Oando Plc has said it should take legal action to challenge the Securities and Exchange Commission (SEC) ruling on the outcome of its forensic audit.
SEC had on Friday barred the company’s Group Chief Executive Officer (GCEO), Wale Tinubu, the Deputy Group Chief Executive Officer (DGCEO), Omamofe Boyo from being administrators of a public firm for 5 years.
The ban followed a forensic audit of the company instituted by SEC in March 2018 where it came upon infractions.
Nonetheless, in accordance with the statement by Oando, the corporate will take legal steps to protect its enterprise and property.
“The company reserves the rights to take all authorized steps to protect its enterprise and assets while remaining dedicated to behave in the very best interest of all its shareholders.”
It described the decision for the resignation of affected board members of Oando Plc and convening of an extra-ordinary general meeting on or earlier than July 1, 2019, to nominate new administrators as uncalled for.
“The company has not been given the chance to see, overview and reply to the forensic audit report and so is unable to determine what findings (if any) have been made in relation to the alleged infractions, and defend itself accordingly before the SEC,” the statement added.