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Police Storm Oando Head Office To Enforce SEC’s Order

Some officials of the Nigeria Police Force on Monday took over the Ozumba Mbadiwe, Lagos head office of Oando Plc as the Securities and Exchange Commission (SEC) seeks to enforce the removal of the management of the company that was announced last week.

When reporters visited the building, the security personnel were seen at the entrance of the complex. It was also gathered that operations at the oil and gas company was shut down as staff could not access their offices.

SEC had on Sunday constituted an Interim Management Team (IMT) headed by Mr. Mutiu Sunmonu, to oversee the affairs of Oando Plc and conduct an Extra Ordinary General Meeting on or before July 1, 2019.

Although other members of the IMT were not disclosed, SEC said in a terse statement issued last night that the team was to also appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc.

The head of Oando Plc Interim Management Team (IMT) 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.

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