The Securities and Exchange Commission (SEC) has appointed an interim management led by Mr. Mutiu Olaniyi Adio Sunmonu, a former managing director of Shell Petroleum Development Company, to manage the affairs of Oando Plc pending the constitution of a substantive management for the embattled indigenous oil company.

“Further to our press release on Oando Plc, dated May 31, 2019, the Commission hereby informs the public of the constitution of an Interim Management Team headed by Mr. Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and 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 wishes to reiterate its commitment to maintaining integrity of the market,” SEC said in a statement to the media Sunday.

It will be recalled that SEC had Friday directed Mr. Wale Tinubu (Group CEO) and Mr. Omamofe Boyo (Deputy Group CEO) as well as the board of the company to resign following their indictment for various serious infractions. It also barred Tinubu and Boyo from being directors of any companies for five years. The management of Oando in a statement Friday denied any wrongdoing, said it would not comply with the SEC directive and vowed to seek legal redress in court to protect its assets and shareholders.