01062019 - APC lawmakers move against party

Corporate governance lapses: SEC bars
Oando CEO for 5 years
...Alleged infractions unsubstantiated — Oando
The residents of Oke Sokori area of Abeokuta ran from one house to another
for safety as a result of a petrol tanker with registration NO GGE293XW loaded
with 33 thousand litre of petroleum product lost control and fell across one side
of the road. By Wunmi Akinola.
By Nkiruka Nnorom
THE Securities and
Exchange Commission,
SEC, has indicted the
Group Chief Executive Officer,
CEO, of Oando Plc,
Mr. Wale Tinubu, and Deputy
GCEO, Omamofe
Boyo, of misconduct in conducting
the affairs of the
company and barred them
from holding the position of
director in any public company
for a period of five
years.
The Commission also directed
the resignation of the
other affected Board members
and mandated the
company to convene an
Extra-ordinary General
meeting, EGM, on or before
July 1, 2019, to appoint
new directors.
SEC had launched an
investigation into the activity
of Oando following the
receipt of two petitions in
2017 from shareholders of
the company, accusing the
company of financial misappropriation.
The Commission said in
a statement by Efe Ebelo,
Head, Corporate Communication,
SEC, that findings
from the forensic audit conducted
by Deloitte & Touche,
revealed certain infractions
of securities and
breach of other relevant
laws such as false disclosures
and market abuses.
SEC said: “Following the
receipt of two petitions by
the Commission in 2017, investigations
were conducted
into the activities of
Oando Plc.
“Certain infractions of securities
and other relevant
laws were observed. The
Commission further engaged
Deloitte & Touche to
conduct a Forensic Audit of
the activities of Oando Plc.
“The findings from the report
revealed serious infractions
such as false disclosures,
market abuses, misstatements
in financial statements,
internal control failures,
and corporate governance
lapses stemming from
poor board oversight, irregular
approval of directors’ remuneration,
unjustified disbursements
to directors and
management of the company,
related party transactions
not conducted at arm’s
length, among others”.
The Commission, therefore,
directed the payment of
monetary penalties by the
company and affected individuals
and directors and
refund of improperly disbursed
remuneration by the
affected Board members.
The Commission stated
that all issues with possible
criminality would be referred
to the appropriate
criminal prosecuting authorities
as required under Section
304 of the Investments
and Securities Act, (ISA)
2007, while other aspects of
the findings would be referred
to the Nigerian Stock
Exchange, NSE, Federal
Inland Revenue Service,
FIRS, and the Corporate
Affairs Commission, CAC,.
“The Commission is confident
that with the implementation
of the above directives
and introduction of
some remedial measures,
such unwholesome practices
by public companies
would be significantly reduced,”
the statement added.
However, in a statement
signed by Ayotola Jagun,
Chief Compliance Officer &
Company Secretary, Oando,
the company said the
infractions cited by SEC are
unsubstantiated and declared
that it would take
necessary steps to protect
its business and the shareholders.
“Oando is of the view
that these alleged infractions
and penalties are unsubstantiated,
ultra vires,
invalid and calculated to
prejudice the business of
the company. The company
has not been given the
opportunity to see, review
and respond to the forensic
audit report and so is
unable to ascertain what
findings (if any) were
made in relation to the alleged
infractions and defend
itself accordingly before
the SEC.
“The company reserves
its rights to take all legal
steps to protect its business
and assets whilst remaining
committed to act in the
best interests of all its
shareholders,” the company
said.
Kola Animasaun, a true journalism Icon — Tinubu
*MPAC, NASFAT mourn
ALL Progressives
Congress National
Leader, Asiwaju Bola
Tinubu, has described Alhaji
Kola Animasaun who
died on Thursday in Lagos
at 80 as a true icon of
journalism.
He said the late Animasaun
who he fondly called
uncle played vital role in
the development of journalism
in the country and
shaped opinions through
his weekly column in the
Vanguard newspaper,
Voice of Reason.
In a statement by his
Media Officer signed by
Tunde Rahman, the former
Lagos governor charged
Animasaun’s colleagues
in the media to not allow
his ideals of true and purposeful
journalism die
with him in this age of fake
news and hate speech.
The statement titled “Animasaun—A
True Icon of
Journalism” reads: “I’m
deeply saddened by the
death of Uncle Kola Animasaun.
“A true journalism icon, a
columnist of great repute,
Alhaji Animasaun played
important role in the development
of journalism in Nigeria.
He was also a prodemocracy
activist, lover of
humanity and devoted
Muslim.
“With his death, the nation
and the journalism profession
have lost an illustrious
fellow. In this age of fake
news and hate speech, what
his colleagues in the media
can do for the nation and
indeed the profession is to
not allow his ideals of true
and purposeful journalism
die with him.
Meanwhile, Muslim Public
Affairs Centre and Nasrul
Lahi-L-Fatih Society,
NASFAT also commiserate
with the family of the veteran
journalist.
In a separate statement,
both organisations eulogised
the legacies of the late
icon praying Allah to give
the family, all Muslim journalists
and Vanguard
newspapers the serenity to
bear the loss.
