This was contained in a circular posted on SEC’s website on Monday and obtained by the News Agency of Nigeria .
SEC also instituted an interim management to appoint new board of directors and management team for Oando.The circular said the company had reached a settlement with the commission on immediate withdrawal of all legal actions filed by it and all affected directors. “Part of the terms required the submission by the company of quarterly reports on its compliance with the terms of the Settlement Agreement; the Investments and Securities Act, 2007; the SEC Rules and Regulations; the National Code of Corporate Governance and the SEC Guidelines to the Code of Corporate Governance.
“The commission in its letter to the company dated May 31, 2019, gave certain directives and imposed sanctions on the company, following investigations conducted pursuant to two petitions filed with the commission in 2017.
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