Legislature Intervenes As OANDO Crises Deepens

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Yemisi Izuora

The House of Representatives Committee on Capital Market and Institutions has summoned the Director-General of the Security and Exchange Commission (SEC), Munir Gwarzo, over the tussle between OANDO chief executive officer Wale Tinubu and Ausbury Investment.

The committee headed by Tajudeen Yusuf, has already sent a letter of invitation to Gwarzo to appear before it next Tuesday to provide detailed explanation on its intervention in the dispute.

In the letter with reference number: HOR/CCMI/0050/17/9 and signed by the deputy chairman of the committee, Tony Nwulu, the Commission’s DG was notified of media reports on the ongoing controversy over the share value and ownership structure of Oando PLC as being contested by one Gabriel Volpi of Ausbury Investment and Group Chief Executive Officer of Oando Oil, Wale Tinubu.

The committee in the letter sighted by our reporter, noted with dismay, the protests that characterised the company’s recent Annual General Meeting in Uyo, and the number of petitions forwarded to it by concerned individuals and groups within the capital market sector of the economy.

The letter read in part:  “you may also recall the various petitions before the Annual General Meeting (AGM), protests and counter protests during the event 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 petitions from far and wide by the concerned public, stakeholders, shareholders, investment and analysts.

“In cognisance of our oversight responsibility and the need to restore investors confidence in the compnay, we are most strongly constrained to invite you and your management to appear before the House Committee on Capital Market and Institutions on Tuesday, 26 September, 2017 by 12pm prompt”.

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