Oando Plc workers were earlier today denied access into the company’s corporate headquarters situated at Ozumba Mbadiwe street in Victoria Island, Lagos. This is as operatives of the Nigerian Police Force (NPF) sealed the building.
Nairametrics understands that the police’s takeover of the building is in line with the directives of the Security and Exchange Commission (SEC) on the constitution of an Interim Management Team.
A staff member, who spoke on the condition of anonymity, said the company’s staff members were informed late last night about the interim management.
“So for the safety of staff because we are not sure of the way things will go, we did not come to the office.
“Some people still came to work this morning, but if you go to work and you see police everywhere, you are most likely to turn back. Fear will make you turn back and go home. So, that has been the situation.”
Earlier Developments: Recall that Nairametrics reported about the conclusion of SEC’s investigation into the affairs of Oando Plc. The investigation unraveled serious infractions by the company, ranging from false disclosures, market abuses, manipulation of financial statements, internal control failures, etc.
Following the statement by SEC, Oando plc issued a statement to the NSE denying the development. The company later denied sending out the statement.
What you need to know: The messy situation began about two years ago after two of its directors (Gabriel Volpi and Alhaji Dahiru Mangal) accused the company’s management of financial recklessness and denying them adequate representation on the board.
Following SEC‘s disclosure of its findings and demand that Oando Plc’s Group Chief Executive Officer should resign, the company’s share price crashed to 5 month low of N4.20.
The stock is currently trading N3.80 kobo on the Nigerian Stock Exchange.
