The Institute of Directors (IoD) Nigeria has established a panel to investigate the lingering dispute between the Securities and Exchange Commission (SEC) and Oando Plc.
IoD’s recent involvement was disclosed in a statement that was signed by the Director-General, Bamidele Alimi.
According to the statement, the IoD mandated its committees on Director Development and on Ethics to examine the outcome and recommend suitable actions when the issues are finally resolved.
In other words, the panel is expected to make appropriate recommendations that will be considered by the Governing Council.
“As an apex professional organisation whose mandate is the enthronement of good corporate governance practice, these developments, which have become public, are certainly of great interest and concern to our Institute.
“As the professional body for directors in the country, IoD Nigeria, has taken a very keen interest in the developments, and is monitoring the outcomes of all the actions initiated by all the parties concerned.”
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Back story: Oando and SEC have been at loggerheads since the regulatory body released its investigation into the activities of the management of the company. SEC accused the management of market abuses and false disclosures, demanding the resignation of Tinubu, the Board chairman, and other executives and directors of the company.
About the body: IoD Nigeria is an affiliate of the IoD UK, which was founded in London in 1903 and granted a Royal Charter by King Edward VII in 1906. Some Nigerian members of the IoD UK formed IoD Nigeria in Lagos in 1983. In 1997, the Council of the Institute, then a branch, sought autonomy and was granted affiliate status.
IoD represents directors in their individual capacity and empowers them to contribute significantly to the welfare of the individuals, the companies they run and to national development.
[READ ALSO: Why SEC ordered Oando’s Wale Tinubu to resign]