Oando not working in our interest –Shareholders’ Group


Shareholders under the aegis of the Oando Shareholders Solidarity Group (OSSG), have faulted recent claims by the management of the company that it dragged the Securities and Exchange Commission (SEC) to court to protect shareholders’ interest.

The group described the claim by Oando as a calculated attempt to stall SEC’s forensic audit” of the embattled company.

South-South Coordinator of OSSG, Clement Ebitimi, said the present management of Oando has worked against shareholers’ interest and “do not deserve to continue in office a day longer”.

According to Ebitimi, the management recently released a statement after the multiple losses at the Federal High Court in a bid to stop the imminent forensic audit. He said the shareholders group could not understand why the management of a company accused of gross corporate governance misconduct and mismanagement was still carring on business as usual. That itself is an unacceptable display of impudence. Naturally, this management should have been sacked or resigned honourably considering the magnitude of infractions now in the public domain allegedly perpetuated by them.

“Contrary to the claim by the company that its recent actions were not intended to undermine the regulatory powers of the Securities and Exchange Commission, SEC, it is clear that all actions taken so far have not only undermined the SEC; the company has also succeeded in drawing unnecessary negative attention to the Nigerian capital market. Ebitimi wondered how the management of the company is worried about a forensic audit that can only uncover the truth Even the least educated creature on economic matters will discern that the management of the company is desperate to frustrate the forensic audit in order to hide something that is not yet known to the general public.

Yet stakeholders and observers are united that the forensic audit is the only means to unravel the extent of mismanagement that has been perpetuated in Oando for years.

“Let it be placed on record that the current management of Oando Nigeria Plc led by Wale Tinubu is not in any way protecting the interest of shareholders; both majority and minority. All shareholders of the company are angry, and frustratingly tired of this management that even the word disappointment cannot describe the discontent of shareholders.

How can you claim to be protecting the interest of shareholders when you have consistently mismanaged the affairs of the company to the extent that the external auditors will cast a doubt on the going concern of the company.


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