The Chief Executive Officer of Oando Plc Wale Tinubu is expected to be a guest of the anti-graft agency, the Economic and Financial Crimes Commission, EFCC anytime soon over allegation of mismanagement of billions of naira belonging to the oil servicing company.
Tinubu alongside other top management of the company were on Friday sacked by the Security and Exchange Commission, SEC over breach of corporate governance as regard the management of finances of Oando.
Apart from Tinubu, his deputy, Mofe Boye was also mentioned in the scam.
They have both been banned for holding any public office for a period of five years.
SEC sacked the two top Oando executives following investigations of petition against the company in 2017.
After wielding the big stick, the commission said, it has reported the matter to the “Nigerian Stock Exchange, Federal Inland Revenue Service, and the corporate Affairs Commission” for further disciplinary action against Tinubu and others.
The magazine learned that the regulatory agency brought down the hammer on Tinubu and his associate after they allegedly dipped their hands into the finances of the company.
The commission has also directed some members of the Board of the Oando Group to resign immediately.
The discovery was made after SEC employed two auditing firms, Deloitte and Touche to conduct forensic audit on the activities of Oando Plc.
For instance, SEC disclosed in its report that Tinubu and his deputy paid themselves bogus allowance running into several billions of naira without following due process.
Most of the financial transactions conducted by Tinubu and his cohorts as directors of the company were” not conducted at arms’ length” SEC said.
The commission has directed those involved in the scam to return all the monies they took without due process.
The regulatory agency said it took the action based on its powers derived from section 304 of the investments and Securities Act, ISA 2007.
According to SEC in its report “certain infractions of securities and other relevant laws were observed. The commission further engaged Deloite and Touche to conduct a forensic audit of the activities of Oando Plc.
“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arms’ length, among other,” SEC said.
According to SEC the case of Oando will serve as deterrence to other companies. “The commission is confident that with the implementation of the above directives and introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced,” SEC said.
This is “in line with the federal government’s resolve to build strong institutions, board of public companies” who must begin to “properly perform their fiduciary duties as required under extant securities laws,” the commission said.