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Daily Archives: June 3, 2019

Oando: Court restrains SEC from removing Tinubu, Boyo

The Federal High Court has restrained the Securities and Exchange Commission from removing Messrs Wale Tinibu and Omamofe Boyo as Oando Plc’s Group Chief Executive  Officer and Deputy Group Chief Executive  Officer, respectively.

Justice Mojisola Olatoregun sitting in Lagos granted an interim injunction following an application by the embattled GCEO and DGCEO.

The Oando chiefs had applied for enforcement of their fundamental rights.

A copy of the order was obtained by the News Agency of Nigeria in Lagos.

The court also restrained SEC, its servants or agents from taking any step concerning the commission’s letter dated May 31 in which it barred Tinubu and Boyo from being directors of a public company for five years.

It also restrained the commission from imposing a fine of N91.13 million on Tinubu.

It also ordered that SEC should restrain from all actions on the said letter pending hearing and determination of the applicants’ motion for an interlocutory injunction.

The court also restrained Mr Mutiu Sunmonu from acting as the Head of Oando’s interim management team pending the hearing and determination of the motion.

It also urged the parties to maintain the status quo ante pending the determination of the motion.

The court adjourned the case until June 14.

NAN reports that SEC on Sunday constituted an interim management team to be headed by Sunmonu for  Oando Plc.

In a statement, the commission said that Sunmonu would oversee the affairs of the company and conduct an Extra Ordinary General Meeting on or before July 1, to appoint a new board of directors.

It said that the new board of directors would subsequently select a management team for Oando Plc.

The commission reiterated its commitment to maintaining the integrity of the stock market.

NAN reports that SEC took the decision following the conclusion of a forensic audit of Oando Plc.

Secondary school pupil dies after taking beverage laced with Sniper

The family of Favour Ekemedili, a Senior Secondary School 1 pupil of the Cedar College, Baruwa, in the Ipaja area of Lagos State, has been thrown into mourning after she allegedly died of drinking a beverage said to be laced with an insecticide, Sniper, on the school premises.

PUNCH Metro reports that Favour was in the classroom receiving lectures with her classmates when she allegedly took the beverage.

Immediately after consuming the beverage, it was learnt that she started complaining of severe stomach ache and was rushed to the school’s sickbay for urgent medical treatment.

While the nurse on duty was examining her to ascertain the cause of the discomfort, our correspondent gathered that Favour’s classmates, who saw when she took the beverage, were said to have showed the school management the leftover.

The beverage, after being examined, was discovered to be laced with Sniperand this prompted the school management to rush her to the General Hospital.

The Principal of the school, Samuel Adeliyi, said the management discovered that the beverage that Favour took was the cause of her stomach ache, because her classmates saw when she consumed it.

While commiserating with the bereaved family, the principal said the school management had paid a condolence visit to the family.

Adeliyi said, “On that faithful day, the first period was over and the teacher had left the class for the next teacher to come in. While they were waiting for the next teacher to come in, the girl (Favour) stood up, brought out the drink from her bag, went to the window and started drinking it.

“As she was drinking it, she poured some quantity through the window. Her classmate even challenged her for pouring the beverage away, but she didn’t answer them and as the next teacher entered the class, she threw the bottle away through the window.

“Three minutes later, she started complaining of stomach ache and she fell down. The classmates quickly rushed her to the sickbay and while she was being attended to by the nurse, her classmates, who went in search of the bottle, brought it to the sickbay to show the nurse what she took. When they smelled the content, they realised that the drink was Sniper. So, the nurse realised that the case was beyond the capacity of the sickbay and rushed her to the hospital that the school uses.”

When contacted, the deceased’s mother, Nkem, blamed the school management for not properly monitoring her daughter while in their care.

“I don’t have any issue; I leave everything to God. Whatever I say cannot change what has happened. My daughter left my house and went to school; while in the class, was she monitored? But I leave everything to God because whatever I say cannot bring back my daughter,” she stated.

The Lagos State Police Public Relations Officer, Bala Elkana, in a statement on Sunday, said Favour died while receiving treatment at the Lagos State University Teaching Hospital.He added that the remaining content of the beverage bottle had been taken to the laboratory for testing.

He stated that the Homicide Section of the State Criminal Investigation and Intelligence Department had commenced investigation into the incident.

