It will be recalled that, Mr. Mutiu Olaniyi Adio Sunmonu had been appointed by the Securities and Exchange Commission to lead an interim management of Oando Plc, pending the constitution of a substantive management for the indigenous oil company.
Sunmonu was a former managing director of Shell Petroleum Development Company Nigeria.
His team will organise an Extra-Ordinary General meeting of the troubled company on or before July 1, where new directors of the company will be appointed.
In a statement on Sunday, SEC said: “Further to our press release on Oando Plc, dated May 31, 2019, the Commission hereby informs the public of the constitution of an Interim Management Team headed by Mr. Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and conduct an Extra Ordinary General Meeting on or before July 1, 2019 to appoint new Directors to the Board of the Company, who would subsequently select a Management Team for Oando Plc. The Commission wishes to reiterate its commitment to maintaining integrity of the market.”
Sunmonu’s appointment came as Oando Chiefs, Wale Tinubu and Omamofe Boyo had vowed to challenge in court the penalties imposed on them and the company.
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