Oando controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
Settlement with the Nigerian SEC
Oando and the Nigerian SEC reached a settlement intended to prevent further market disruption and resolve the dispute while the company continued operating under applicable regulatory requirements.
2021
Oando reaches settlement with Nigeria's SEC
Settlement
Oando reached a settlement with Nigeria's Securities and Exchange Commission after a dispute over the regulator's actions and allegations of corporate-governance abuse and financial mismanagement. The settlement requires Oando to withdraw legal actions, pay an undisclosed sum and undertake to improve governance.
Source excerpt
Nigeria's Oando has reached a settlement with the Securities and Exchange Commission (SEC), the oil company said on Monday, after the regulator ordered the removal of its management team and suspended its annual meetings.
It has been in a battle since 2017 after the SEC said it had investigated two shareholder petitions alleging gross abuse of corporate governance and financial mismanagement.
It asked Oando to withdraw all legal actions, pay an undisclosed monetary sum and provide an undertaking to improve governance.
2019
SEC investigation and proposed sanctions
In May 2019, the Nigerian SEC announced the conclusion of its investigation into allegations involving Oando. The announced measures included orders concerning certain board members and a five-year prohibition affecting the group chief executive and deputy group chief executive from serving as directors of public companies.
2019
Federal High Court injunction
A Federal High Court in Lagos granted an injunction sought by Adewale Tinubu and Omamofe Boyo that restrained implementation of the SEC sanctions pending further proceedings.
2017
Share-trading suspension and forensic audit
The Nigerian Securities and Exchange Commission suspended trading in Oando shares in October 2017 while a forensic audit was undertaken in connection with allegations concerning the company.