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Business News

Why SEC ordered Oando’s Wale Tinubu to resign

The Securities and Exchange Commission (SEC), has ordered Wale Tinubu to resign from Oando Plc over serious infrastructures.

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Oando Plc, Wale Tinubu, Oando Plc posts N13.1 billion PAT in Q3, up by 26% 

The Securities and Exchange Commission (SEC), has ordered Oando Plc‘s Group Chief Executive Officer (CEO), Wale Tinubu to resign from his position over serious infractions including false disclosures, market abuses, amongst others.

SEC’s hammer: In a statement obtained by Nairametrics, the regulator disclosed that it has also barred Tinubu alongside his deputy, Omamofe Boyo from being directors of any quoted company for the next five years.

  • Resignation of the affected Board members of Oando Plc
  • The convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors
  • Payment of monetary penalties by the company and affected individuals and directors,
  • Refund of improperly disbursed remuneration by the affected Board members to the company.
  • Bar of the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc from being directors of public companies for a period of five (5) years.

Prosecution to follow: SEC did not just stop there. The Commission also stated that it will “refer all issues with possible criminality to the appropriate criminal prosecuting authorities.” These are the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC).

Oando’s response: The company shot back claiming that SEC’s “alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company.” It also claimed SEC did not give it an “opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC.” 

Back story: A shareholder battle ensued in Oando about two years ago after its directors  Gabriel Volpi co-founder of Intel’s Plc and Northern businessman Alhaji Dahiru Mangal accused the company’s management of financial recklessness and denying them adequate representation on the board.

  • They also requested that SEC suspend the company’s Annual General Meeting. Oando denied it, following which SEC launched an investigation. SEC went ahead to announce it was conducting a forensic investigation on Oando in October 2017.
  • Oando then took the case to court alleging that SEC does not have the powers to investigate its affairs and went to the court requesting a restraint of SEC from the courts.
  • As Oando battled with SEC, the Minister of Finance suspended the DG, Mr Mounir Gwarzo accusing him of financial impropriety when he was SEC Commissioner, an accusation Gwarzo denied.
  • The Minister, Kemi Adeosun eventually resigned following a media leak about her NYSC status.
  • Just this week the court ordered the reinstatement of Gwarzo as SEC DG a stark coincidence as SEC’s press release was issued a two days after.

Saga Continues: The Oando vs Volpi vs Mangal vs SEC saga has just entered a new turn which could involve several lawsuits. Oando’s Wale Tinubu has fought many battles and will surely go down fighting. This is also a case that might be settled politically considering how high the stakes are.

Deep dive on the Oando Saga

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

2 Comments

2 Comments

  1. John

    June 1, 2019 at 8:13 am

    Every news outlet is giving us the same news on oando. Only a few, including Nairamertrics, bother to do the hardwork investigative journalsim. Well done guys!. We appreciate you efforts. We know you guys aint perfect, and that getting data/infornation in a developing country like ours can be hellish. Welldone Team!!

  2. Daniel Adeyemi

    June 6, 2019 at 10:56 am

    I love the angle to this news, very helpful

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Tech News

Netflix competes with TikTok, launches rival product

Netflix has launched a new feature that will allow users to watch, react,r share short clips and more.

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Netflix users increase by 16 million in Q1 2020

Netflix, the world’s leading video streaming platform has launched a new feature called “Fast Laughs” that will allow users to watch, react or share short clips as well as add the show or movie to a Netflix watchlist or you can simply tap the “Play” button to start watching the show immediately.

Similar to Tiktok or Instagram’s Reel, Fast Laughs features full-screen videos that you can swipe through vertically, and places the engagement buttons on the right side of the screen. These buttons let you react to the clip with a “LOL” (crying/laughing) emoji or share it via iMessage or other social media apps, like WhatsApp, Instagram, Snapchat, or Twitter. The only difference is that there is no comment button yet.

Users can access the feed through the bottom navigation menu by clicking on the Fast Laughs tab. The clips will start playing automatically when one ends another begins.