Elkana said, “On Thursday, May 30, 2019, around 5.40pm, the Ipaja Police Station received a complaint from the Cedar College, Baruwa, that on the same date around 9am, one Favour Ekemedili, an SS1 pupil complained of severe stomach ache and was rushed to the school’s sickbay. The school’s sickbay immediately moved her to the general hospital, which in turn referred her to the Lagos State University Teaching Hospital, where she was admitted for medical attention.

“Her parents were contacted by the school authority. She died around 6pm while receiving treatment. Her friends, who witnessed the incident, stated that the stomach ache started after the girl took a beverage, known as Fanjuice. On a close check of the bottle, it was discovered that it contained an insecticide known as Sniper and not the beverage. The chemical substance was taken for laboratory testing. Homicide detectives from the SCIID are investigating the case.”

Gov. Makinde appoints Taiwo Adisa as CPS

Gov Seyi Makinde of Oyo State has appointed Mr Taiwo Adisa, an editor with the Nigerian Tribune Newspapers, as his Chief Press Secretary.

The appointment, which takes immediate effect, was confirmed in a statement signed by the Chief of Staff of the governor, Chief Bisi Ilaka, and made available to newsmen in Ibadan on Monday evening.

Until his appointment, Adisa was the Group Politics Editor and Abuja Bureau Chief of Tribune Newspapers.

” He had earlier served as Special Assistant (Media Relations) to former President of the Senate, Senator Adolphus Wabara between 2003 and May 2005.

”He was educated at the University of Ibadan where he earned BA and MA degrees in Communication and Language Arts.

”He had an illustrious career in Journalism spanning The News Tempo Magazines, The Punch Newspapers and lately Tribune which he joined in July 2005.

”Apart from serving as the Group Politics Editor and Abuja Bureau Chief of Tribune, he also runs a weekly column in the Sunday Tribune called The Lynx-Eye, which he uses to dissect political developments across the country.

”Adisa, who hails from Ogbomoso South Local Government of the state, is currently undertaking a Ph.D programme in Media Arts at the University of Abuja,” the statement said. (NAN)

Sanwo-Olu signs N873bn 2019 Lagos budget

Babajide Sanwo-Olu, governor of Lagos state, has signed the 2019 budget of the state into law.

The N873 billion budget was signed on Monday.

According to the budget breakdown, 45% (N393,841,387) of the budget will be dedicated to recurrent expenditure while 55% (N479, 691, 775) is to be utilised for capital expenditure.

Akinwunmi Ambode, former governor of the state, had submitted a budget proposal of N852,316,936,483 to the Lagos state house of assembly on February 5, 2019.

Before he submitted the proposal, the ex-governor was threatened with impeachment for the delay.

The proposal was increased by N21 billion after deliberations by the lawmakers and it was passed on April 30, 2019.

Sanai Agunbiade, majority leader, had accused Ambode of spending budget estimates without being presented to the house.

“We want the public to know that the major issue in contention is the 2019 appropriation bill, which by now we feel should have been before the house,” he had said.

“Unless the budget is laid before the house, there is no budget before the house of assembly. We were willing to take the budget, but we didn’t have the budget.

“We now discovered that expenditures are being incurred and warrants have been issued in respect of the budget that has not been laid before the house.

“This we found inappropriate, and before this also, we have found some infractions in the 2018 budget, where we discovered that some expenditures were made outside the budget without the approval of the house.”

 

Zamfara to spend N83m on Sallah cows

Bello Matawalle, governor of Zamfara, has approved N83 million for the purchase of 750 cows for Eid-el-Fitr celebration.

Idris Gusau, the governor’s spokesman, disclosed this in a statement.

He said the cows will be distributed to the less-privileged, internally displaced persons (IDPs), orphans and widows in the 147 wards of the 14 local government areas in the state.

The spokesman said the measure is part of the present administration’s commitments to improve the welfare of the people.

“The cows would be slaughtered and shared to enable them to celebrate Eid- el-Fitr despite the current economic hardship and security challenges confronting the state,” he said.

Matawalle urged residents of the state to use the ongoing Ramadan period and the forthcoming celebration to pray for peace, stability and development of the state.

The federal government has already declared Tuesday, June 4 and Wednesday, June 5 as public holidays for the celebration.

Matawalle was declared winner of the Zamfara governorship election by the Independent National Electoral Commission (INEC) after the supreme court nullified the candidacies of all All Progressives Congress (APC) contestants who participated in the state election.

