyar agaji ta kungiyar Jama’atu Izalatil Bid’ah Wa Iqamatus Sunnah (JIBWIS), ya samu yabo da tukuicin mayar da...

Musulmi a Zaria sun yi taron addu’o’i saboda mummunan halin matsi da Najeriya ke ciki

Musulmi a garin Zaria na jihar Kaduna, sun gudanar da addu'a ta musamman domin neman taimakon Allah kan halin da 'yan Najeriya ke ciki...