2 executive directors resign as Oando and SEC saga continues

Two non-exclusive director of Oando Plc has resigned their appointment following the saga between the oil company and Nigerian regulator, Securities and Exchange Commission.

One of the Oando filling stations in Abuja was also sealed.

In a corpotate filings released on Friday, Oando Plc said Chief Sena Anthony and Mr. Oghogho Akpata has tendered their registration from the Board of Directors of Oando PLC, with effect from June 3, 2019.

"Oando PLC hereby notifies the Nigerian Stock Exchange (NSE), its valued shareholders, key stakeholders and the public of the resignations of its Non-Executive Directors, Chief Sena Anthony and Mr. Oghogho Akpata from the Board of Directors of Oando PLC, with effect from June 3, 2019.

"Chief Sena Anthony and Mr. Oghogho Akpata were active members of the Board and its subcommittees. The Board and Management of Oando PLC appreciates their valuable contributions to the growth of the Company, " Oando said.

The resignation is coming a week after the regulator indicted Oando management of infractions after conducting forensic investigation into its book.

The regulator also asked the company's Group CEO and Deputy to resign as well as their board of directors.

But Oando has, however, denied the allegations, saying the regulatory authority, refused to accord the company fair hearing. 

It has also obtained a court judgement over the regulator's order. 

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