Presidential panel recommends state, LG police, dismissal of 37 officers

The Presidential Panel on Reform of the Special Anti-Robbery Squad (SARS) of the Nigeria Police Force (NPF) has recommended the establishment of state and local government police.

Mr Tony Ojukwu, Chairman of Panel/ Executive Secretary, National Human Rights Commission (NHRC), disclosed this when the panel submitted its report to President Muhammadu Buhari on Monday at the Presidential Villa, Abuja.

The panel also recommended the dismissal of 37 police officers and 24 for prosecution.

Buhari, had in August 14, 2018 directed NHRC to constitute a Special Panel to investigate allegations of human rights violations and abuse of office against SARS and the Nigeria Police Force.

The panel was also mandated to recommend the reform or restructuring among other appropriate recommendations to improve public safety and security in the country.

Ojukwu said that the panel was accordingly constituted and comprised representatives of relevant institutions.

He said that the Panel called for and received 113 complaints on alleged human rights violations from across the country and 22 memoranda on suggestions on how to reform and restructure SARS and the Nigeria Police in general.

Ojukwu said that the panel sat in the six geo-political zones of the country to afford complainants and the police the opportunity to present and defend the allegations.

“At the end of its public hearing and having listened to complaints as well as
defendants and their counsel, the Panel recommended 37 Police officers for dismissal from the force.

”Twenty four were recommended for prosecution. The panel also directed the Inspector General of Police to unravel the identity of 22 officers involved in the violation of the human rights of innocent citizens.

“The police was directed to pay compensation of various sums in 45 complaints and tender public apologies in five complaints and directed to obey court orders in five matters.”

He said that the police was directed to immediately arrest and prosecute two retired senior police officers found to have violated the rights of citizens (one for extra-judicial killing and the other for illegal takeover of Property of a suspect).

The chairman said that the panel also recovered two vehicles illegally auctioned by SARS Officers and returned them to their owners.

He listed some of the other key recommendations of the panel to include:
“Significant improvement in the funding, kitting and facilities of the Nigeria
Police Force; strengthening Information and Communication Technology of the Force.

“Establishment of State and local government police, institutionalising a Special Investigation Panel to annually hear and determine complaints on alleged human rights violations against operations of the Nigeria Police Force;

“Strengthening the Police Rapid Response Complaints Unit of the Nigeria
Police and other internal complaints mechanisms of the Force to make
them more responsive.

“Renaming the Special Anti—Robbery Squad (SARS) to Anti-Robbery Section
(ARS) which was its original name and to make the section operate under
the intelligence arm of the Police from the divisional, area command, state
command, zonal command up to the Force Headquarters level.

”This will also remove the stigma presently associated with the name SARS.

“Ensuring the ARS limits itself to tackling armed robbery while other intelligence and operational units are strengthened to perform their various special tasks.”

Buhari said the panel was constituted as a result of public outcry and various media reports on allegations of human rights violations perpetrated by officers and men of SARS.

He said that reforming the Nigeria Police Force in line with Nigeria’s laws and international best practices had been one of the major policies of the administration.

“In order to reposition the Nigeria Police Force to effectively carry out its statutory responsibilities, I have taken major steps by increasing the workforce of the Nigeria Police as well as improving the welfare of Police officers, because they put their lives on the front line on a daily basis so that the rest of us may freely go about our business in safety.

“However, in carrying out their statutory responsibilities, the police must at all times act within the ambit of the law and must not violate the fundamental human rights of Nigerians whom they have sworn to protect.

“Where the rights of Nigerians are violated by police officers while discharging their functions, the government has a responsibility to address the instances of violation in line with its human rights obligations and ensure that such Police Officers are held accountable for their actions.

“It is in recognition of our obligations under the Constitution of the Federal Republic of Nigeria and International Human Rights Laws, that this Administration decided to set up this Presidential Panel and directed the National Human Rights Commission (NHRC) to constitute its membership in order to investigate the various public outcries and media reports alleging human rights violations against citizens by officers of SARS.

“The panel was empowered to make appropriate recommendations not just for holding Police Officers found wanting accountable, but also, on ways SARS and by extension, the Nigeria Police could be generally reformed,’’ he said.

JUST IN: Police storm Oando’s head office, staff denied entry

Staff members of Oando Plc have been forced to stay away from work as policemen stormed the Wings Towers Victoria Island, Lagos head office of the company on Monday morning.