According to a release
signed by Director Media
& Strategic Communications,
Muslim Public Affairs
Centre, MPAC Nigeria,
Abdulwarees Solanke:
“Alhaji Animashaun, the
Voice of Reason, was truly
a Muslim in life and death.
He lived Islam to the end,
as a just, fair, forthright,
peace loving, reasonable,
peaceful and humble life.
He affected his world with
his knowledge and commitment
to Islam.
“He used his skills, as a
distinguished journalist, to
stand out in our convoluted
polity, to present the
voice of reason and beamed
light to darkness.
According to the release
signed by the Publicity Secretary,
NASFAT, Alhaji Banji
Busari:
“Alhaji Muslim Kola
Animashaun lived journalism,
breathed journalism
and died as an accomplished
journalist.
Alhaji Animashaun
carved a niche for himself
as one of the few thoroughbred
journalists of
his generation whose column
in the Vanguard
‘Voice of Reason’/enjoyed
vast readership in view of
the lucid and simple
manner of his writing.
As a leading light in
journalism in this country,
late Alhaji Muslim
Kola Animashaun demonstrated
a rare sense of
patriotism in providing intervention
towards a moral
and socio economic stability
in the polity. The
deceased could appropriately
be described as a
mentor of mentors as his
creative and administrative
influence loomed
very large among the upcoming
journalists and
established editors during
his active career.
SATURDAY Vanguard, JUNE 1, 2019 — 7
How PENGASSAN
President, Johnson died
*Buhari, NUPENG mourn
By Victor Ahiuma-Young and
Johnbosco Agbakwuru
DETAILS have emerged on how the President of
P e t r o
leum and Natural Gas Senior Staff Association of
Nigeria, PENGASSAN, Francis Olabode Johnson, FOJ,
died in the wee hours of yesterday at The National Hospital
,Abuja.
Vanguard gathered that he visited a clinic in Dubai last
week to do a medical check when he alongside some Nigeria
National Petroleum Corporation, NNPC, staff were in
Dubai for training.
It was gathered that he returned to the country on Saturday
and was in the office between Monday and Wednesday,
looking healthy and his usual self.
According to sources, he even attended to several pressing
union matters during the week, but only to remain
incommunicado on Thursday.
Investigations revealed that concerned friends, colleagues
and some PENGASSAN members went to his
house where they later discovered that he was indisposed
and had been taken to a private hospital for a running
stomach and vomiting.
He was said to have rushed to the National Hospital,
Abuja from the private hospital where it was alleged that
there was no bed space to admit him.
According to sources, he gave up the ghost before he
could be taken to another private hospital.
A staff of NNPC, until his sudden demise, he was rumoured
to have been anointed to succeed the outgoing
President of Trade Union Congress of Nigeria, TUC, Bobboi
Kaigama, in the June delegates conference of TUC.
Confirming his death in a statement, PENGASSAN Deputy
President and General Secretary, Frank Esanubi and
Lumumba Okugbawa, respectively, the association said:
“On behalf of the National Executive Council (NEC),
Central Working Committee (CWC), members and staff
of Petroleum and Natural Gas Senior Staff Association of
Nigeria (PENGASSAN), we announce the untimely and
the painful death of Comrade Francis Olabode Johnson,
President, PENGASSAN, in the early hours of yesterday,
May 31, 2019, at National Hospital Abuja, after a
brief illness.
Meanwhile, President Muhammadu Buhari has expressed
deep sadness over the death of Johnson yesterday.
President Buhari in a statement by his Senior Special
Assistant on Media and Publicity, Mallam Garba Shehu
said he joined members of PENGASSAN and all labour
unions in the country in mourning the visionary leader,
whose good nature, understanding and forthrightness
helped in improving the welfare of workers, and contributed
immensely to the stability witnessed in the oil sector.
Reacting to his death, Nigeria Union of Petroleum and
Natural Gas Workers, NUPENG, in a statement by its
President and General Secretary, Prince Williams Akporeha
and Olawale Afolabi,respectively, said it was, “deeply
saddened over the shocking and untimely death of Comrade
Olabode Johnson, who until his death was the President
of PENGASSAN and Chairman of NUPENGASAN.”
While noting that “Friday, May 31, 2019, has inflamed
an indelible sore in the minds of Nigerian workers particularly
the Oil and Gas industry,” NUPENG said the death
had created a huge vacuum in the labour movement.
The statement read in part:
“NUPENGASSAN which he meritoriously chaired, kept
united, strong and virile has painfully lost a rare gem in
its folk. The world vividly recollects every moment, every
struggle he championed and flashbacks of sacrifices made
by Comrade Olabode Johnson to keep the trade union in
shape.
“His endearing visions, aimed at holding his members
even at the expense of his immediate family can also not
be overemphasized. His sincere commitments to see his
members and staff successful,move above challenges, stay
productive and fulfilled in tandem with the union’s policy
thrust are memories that will remain unforgettable.”
Late Comrade F.O. Johnson until his death was a staff of
Nigerian National Petroleum Corporation (NNPC) and was
on his final lap of his eventful and transformational six years
tenure as President PENGASSAN, having been elected to