Oando crisis deepens as two directors quit

There appears to be no end in sight for Oando Plc crisis as two non-executive directors, Sena Anthony and Oghogho Akpata have quit the troubled oil company.

Their resignation details are contained in the notice sent to the Nigerian Stock Exchange (NSE) on Friday. It took effect on June 3.

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“Oando PLC hereby notifies the Nigerian Stock Exchange (NSE), its valued shareholders, key stakeholders and the public of the resignations of its Non-Executive Directors, Chief Sena Anthony and Mr. Oghogho Akpata from the Board of Directors of Oando PLC, with effect from June 3, 2019,” Oando’s notice said.

The Securities and Exchange Commission (SEC) had few days ago barred Oando Plc CEO, Wale Tinubu and the deputy, Omamofe Boyo  from managing any publicly quoted company for five years.

The Commission subsequently constituted an Interim Management Team (IMT) headed by Mr. Mutiu Sunmonu, to oversee the management of the company and conduct an Extra-Ordinary General Meeting on or before July 1, 2019.

Meanwhile, a Federal High Court sitting in Lagos has restrained SEC from removing Tinubu and Boyo, even as the company’s stock plunged amid the crisis.