The House of Representatives Committee on Capital Market and Institutions on Wednesday, summoned the Director General of Securities and Exchange Commission (SEC), Mallam Mounir Gwarzo.
Gwarzo is to appear before the Committee to clear the air on the management crisis rocking Oando PLC.
Trouble began on Saturday when group of shareholders stormed the venue of Annual General Meeting of Oando Plc in Uyo, Akwa-Ibom State capital with placards demanding the resignation of the company’s Group Chief Executive Officer, Mr. Wale Tinubu over alleged gross abuse of corporate governance and financial mismanagement.
This prompted the committee to invite the SECOND DG.
The invitation has become necessary following the disturbing revelations making rounds in the media on the ownership and shareholding structure of the oil company, the committee saind in a statement issued on Wednesday.
“DG, may recall that the media has been saturated on disturbing revelations on the ownership and shareholding values of Mr. Wale Tinubu, Group Chief Executive Officer of Oando plc and Mr Gabrielle Volpi of Ausbury investment on the ownership and shareholding structure of Oando plc.
“You may also note the various petitions before the Annual General Meeting (AGM), protest and counter protests during the events in Uyo, Akwa-Ibom State on September 11, 2017 and the unsavory details emanating therefrom.
“Arising from the above, the committee has been inundated with information from far and wide by the concerned public, stakeholders, shareholders and investment analyst”, the statement read.
The statement signed by Hon.. Tony Nwulu on behalf of the committee chairman revealed that the DG is to appear before it on Tuesday 26th September, 2017.
“In cognisance of our oversight responsibilities and the need to restore investors’ confidence in the company, we are most strongly constraint to invite you and your management to appear before the house committee on Capital Market and institutions on Tuesday 26th September 2017 by 12pm prompt at meeting room 034 New Building, House of Representative, National Assembly, Abuja,” Nwulu wrote.
