Oando announces resignation of Non-Executive Directors amidst managerial crises

Two Non-Executive Directors of Oando Plc have resigned from their position amidst leadership tussle between the management of the oil and gas company and the Securities and Exchange Commission (SEC).

Oando announced the resignation of Chief Sena Anthony and Mr. Oghogho Akpata from the Board of Directors of the company with immediate effect; starting June 3, 2019. This was made public through a statement issued to the Nigerian Stock Exchange (NSE) yesterday.

Background: The departure comes at a time the company is engaged in a dispute with Nigeria’s apex capital market regulator, SEC. The regulatory body had demanded the resignation of the top executives, including the Group CEO, Wale Tinubu, over managerial misconduct and corruption claim.

However, Oando Plc kicked against this demand and received a court injunction barring SEC from taking any further action regarding their investigation into Oando‘s affair.

Note that the reason behind the Non-Executive Directors’ decision to resign was not disclosed in the statement seen by Nairametrics. The company, however, thanked them for their valuable contributions to the growth of the Company.

Why this matter: The fact that the Non-Executive Directors’ resignations happened at a crucial moment the company is engulfed in managerial crises makes it difficult not to assume that their departure couldn’t have been cordial. Although Non-Executive Directors do not engage in daily management activities, they are involved in policymaking and planning exercises.

About Sena Anthony: Chief Anthony was appointed as a Non-Executive Director of Oando in January 2010. Prior to her appointment, she worked with the Federal Ministry of Justice before joining the Nigerian National Petroleum Corporation (NNPC) in 1978.

She was appointed Group General Manager, Corporate Secretariat and Legal Division, as well as the Secretary to the NNPC in July 1999. By May 2007, she has been promoted to the level of Group Executive Director. She is the first female to be appointed to such a position in the NNPC. She worked for NNPC for 31 continuous years.

About Oghogho Akpata: He is the Managing Partner and Head of the Energy and Projects Group at Templars Barristers & Solicitors. Oghogho possesses 20 years of experience in the transactional and dispute resolution aspects of the Nigerian oil and gas sector.

He advises a broad range of clients including international oil companies, oil service contractors and a number of multinationals operating in Nigeria. Oghogho has been listed among the leading energy and natural resources lawyers in Nigeria by Chambers Global guide to the legal profession.

Source: Nairametrics

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