Oando under fire from Nigeria's SEC
The future of one of Nigeria's flagship energy companies hangs in the balance
A two-year battle over financial irregularities between Oando—one of Nigeria's largest indigenous oil and gas operators—and the country's Securities and Exchange Commission (SEC) reached a crescendo in May, when the capital markets regulator ordered the firm's entire board to resign. The SEC said it had made the move in response to manipulations of the company's fiscal position. In addition, it barred Wale Tinubu and Omamofe Boyo, the chief executive and his deputy respectively, from holding corporate office in Nigeria for a five-year period. "There were several corporate governance lapses stemming from poor board oversight," the regulator said in documents relating to its investigation. It
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