Executive Officer: Governance Lapses and Board Oversight

executive officer: Consequently, the regulatory agency ordered the oil firm's Group Chief Executive Officer, Mr, according to The Independent. Wale Tinubu, the deputy, Mr. By Ndubuisi Francis and Goddy Egene The Securities and Exchange Commission SEC yesterday announced that it had concluded its investigation into the activities of Oando Plc., and found its management involved in serious infractions such as false disclosures, market abuses, misstatements in financial statements and corporate governance lapses stemming from poor board oversight. Omamofe Boyo and other board members to resign and ordered that an Extra-Ordinary General Meeting be convened to appoint new directors, on or before July 1, this year. But in a swift reaction last night, Oando said it would challenge SEC's ruling, saying the alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company. The Commission also barred Tinubu and Boyo, from being directors of public companies for a period of five years. (news.financializer.com). As reported in the news.