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REAL REASONS BEHIND WALE TINUBU, EGO BOYO’S SACK FROM OANDO

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The Securities Exchange Commission (SEC) has removed Wale Tinubu and Mofe Boye as Group Chief Executive Office of Oando Plc and Deputy respectively and barred them from being a director in a public company for the next five years.

This is coming on the heels of the SEC investigation of Oando Plc following the receipt of two petitions by the commission in 2017 against the company.

According to SEC, “Certain infractions of securities and other relevant laws were observed. The commission further engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The 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, amongst others.”

The Commission also directs that some members of the Board of the group should resign immediately while it also directs payment of monetary penalties by Oando to affected individuals and directors and refund remuneration.

The commission also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected board members to the company.

It said as required under Section 304 of the Investments and Securities Act, (ISA) 2007, it would refer all issues with possible criminality to the appropriate criminal prosecuting authorities.

SEC stated that other aspects of the findings would be referred to the Nigerian Stock Exchange, Federal Inland Revenue Service, and the Corporate Affairs Commission.

The apex capital market regulator said, “The commission is confident that with the implementation of the above directives and introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced.

“Therefore, in line with the Federal Government’s resolve to build strong institutions, boards of public companies are enjoined to properly perform their fiduciary duties as required under extant securities laws.”

According to the commission, these, among others, are part of measures to address identified violations in the company.

However, the commission maintains its zero tolerance to market infractions, and reiterates its commitment to ensuring the fairness, integrity, efficiency and transparency of the securities market, thereby strengthening investor protection.

It also directed the convening of an Extraordinary General Meeting on or before July 1, 2019, to appoint new directors.

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Insiders Tip Ibadan Billionaire, Kola Karim As Oyo Next Governor (the Seyi Makinde’s Conection)

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Shoreline Natural Resources boss, Kola Karim has been named as one of the men forming a line-up to succeed the Oyo State governor, Engineer Seyi Makinde in 2027.

 

Karim’s name appears on the list judging by his recent closeness with Governor Makinde and the strong belief that the Governor recently expressed his wish to support a technocrat and not just a politician.

 

Pundits in Oyo State had earlier predicted a force in the boss of Ilaji farms, Engineer Dotun Sanusi, hinging his strength to his closeness to President Bola Tinubu and his contribution in the last election that brought in Governor Makinde, also his deep purse which is considered as a major factor was not ruled out, but the billionaire turned down the request, citing business concerns and other reasons.

 

Kola Karim on the other hand is being considered as he had earlier toyed with the idea, sharing his ideas and dream with friends and associates.

 

The billionaire who holds the title of the Agba-Akin of Ibadanland is said to be leaning on his background, political connections and goodwill to sail his ambition.

 

The names of other titans like Senator Teslim Folarin, Minister of Power, Bayo Adelabu, Honorable Taofeek Arapaja, Senator Sharafadeen Alli also featured on the list of would-be contestants.

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Protest As Yahaya Bello’s Successor Names Chief Of Staff

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A group, Kogi Frontline Solidarity has condemned the approval of Ali Bello by the new Kogi State Governor, Ahmed Ododo as his Chief of Staff.

 

The new Governor who took over from former Governor Yahaya Bello while making his first appointment named Ai Bello his Chief of Staff, a move regarded by the group as demeaning and embarrassing.

 

The group secretary of Kogi Frontline Solidarity, Afiz Buawa made this disclosure in a statement he sent to journalists.

 

In the email, Buawa hinted that the new Chief of Staff aside from being the nephew to the former Governor is under investigation by the EFCC for misappropriation.

 

In the message, the Secretary queried the decision saying ‘you can see the level of people running the affairs of Kogi. It’s obvious that all the appointments made so far was done by Yahaya Bello. You can just do the simple maths that the new Chief of Staff, aside from being his nephew is one of the people that stole from the State and we are saying no to his appointment. Let him clear himself from EFCC first. It’s rather shameful that Kogi is running a one-man-show’.

 

The Kogi Frontline Solidarity has vowed not to stop fighting till the appointment is reversed claiming Ali Bello as the Chief of Staff in this new government will give a wrong impression and determine how the State would be run in the next 4 years.

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Photos: LAUTECH Honours Hassan Tukur, Others With Honorary Degrees

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written by Ayotunde Ayanda

 

Former Principal Secretary to ex-President Goodluck Jonathan, Ambassador Hassan Tukur was honored with a doctorate degree by the Ladoke Akintola University of Technology, Ogbomoso.

 

The induction was part of the programmes at the 16th convocation of the institution where other well meaning Nigerians like Tayo Adiatu, Air Vice Marshall Jacob Adigun, Madam Victoria Samson were all decorated with honorary degrees.

 

Tukur, in his speech said ‘ this award means a lot to me because I was supposed to be a lecturer. I’ve been honoured and awarded in many countries like the Equitorial Guniea, Cote de Voire and Niger Republic and I’ve gotten national honours for the services I rendered, but this is unique because I actually wanted to become a lecturer and being recognized in the academic world which I’ve always hoped to be part of, so it’s unique and appreciated. I’m from Adamawa State and LAUTECH recognised me, you can see the importance’.

 

Present at the ceremony were the Governor of Osun State, Demola Adeleke, Deputy Governor of Oyo State, Barrister Bayo Lawal, Professor Wale Omole, Streetjournal publisher, Wole Arisekola, IKEDC Director Sir Nelson Ahaneku, Hajia Asmau Tukur, Professor Mohammed Kaoje, Dr Nurudeen Mohammed, Professor Abdulahi Tukur, Ahmed Dangana, Molgengo Kaltungo, Kashim Tusmah, Bamanga Usman, Amina Bakari.

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