The Securities and Exchange Commission announced on Sunday night that it had set up an interim management team to oversee the affairs of Oando following the order that the company’s Group Chief Executive Officer, Mr. Wale Tinubu, and other affected board member should resign.

Our correspondent who visited Oando’s Wing Office Complex located on Ozumba Mbadiwe Avenue, Victoria Island, observed policemen numbering over 10 at the entrance of the complex, which houses other companies.

They later moved into the complex.

A staff member, who spoke with our correspondent in confidence, said, “We got a message late last night about the interim management. So for the safety of staff because we are not sure of the way things will go, we did not come to the office.

“Some people still came to work this morning, but if you go to work and you see police everywhere, you are most likely to turn back. Fear will make you turn back and go home. So, that has been the situation.”

Security officers at the complex told our correspondent that some staff members of Oando were denied access to their office at the instance of their (security officers’) supervisor.

SEC said in a statement on Sunday, “Further to our press release on Oando Plc, dated May 31, 2019, the commission hereby informs the public of the constitution of an interim management team headed by Mr Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and conduct an Extraordinary General Meeting on or before July 1, 2019 to appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc.

SEC had on Friday announced the conclusion of the investigation of Oando and ordered the GCEO of the company, Tinubu, and other affected board members to resign.

The apex capital market regulator also said it barred Tinubu and the Deputy Group Chief Executive Officer of the company, Mr Omamofe Boyo, from being directors of public companies for a period of five years.

The commission said findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses, “stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, among others.”

Oando, however, said the “alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.”

You lack the capacity to lead APC, Oyegun blasts Oshiomhole

Chief John  Odigie Oyegun, former national chairman of the All Progressives Congress (APC), says Adam Oshiomhole, his successor, lacks the capacity to lead a political party in the 21st century.

Oyegun accused Oshiomhole of degrading and demarketing the APC, rather than seeking to bring more people on board.

He was reacting to the allegation of some APC stakeholders that he set a trap for Oshiomhole.

Chairmen of the APC in south-south states made the allegation in reaction to the demand of Lawal Shuaibu, deputy chairman of the APC in the north, that Oshiomhole should resign.

But speaking through Ray Morphy, his public affairs adviser,  Oyegun said he should not be the one to be held accountable for Oshiomhole’s “agbero style of engagement” which has “chased people out of the party”.

“That statement of Booby Traps is ludicrous and infantile , an attempt to drum up justification for the failings of the party under Oshiomhole Chairmanship. Oshiomhole failed because he lacks the temperament that is required to run a political party,” he said in a statement.

“He lacks the capacity to manage the different interests and tendencies that constitute a political party. He engages his mouth before engaging his mind, so he offends party members. So, how does that constitute booby traps by Oyegun, the erstwhile chairman.

“Already, the Deputy National Chairman has confirmed that Oshiomhole runs the party with recourse to the NWC. He acts in direct opposite of decisions taken by NWC. No minutes of NWC meetings which in any event take place outside the party Secretariat.

“How would you not have crisis in states with the confusion that Oshiomhole created when he gave the states freedom to choose their methods of choosing candidates for elections. Much of the crisis in states arose out of sheer incapacity on the part of the current chairman. How has this Oshiomhole incapacity become booby traps by Oyegun.

“Many party men were aghast at the unfairness and injustice meted them during the primaries process. Only a bad carpenter quarrels with his tools. Indeed Oshiomhole is degrading and demarketing the party, rather than seek to bring more people on board.”

MFM suspends Abuja pastor who raped, impregnated teenager

 

The Mountain of Fire and Miracles Ministries on Monday slammed an indefinite suspension on the ‘Pastor’ of its branch in Life Camp area of Abuja, David Onyekachukwu, over an indecent relationship with a 16-year-old girl.

The church, however, said Onyekachukwu is “not an ordained Pastor” and has been arrested by the police.

The MFM premised the indefinite suspension on its investigation which established that the ‘Pastor’ raped the girl and consequently resulted in pregnancy.

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP), had arrested the 48–year-old pastor in Abuja for alleged rape and sexual exploitation of a 16-year-old orphan.

NAPTIP’s Head, Press and Public Relations Unit, Stella Nezan, disclosed this in a statement on Sunday in Abuja.

Nezan alleged that the suspect, a pastor in the Mountain of Fire and Miracle Church (MFM), Gwarimpa branch, impregnated his victim in the process.

