The recent sack of the Wale Tinubu and Mofe Boyo as Group Chief Executive Office of Oando Plc and Deputy respectively by the Securities Exchange Commission (SEC) is obviously taking its toll on the multi-billion naira business entity.
The regulatory body also barred the duo alongside other directors of the oil firm from being a director in a public company for the next five years.
Findings revealed the unpleasant occurrence has resulted in decline of the share price of Oando Plc.
Report monitored on punchng.com on the development reads…
“The share price of Oando Plc declined at the close of trading on the Nigerian Stock Exchange on Monday after the Securities and Exchange Commission suspended the firm’s annual shareholder meeting.
The oil firm’s share price, which rose by 5.26 per cent to N4.00 on Thursday after falling by 9.52 per cent to N3.80 on June 3, was unchanged at N4.00 on Friday.
But the share price dipped by 3.75 per cent to close at N3.85 on Monday.
The apex capital market regulator announced on Monday morning in a statement that it had directed Oando to suspend its Annual General Meeting slated for Tuesday.”
