SEC versus Oando: Mobolaji Osunsanya resigns as Director of Oando Plc

Wole Olajide

It appears the Securities and Exchange Commission (SEC) seems to be gaining upper hand in the legal battle with Oando Plc as one of the affected Dircetors, Mobolaji Osunsanya has  tendered his resignation as a Non- Executive Director of the company.

In a notice to the Nigerian Stock Exchange, the management of Oando Plc stated thus:

“Mr Mobolaji Osunsanya resigns as a Non- Executive Director from the Company’s Board with effect from August 9, 2019.

Until his resignation, he was a member of the Audit Committee, Strategy and Finance Committee and the Risk, Environmental, Health, Safety, Security and Quality Committee.

The Board and Management of the company appreciates Mr Osunsanya’s positive contributions and meritorious service over the last 12 years as a Director of the Company”.

 

Recall that the Securities and Exchange Commission after concluding its forensic audit on Oando Plc ordered the Group Chief Executive Officer of the company, Mr. Wale Tinubu, the Deputy Group Chief Executive Officer of the company, Mr. Omamofe Boyo and other affected board members to resign. Mobolaji Osunsanya was also among the affected Directors.

In response to the development, the management of Oando Plc, Wale Tinubu, Mr. Omamofe Boyo and other affected Directors took to the matter to court.

There have been series of adjournment for the substantive hearing of the case as the case gets complicated with pending applications for consolidation by legal team representing Oando Plc and its Directors.

At the last court hearing before the vacation judge, Justice (Prof) Chuka Austine Obiozor in July 22, substantive hearing of suits was adjourned to 25, September, 2019.

It appears that by the resumed hearing of this case in September 25, the suit FHC/L/CS/964 between Mobalaji Osunsanya and Securities and Exchange Commission might be striked out since he has already resigned effective from August 9, 2019.

 

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