The decision was disclosed in a statement by the commission following conclusion of investigation into two petitions against the oil company.
Also conveying in the statement the SEC asked them to resign after finding them guilty.
SEC then directed the convening of an Extraordinary General Meeting on or before July 1, 2019 to appoint new directors saying these, among others, are part of measures to address identified violations in the company.
The statement read:
“Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges).
“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 general public is hereby notified of the conclusion of the investigations 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.”