Two directors ditch Oando amidst SEC fiasco

Oando Plc yesterday announced the resignation of two of its Non-Executive Directors with immediate effect starting  June 3, 2019. This announcement which was made public on the Nigerian Stock Exchange (NSE) website comes amidst the ongoing Fiasco between the management of the company and Nigerian capital market regulator, Securities and Exchange Commission (SEC).

“Sena Anthony and Oghoho Akpata were active members of the Board and its subcommittees. The board and management of Oando PLC appreciate their valuable contributions to the growth of the Company,” Oando said in a statement.

Oando and SEC have been in the news with regards to a press release by the SEC on the investigation against Oando following two petitions in 2017. This press release has received a lot of criticism and compliment from different people, especially those that matter in both the financial and oil and gas sector.

Although Non-Executive Directors do not engage in the daily management of activities in a company they engage in policymaking and planning exercises in a company. It is worthy to note that this is not good news for the company. The directors’ resignation is bad news for the company and could either mean that both Non-Executive Directors are unhappy with the outcome of the forensic report or they are the affected board directors that were asked to resign.

In the press release by SEC, the resignation of the affected Board members of Oando Plc, are part of the measures to address the violations by Oando.

Sena Anthony was appointed as Independent Non-Executive Director of the company in January 2010. Prior to her appointment, she worked with the Federal Ministry of Justice before joining the Nigerian National Petroleum Corporation (NNPC) in 1978. She was appointed Group General Manager, Corporate Secretariat and Legal Division, as well as the secretary to the NNPC in July 1999 and was promoted to the level of Group executive director on 6 May 2007.

Oghogho Akpata was appointed as an Independent Non-Executive Director of the company in November 2010. Oghogho is also the Managing Partner and Head of the Energy and Projects Group at Templars Barristers & Solicitors. Akpata possesses 20 years of experience in the transactional dispute resolution aspects of the Nigerian oil & gas sector and advises a broad range of clients including international oil companies, oil service contractors and a number of multinationals operating in Nigeria.