Many, especially members of the business community, were shocked last Friday when the Security and Exchange Commission, SEC, ordered the Group Chief Executive Officer, Oando Plc, Wale Tinubu, and his Deputy, Omamofe Boyo, to immediately resign from the leading oil firm over alleged infractions and breach of stipulated rules of SEC. The order, which was relayed via a syndicated press release, also announced an interim management Board, which will convene a special general meeting of shareholders, where new management board would be selected and inaugurated. However, the severity of the penalties and the timing of the release have roused public curiosity as to the motive and the basis for the penalties. Speaking during a press conference held at the Company’s head office, the Chief Operating Officer, Oando Energy Resources, Dr. Ainojie ‘Alex’ Irune, said: “We were not given a chance to review and respond to the outcome of the report. You do not sentence a person to death without giving him or her a chance to defend him or herself. ” In this instance, we have been sentenced to death without knowing what our crime is or being given a chance to defend ourselves. “At the barest minimum, best practice requires that you give the person a chance of a fair hearing. We have not been accorded this opportunity.” Irune further explained that when the company made the decision to drop its court case challenging the SEC’s decision to carry out a forensic audit, it was assured that it could trust the system for an independent investigation that would be fair and follow due process. He explained further that the Management agreed to the forensic audit, having been assured that it would be done in the spirit of transparency, cooperation and full disclosure. Since the development, which many have described as “draconian”, echoes of Oando’s sentiments seem to be resounding across the country, with everyone wanting to know what the Oando management had done to warrant such stringent penalties. Amidst the increasing wave of criticisms of the SEC order, renowned banker, Atedo Peterside, Founder, Stanbic IBTC, wondered why the SEC would not share the findings of the forensic audit with Oando, thereby giving the management an opportunity to defend itself. Atedo, who expressed his sentiment through the social media, went further to challenge the SEC to share the forensic audit findings and Oando’s response with the general public for all to judge. According to a source, the forensic audit report was ready and submitted by Deloitte and Touche as far back as December 2018, adding that “The reason SEC decided to sit on the report for six months without engaging Oando where necessary remains a mystery yet to be unraveled. “It also brings to mind the famous quote that “power corrupts, but absolute power corrupts absolutely”. Is this a case of abuse of power or has someone been put under duress to release the report without any regard for due process? What are the details of the infractions as opposed to a summary and what are the associated penalties for each infraction according to the SEC rule book?” The oil giant also wrote a five- page letter dated June 1, 2019, and addressed to the acting Director- General, SEC, Mary Uduk, demanding the withdrawal by SEC of the penalties listed in the letter within three days. Also, in the letter, the Company insisted that the findings were largely unfounded and remained unsubstantiated in the absence of any representation before the regulator arrived at its sanctions. Oando also demanded that it should be given the findings of the forensic audit as well as an opportunity to defend itself. Another source disclosed that SEC officials are playing out a script, after allegedly receiving a bribe from Volpi owned by Gabriele Volpi, an Italian-born Nigerian businessman, who is also a business partner and close ally of the Peoples Democratic Party’s presidential candidate in the last general election, Atiku Abubakar. ” It is well known to many that SEC sinks with corruption that was the reason it former DG was accused of fraud by the ICPC. ” A source added. It was gathered that it is an agenda to wrestle the company from Tinubu, in order for them to use the Oando resources for Abubakar’s court proceedings since the Nigerian Ports Authority (NPA) terminated its boats pilotage monitoring and supervision agreement with one of its cash cow, Intels, for failure to pay $145 million in revenues to the Federal Government’s Treasury Single Account ( TSA). Shortly after the purported order by the SEC , Volpi, the Chairman and main shareholder of Intels Nigeria Limited, who has been having a running battle with Tinubu and Boyo over the control of the oil and gas company, commenced a desperate move for the soul of the company that Tinubu sweat to build from the scratch. It was disclosed that Volpi has begun consultations since last weekend and is desperate to join Dahiru Mangal to join him, despite Mangal making peace with Tinubu and Boyo and appointing three directors into Oando Plc. But they would have no quorum to convene the board and take decisions. However, on Monday, June 3, Tinubu floored SEC at the Federal High Court in Lagos. In a ruling, Justice Mojisola Olatoregun restrained the SEC from removing Tinubu and Boyo as Oando Plc’s Group Chief Executive Officer and Deputy Group Chief Executive Officer, respectively. Justice Olatoregun granted the interim injunction, following an application filed by both Tinubu and Boyo. The Oando chiefs had applied for enforcement of their fundamental rights. The court also restrained SEC, its servants or agents from taking any step concerning the Commission’s letter dated May 31 in which it barred Tinubu and Boyo from being directors of a public company for five years. Justice Olatoregun also restrained the Commission from imposing a fine of N91.13 million on Tinubu. The Judge also ordered SEC to restrain from all actions on the said letter pending hearing and determination of the applicants’ motion for an interlocutory injunction. Justice Olatoregun restrained Mutiu Sunmonu from acting as the Head of Oando’s interim management team pending the hearing and determination of the motion.
