Oando Plc workers were earlier today denied access into the company’s corporate headquarters situated atĀ Ozumba Mbadiwe street in Victoria Island, Lagos. This is as operatives of the Nigerian Police Force (NPF) sealed the building.
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NairametricsĀ understands that the police’s takeover of the building isĀ 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.
āSome 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.āĀ
Earlier Developments:Ā Recall thatĀ NairametricsĀ reported about the conclusion of SECās 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,Ā Oando plcĀ issued a statement to the NSE denying the development. The company later denied sending out the statement.
What you need to know:Ā The messy situation began about two years ago after two of its directorsĀ (Gabriel Volpi and Alhaji Dahiru Mangal)Ā accused the companyās management of financial recklessness and denying themĀ adequate representation on the board.
FollowingĀ SEC‘s disclosure of its findings and demand that Oando Plcās GroupĀ Chief Executive Officer should resign, the company’sĀ share price crashed to 5 month lowĀ of N4.20.
The stock is currently trading N3.80 kobo on the Nigerian Stock Exchange.Ā
