JOHANNESBURG – NIGERIAN police on Monday stormed the head office of beleaguered JSE and Nigerian Stock Exchange-listed Oando after the Nigerian Securities Exchange Commission (SEC) ruling that the board and executive be barred from participating in the company’s activities on Friday.
The commission stipulated fines against the oil and gas company for infractions uncovered in a two-year investigation.
The SEC on Sunday night announced that it had set up an interim management team to oversee the affairs of Oando, following the order that group chief executive Wale Tinubu and other affected board member should resign.
The directive was followed by yesterday morning’s raid, which led to staff returning home after finding the workplace swarming with police.
“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,” an anonymous staff member was quoted as saying yesterday.