In a dazzling display of digital innovation, Tingo AI Radio—Africa’s first AI radio—hosted a meet and greet that brought together indigenous communities and tech enthusiasts in Lagos. The event showcased an array of mind-blowing robotic automations and AI-driven innovations designed to transform local industries. Live demonstrations featured robots assisting in tasks such as precision agriculture and digital storytelling that captured the cultural heritage of the community. “This event has opened our eyes to a new era of possibilities,” exclaimed community elder Mr. Babatunde. Engaging panel discussions provided insights into how AI can revolutionize education, commerce, and traditional crafts. Interactive booths allowed participants to experiment with digital technologies, while experts emphasized the importance of ethical innovation. Tingo AI Radio’s status as the first AI radio in Africa lent a visionary edge to the proceedings, underlining its role as a trailblazer in merging advanced media with indigenous traditions. The day concluded with a shared sense of optimism and determination to embrace future opportunities that will bridge the gap between heritage and technology. This landmark event has set the stage for ongoing initiatives aimed at empowering local communities through digital transformation.
Operatives of the Nigeria Police Force have killed the abductors of Folashade Odumosu, the wife of former Assistant Inspector General of Police, Hakeem Odumosu.
The Force Public Relations Officer, Olumuyiwa Adejobi, who disclosed this to Channels TV on Thursday morning, said the victim also regained her freedom on Wednesday.
The retired AIG’s wife was kidnapped last Thursday at the entrance of her residence in Arepo, Owode Local Government Area of Ogun State.
Society Reporters learned that the Ogun State Commissioner of Police, Lanre Ogunlowo, led the operation that rescued the retired AIG’s wife.
The kidnappers whisked the victim through a swampy area to an unknown destination after dragging her out of her SUV.
Giving an update on the matter, Adejobi said the operatives also recovered the ransom paid to the kidnappers as bait.
However, he refused to disclose the amount paid to the kidnappers or where exactly the victim was rescued.
The Nigeria Police Force Explosive Ordnance Disposal – Chemical Biological Radiological and Nuclear (NPF EOD-CBRN) has successfully completed the first batch of training for 19 personnel on Ammunition Handling and Accounting Course. The training, held in Ikeja, Lagos, from December 3-20, 2024, was organized by The HALO Trust and sponsored by the United States Department of State’s Bureau of International Narcotics and Law Enforcement Affairs.
According to The HALO Trust’s Country Director for Nigeria, Prince Ganiyu Otunba, this training is part of aholistic NPF-HALO developed project aimed at supporting personnel capacity building, addressing equipment needs, and enhancing the operational readiness of the NPF EOD-CBRN Command to mitigate explosive ordnance threats in Nigeria. A second batch of 22 personnel is scheduled to undergo the same training in January.
The Inspector General of Police, IGP Kayode Adeolu Egbetokun PhD, NPM, through the CP EOD–CBRN CP Patrick Atayeroexpressed gratitude to the Bureau of International Narcotics and Law Enforcement Affairs andThe Trust HALO for their support.
The training aimed to equip NPF EOD-CBRN personnel with the knowledge, skills, and best practices necessary to handle and account for ammunition and explosives safely and securely. The course also focused on ensuring proper accounting and record-keeping, preventing theft and diversion, reducing the risk of unplanned explosions at munitions sites, and promoting international best practices.
The NPF appreciates the support provided by the United States government, which will have a profoundly positive impact on the society.
CP Patrick Atayero emphasized the importance of responsible ammunition management in preventing the proliferation of illicit weapons and reducing the risk of unplanned explosions at munitions sites. He urged all stakeholders to collaborate with the Police in efforts to prevent the diversion, misuse, and unauthorized handling of explosive and other hazardous materials.
About HALO
The HALO Trust is the world’s largest humanitarian organization engaged in the field of Mine Action and weapons and ammunition management. With over 35 years’ experience, The HALO Trust is the most experienced organization in the field of Weapons and Ammunition Management, rehabilitating and constructing armouries and ammunition stores to international standards, disposing of unsafe and unserviceable weapons and ammunition, and building national capacity to allow for the safe, accountable and secure management and control of weapons and ammunition.
The HALO Trust presently implements Mine Action and weapons and ammunition management projects in 30 countries and territories. In 2024, HALO trained a total of 106 Nigeria security forces personnel in weapons and ammunition management.
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