She said that the suspect, who volunteered to provide shelter for the girl and deliver her from evil spirit after she had been accused of witchcraft, took advantage of the situation.

“NAPTIP operatives effected arrest of one pastor with MFM in Gwarimpa, Abuja, for rape, sexual molestation and impregnating a 16-year-old orphan.

“The suspect from Nsukka in Enugu State, was said to have volunteered to provide shelter and also conduct deliverance on the girl after she lost her parents and was accused of witchcraft.

“But he took advantage of the vulnerability of the innocent girl and repeatedly devoured her sexually,” she said.

Nezan said that the victim, a Junior Secondary School (JSS) student in Abuja had lived with the pastor, a widower, and his daughter for sometimes before the sexual exploitation started.

The suspect was said to have confessed to committing the crimes “only twice” and blamed it on the devil.

“The victim, a JSS2 student of one of the government schools in Abuja, suddenly dropped out of school and was in dire need of accommodation shortly after the death of her parents in 2018.

“Investigation revealed that the pastor was living with his daughter in the same compound with the victim’s deceased parents in Karmo, a suburb of Abuja, and volunteered to assist her in her education.

“According to the victim, after the first year of their living together, the pastor started making love advances toward her, an action she constantly resisted.

“She narrated that the first time the pastor raped her was in March, after her birthday outing,” Nezan said.

She added that the pastor continued to rape her afterwards and it resulted in pregnancy.

“During interrogation, the pastor confessed to sexually abusing the girl only twice and attributing the evil act to the devil,” she added.

Meanwhile, the Director General of NAPTIP, Ms Julie Okah-Donli, has described the action of the suspect as the highest form of wickedness against a fellow human being.

Okah-Donli promised that the case would be diligently prosecuted in order to secure justice for the victim.

SEC sets up interim management team for Oando

 

The Securities and Exchange Commission said on Sunday that it had set up an interim management team to oversee the affairs of Oando Plc.

SEC said in a statement, “Further to our press release on Oando Plc, dated May 31, 2019, the commission hereby informs the public of the constitution of an interim management team headed by Mr Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and conduct an Extraordinary General Meeting on or before July 1, 2019, to appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc.

“The commission wishes to reiterate its commitment to maintaining the integrity of the market.”

SEC had on Friday announced the conclusion of the investigation of Oando and ordered the Group Chief Executive Officer of the company, Mr Wale Tinubu, and other affected board members to resign.

The apex capital market regulator also said it barred Tinubu and the Deputy Group Chief Executive Officer of the company, Mr Omamofe Boyo, from being directors of public companies for a period of five years.

It also directed the convening of an extraordinary general meeting on or before July 1, 2019, to appoint new directors.

The commission said findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses, “stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, among others.”

Oando, however, said the “alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.”

Staff lock up SEC premises over court order to reinstate Gwarzo

The staff of the Securities and Exchange Commission (SEC) have locked up the commission’s building according to reports.

The workers’ union is protesting a court order to reinstate Mounir Gwarzo as the director general of the commission.

Gwarzo had been suspended by Kemi Adeosun, former minister of finance, over allegations of corruption and abuse of office.

He was accused of collecting severance package worth N104.85 million while still in service in violation of the civil service rules.

However, the industrial court recently ordered that he be reinstated on grounds that the minister lacked powers to suspend him since he is not an employee of the commission.

He said that the minister, in the absence of the board, only had supervisory power, which does not include disciplinary power to suspend the DG.

Sanusi Kado, justice of the industrial court, held that it was only the permanent secretary in the ministry of finance, on the directive of the president, who had the power of suspension.

Three persons in trouble for invading Okorocha’s home

Police in Imo have arrested three domestic staff in connection with the invasion of the country home of the immediate past governor of the State, Rochas Okorocha.

The State Commissioner of Police, Rabiu Ladodo, said that the State Command swung into action immediately it got a hint of the raid on the former governor’s home.

Ladodo said that the preliminary investigation carried out by the Command showed that it was internal sabotage.

He said that three domestic staff of the ex-governor including one of the cooks had been arrested by the Police.

Ladodo said that the Closed Circut TV footage obtained by the Police showed that the act which led to the invasion of Okorocha’s bedroom was allegedly masterminded by those working in the house.

According to him, “we have arrested three domestic staff of the immediate past governor.

“Preliminary investigation carried out by us showed that the invasion was carried out by those who are working there.

