Shareholders under the aegis of the Oando Shareholders Solidarity Group (OSSG) have faulted recent claims by the management of the company that it dragged the Securities and Exchange Commission (SEC) to court to protect shareholders’ interest.
In a statement on Monday, South-South Coordinator of OSSG, Clement Ebitimi said the present management “do not deserve to continue in office a day longer”.
According to Ebitimi, “it is utterly embarrassing to have the management of a company accused of gross corporate governance misconduct and mismanagement carry on business as usual. That itself is an unacceptable display of impudence. Naturally, this management should have been sacked or resigned honourably considering the magnitude of alleged misdemeanour in the public domain allegedly perpetuated by them.
“Contrary to the claim by the company that its recent actions were not intended to undermine the regulatory powers of the Securities and Exchange Commission, SEC, it is clear that all actions taken so far have not only undermined the SEC; the company has also succeeded in drawing unnecessary negative attention to the Nigerian capital market. Is it not a perfect oxymoron that a company that has been accused of gross misconduct and breach of the very sacred Corporate Governance Code, for which it is now frustrating extensive audit, can claim the title of a responsible company?
