The Securities and Exchange Commission (SEC) has constituted an Interim Management Team (IMT) headed by Mr. Mutiu Sunmonu, to oversee the management of Oando Plc and conduct an Extra-Ordinary General Meeting on or before July 1, 2019.
SEC which stated this in a statement last night, also said the team will appoint new board of directors for the company, which would subsequently select a management team for it.
The head of Oando Plc Interim Management Team (IMT), Sunmonu, was the managing director of The Shell Petroleum Development Company of Nigeria Limited from 2004 to March 1, 2015.
He served as Vice President of Production Sub-Saharan Africa at Royal Dutch Shell Plc and served as its Country Chairman of Nigeria since December 31, 2009.
He is on the board of many companies, including Unilever Nigeria Plc, where he is a non-executive director and Non-Executive Chairman of San Leon Energy Plc, also serves as an Executive Consultant to Pan Ocean and Newcross EP providing leadership across the operations, regulatory/statutory compliance and external relationship management.
He is also chairman, Julius Berger Nigeria Plc, a post he has held since 2015.
The SEC had on Friday barred the Oando Chief Executive Officer (CEO), Mr. Wale Tinubu, and his deputy, Mr. Omamofe Boyo, from being a director in any public company for the next five years.
The commission also directed board members found guilty of various infractions to resign.