SAN FRANCISCO, June 03, (THEWILL) – Officers of the Nigeria Police, on Monday morning, took over the head office of Oando PLC in Victoria Island, Lagos, making staff of the company stay off work.
THEWILL recalls that the Securities and Exchange Commission (SEC) had said it had set up an interim management team to oversee the affairs of Oando following the suspension of company’s Group Chief Executive Officer, Mr Wale Tinubu.
Other board member were also suspended by the financial regulatory body.
However, the company refused saying it would seek judicial ruling on the matter insisting that it was not heard before SEC made its decision.
It is unclear if the policemen were on ground to enforce SEC’s directive or to prevent the interim management from taking over.