“We have obtained the CCTV footage in the house and that has helped our investigation.

“The footage showed that the invasion was purely an internal sabotage. We have arrested three domestic staff.  We equally arrested the Cook.”

“I want to assure Imo people that we are on top of the situation and we are doing everything possible to ensure that nothing is left undone in making sure that justice prevailed.”

SEC alleges Oando over-deducted tax from shareholders’ dividend

Documents made available by the Securities and Exchange Commission has shown that Oando over-deducted withholding tax from the dividends paid to shareholders.

The company was reported to have deducted 24% of dividends as withholding tax instead of the 10% stipulated by the Federal Inland Revenue Service (FIRS).

Withholding tax is an informal tax that is usually deducted from fees to be paid by a company that engages the service of another company.

Apart from the over-deducting allegations, the company was also accused of violating other tax laws including those related to company income tax act and value-added tax act.

According to the SEC, the violations have been referred to the FIRS.

In response to the allegations, Oando said: “The Company denies that it deducted and/or remitted any amount in excess of the statutory 10% Withholding Tax deductions from the dividend paid to shareholders in 2014 as required by the Companies Income Tax Act (CITA). We put the SEC to further proof of this allegation.

“We also note that the SEC has clearly exceeded the remit of its powers by alleging non-compliance with ‘several tax laws such as the Companies Income Tax Act, Value Added Tax Act etc’…We respectfully request that the Commission restricts its regulatory oversight to the matters permitted by the applicable law.”

The company was also accused of corporate governance lapses arising from poor government oversight. This, it said, resulted in irregular approval of directors’ remuneration and unjustified disbursements to directors and management of the company.

Within 2012 and 2015, some insiders were alleged to have sold shares of the company during closed periods.

The insiders include Ocean and Oil Investment Limited represented by Jubril Adewale Tinubu, Godwin Omamofe Boyo, Francesco Cuzzocrea and ECP African Fund II PC (a company in which Nana Appiah-Korang was a director).

In response, Oando said it is “not in a position to provide a response regarding alleged actions of shareholders as these are independent and separate legal entities”.

Fictitious profits

“In 2013, Oando PLC reported the sale of its subsidiary Oando Exploration and Production Limited (OEPL), to Green Park Management Limited without obtaining the approval of the commission, (in violation of the provisions of the Investment and Securities Act (ISA) 2007) and the consent of the Minister of Petroleum (As required under the Petroleum Act,1969),” the report read.

“The purported sale of OEPL enable Oando PLC to report a profit instead of a loss, thereby misstating its Financial Statements in 2013 and 2014 and consequently misleading investors. This ‘fictitious’ profit reported in 2013, enabled Oando PLC to declare dividends.

In response, the company denied that the sale of OEPL in 2013 was fictitious or orchestrated to enable the company to record a profit and pay dividends.

The following directors have been asked to refund N145,767,316 to the company which was paid to them as remuneration and benefits.

“In view of the gravity of the corporate governance lapse and internal control failures observed in the company, every person who sat on the Board of the company (Micheal Adetoun Gbadebo, the Alake of Egbaland, Mobolaji Osunsanya, Olufemi Adeyemo, Oghogho Akpata, Sena Anthony, and Ammuna Lawan Alli) when the failures occurred have been asked to resign or be barred from serving as a director in any public company for a period of five years.

SEC fines

SEC has directed that Oando pay the following fines:

  • N8,450,000 for publishing untrue statement in its 2012 financial statements, in violation of rule 3 (4) of the SEC Rules and Regulations, made pursuant to the ISA 2007.
  • N7,850,000 for publishing untrue statements in its 2013 financial statements, in violation of rule 3 (4) of the SEC Rules and Regulations, made pursuant to the ISA 2007.
  • N42,750,000 for non-disclosure of related party transactions in its 2012 financial statements, in violation of rule 39 (1&7) of the SEC Rules and Regulations, 2013, made pursuant to the ISA 2007
  • N30,625,000 for non-disclosure of related party transactions and its 2014 financial statements

The company has since said that it would challenge the SEC ruling insisting it was not given a hearing.

Newly-crowned world champion Andy Ruiz Jr will bank just £5million after producing one of the greatest heavyweight upsets in history against Anthony Joshua at Madison Square Garden.

The Mexican underdog knocked the Brit down four times, forcing a seventh-round stoppage. But it is Joshua who will earn the lions’ share of the fight purse.