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Fred Ezeh, Abuja
A Civil Society Organisation, Initiative for Leadership and Economic Watch in Nigeria, has criticised the Securities and Exchange Commission (SEC), over its decision to penalise Oando PLC for alleged infractions.
SEC recently directed Oando to suspend its Annual General Meeting (AGM) prior to the directive. It also ordered Oando’s Group Chief Executive Officer, Wale Tinubu, and some other board members to resign.
The company immediately replied the regulators, saying the alleged infractions and penalties were unsubstantiated, invalid and calculated to injure its business The Executive Director of the organisation, Splendour Agbonkpolor, in a statement released in Abuja on Wednesday, called on SEC to be an unbiased umpire by being transparent in the discharge of its duties.
He argued that failure of the Commission to make public the findings of the investigation it carried out before sanctioning the oil company has created the impression that it is acting a script.
He said: “The stakeholders of Oando demanded for the content of the investigation report which took two years to complete, but SEC refused to oblige the stakeholders access to the investigation report…”
