Police storm Oando, barricade office

Some officials of the Nigerian Police Force on Monday stormed the head office of Nigeria’s oil and gas firm, Oando Plc.

Reports confirmed that about a dozen police officers were sighted at the company’s head office at Ozumba Mbadiwe Avenue, Victoria Island, Lagos, on Monday.

The development comes in the wake of a directive by the Securities and Exchange Commission, SEC, which ordered the company’s Group Chief Executive Officer, Wale Tinubu, and other affected board member to resign.

On Sunday, SEC also disclosed that it had set up an interim management team to oversee the affairs of Oando.

“Further to our press release on Oando Plc, dated May 31, 2019, the commission hereby informs the public of the constitution of an interim management team headed by  Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and conduct an Extraordinary General Meeting on or before July 1, 2019 to appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc,” SEC said in a statement.

On Monday, reports also confirmed  that some staff of Oando were denied access to the office.

Efforts to speak with Alero Balogun, Oando’s spokesperson, were unsuccessful Monday afternoon.

Last Friday, SEC announced the conclusion of its investigation of Oando and ordered Mr Tinubu and other affected board members to resign.

The regulator also barred  Tinubu and the deputy group chief executive officer of the company, Omamofe Boyo, from being directors of public companies for a period of five years.