The feature will include a full-screen feed of funny clips from Netflix’s big comedy catalog including films like “Murder Mystery”, series like “Big Mouth’’, sitcoms like the ‘Crew’’ and stand-up from comedians like Kevin Hart and Ali Wong.

Fast laugh is currently available for iPhone users in select countries, and Netflix will be testing on Android soon.

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Business News

Apapa gridlock: Sanwo-Olu explains how his administration solved the problem

The Governor said the electronic Call-Up was designed to permanently address the movement of trailers in and out of the ports.

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Lagos, Sanwo-Olu, Businesses that must remain closed after May 4

The Lagos State Governor, Babajide Sanwo-Olu, has explained how his administration in partnership with the Nigerian Ports Authority (NPA) and other stakeholders in the maritime sector was able to get the heavy articulated vehicles off the road around the Apapa axis and improve traffic along that corridor.

This is as the governor has warned that the state government would resist any attempt by individuals and maritime operators that may want to reverse the progress being recorded along the Apapa corridor.

This disclosure was made by Sanwo-Olu on Wednesday while speaking at the formal hand over of newly improved 3 traffic-prone junctions along the Lekk-Epe expressway.

The Governor said the electronic Call-Up System launched, last Saturday, in the Apapa seaports was designed to permanently address the movement of trailers in and out of the ports, and bring about traffic improvement along the corridor.

What Governor Babajide Sanwo-Olu is saying

While sharing the details, the Governor described the progress recorded in Apapa as a hard-won, disclosing that it took the State Government over a year to bring together all stakeholders on the discussion table to agree on a far-reaching approach to permanently address the problem.

Sanwo-Olu said, “What we are seeing is the beginning of the lasting solution we have brought to Apapa. Our appeal is that we are not out of the problem completely yet. Our citizens can now see that a journey that took them three hours can, indeed, take between 15 and 20 minutes to commute. Everyone can now see that when we work together, indeed we can solve our problems internally.

“We have taken some troublesome people that are benefiting from the gridlock out of the way. Whatever they were earning illegally has been taken away from them. We know they will want to make an attempt to fight back. We will not stop at anything to ensure that anybody that tries to retract the progress or wants to take us back to gridlock in Apapa will be fought against. We will bring out their names and shame them.

The Governor vowed that any corporate organisation, security operative, NPA or State Government official who attempts to circumvent the newly instituted traffic procedures around the Apapa seaports would be named and shamed publicly.

The Governor said the State was serious about bringing a lasting solution to the Apapa congestion, stressing that the Government could no longer condone the careless attitude of truckers clogging the highways with heavy-duty vehicles.

He said part of the State’s efforts was to approach the Federal Government for the unbundling of the inefficient Presidential Taskforce on Apapa gridlock and took over the traffic management in the area.

Sanwo-Olu added that State Government also met with stakeholders, including the Federal Ministry of Transportation, Maritime operators and seaports unions.

He said: “I commend NPA’s Managing Director and management for working with us on this agenda. My appeal is to other stakeholders in the maritime sector who have not signed up on the electronic Call-Up System we have embarked on. I call the big logistics companies, including Sifax, Dangote, Flour Mills, Tunde Folawiyo and others, to come and collaborate with us on this progress.

“Let us have a system that our citizens will be proud of. We will stop at nothing to sustain the progress achieved. Our team will be working round the clock to keep the system working. This is one of our modest efforts to deliver what we promised in solving traffic and transportation challenges. We will not relent in doing anything required to ensure traffic improvement in Apapa.”

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What you should know

  • Following the withdrawal of the Presidential Task Force on port congestion, the Lagos State Governor, Babajide Sanwo-Olu, set up a Special Traffic Management Team to resolve the traffic gridlock in and around the Apapa corridor.
  • The Electronic Truck call-up system, Eto, which was designed and launched by NPA for the management of truck movement and access to and from the Lagos ports and to end the gridlock in and around the ports, formally took off last weekend.
  • During the implementation of the new system, all trucks doing business at the ports will be required to park at the approved truck parks until they are called up into the port through the Eto app.

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