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Oando crisis: Adeosun under fire for ‘unwholesome interference’

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6 years ago

April 16, 2018

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Shareholders of Oando Plc have asked President Muhammadu Buhari to immediately sack the Minister of Finance, Mrs. Kemi Adeosun for her “unwholesome interference” in the nation’s capital market and “for unnecessarily meddling” with the functions of the Securities and Exchange Commission (SEC), which “has caused severe damage” to the capital market.

The National President of Trusted Shareholders Association of Nigeria (TSAN), Alhaji Mukhtar Ismail Mukhtar, the National Coordinator, Proactive Shareholders Association (PROSAN), Mr. Taiwo Oderinde; and the Coordinator, Oando Shareholders Solidarity Group (OSSG), in a joint statement in Lagos on Sunday said in her desperate attempt to shield Oando from probe, Adeosun has inevitably caused untold harm both to the independence of SEC and the Nigerian capital market.

“We wish to bring the attention of His Excellency President Muhammadu Buhari, Vice President Yemi Osinbajo and all Nigerians to the unwholesome, unpatriotic and strange actions of the Minister of Finance, Mrs. Kemi Adeosun with regards to the probe of Oando Plc.

“You may recall that since early last year, Oando has been enmeshed in series of crises bordering on abuse of corporate governance and alleged gross financial mismanagement.

“As concerned shareholders, we sent petitions to the Securities and Exchange Commission (SEC) and to the House of Representatives Committee on Capital Market.

“The committee mandated SEC to investigate these allegations, culminating in the setting up of a committee by SEC to carry out a preliminary investigation of the company’s affairs.

Oderinde said unfortunately, the forensic audit has been stalled due to the “unwholesome interference by Mrs. Kemi Adeosun to the detriment of Oando shareholders and the entire Nigerian capital market”.

He accused Adeosun of suspending Munir Gwarzo and Dr. Abdul Subair as SEC Director-General and Acting Director-General respectively because they resisted her plan to shield the management of Oando from probe.

“It must concern Mr. President, Mr. Vice President and all Nigerians that Mrs. Adeosun has now removed two SEC DGs from their positions all in a desperate attempt to shield Wale Tinubu and the present management of Oando from probe.

“These men have been sacked from their positions because they refused to stop the probe of Oando.

“Zubair was sacked because he initially resisted Adeosun’s attempt to forcefully remove the suspension placed on the shares of Oando to preserve investors’ funds. Unfortunately she had her way and the lifting of the suspension is part of a grand plan to sweep the weighty allegations against Oando under the carpet.

“This is clearly a negation of the anticorruption stance of the present administration and a systematic destruction of the Nigerian capital market.

The group in the statement argued that sack of Adeosun by President Muhammadu Buhari is the only way to show that the Federal Government remains committed to the fight against corruption in all sectors of the economy.