ALLEGED CORPORATE GOVERNANCE BREACHES AT OANDO PLC
The Institute of Directors Nigeria, the frontline advocate of corporate governance in Nigeria, has observed and is deeply concerned about the recent allegations against Oando Plc by the apex regulatory body of the Nigerian capital market, the Securities and Exchange Commission (SEC), for breaches of corporate governance and other infractions. The Institute also notes that Oando Plc has denied the allegations and challenged same in court.
As the professional body for Directors in Nigeria, IoD Nigeria, has taken a very keen interest in the developments and is monitoring the outcomes of all the actions initiated by all the parties concerned.
There is no doubt that these developments have created huge lessons for all corporate Directors as well as SEC regardless of whatever their eventual outcome may be.
Consequently, the Institute of Directors Nigeria, which is concerned with the entrenchment of good corporate governance in the country, has activated the process of reviewing this development by its Director Development Committee and the Ethics Committee which would make appropriate recommendations for the consideration of the Governing Council of the Institute.
Bamidele Alimi, M.IoD
Institute of Directors Nigeria