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Home»Banking & Finance»Capital Market»Oando Gets Interim Management Headed By Sunmonu 
Capital Market

Oando Gets Interim Management Headed By Sunmonu 

By Orientalnews StaffJune 3, 2019No Comments1 Min Read
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Chief Executive Officer of Shell Petroleum Development Company of Nigeria (SPDC), Mutiu Sunmonu, speaks on the devastation of the Niger Delta region as a result of spills from oil thieves on March 22, 2013. Shell Petroleum Development Company of Nigeria (SPDC) has threatened to shut down production in April for nine days in the entire Nembe Creek Truck Line (NCTL) to remove a number of bunkering points on pipelines vandalised by oil thieves in the region. "Whenever we observe a spill, or have a spill on our lines, we shut down production to depressurize and isolate the line, only then can we safely repare our lines because it is then safe to manipulate the line", said Jurgen Jonzen, SPDC corporate pipeline asset manager. Last year, 157 bunkering points were removed and 116 were leaking on the whole SPDC exploitation. Since 2009, SPDC has exprienced an upsurge in vandalisation of pipeline network by criminals causing severe environmental devastation of the region and forcing the company to lose 60 000 barrels daily this year. AFP PHOTO / PIUS UTOMI EKPEI
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..New Directors To Emerge On Or Before July 1

Yemisi Izuora

The Securities and Exchange Commission, SEC, has constituted an Interim Management Team headed by Mr. Mutiu Olaniyi Adio Sunmonu, to run the affairs of Oando Plc.

Sunmonu, is expected to immediately swing into action and ensure the conduct an Extra Ordinary 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.

The Commission further reiterated its commitment to maintaining the integrity of the market.

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