After years of legal wrangling, Oando Plc has reached an agreement with the Securities and Exchange Commission (SEC) in the best interests of the company’s shareholders and the capital market.

This was revealed in a circular from the Securities and Exchange Commission’s (SEC) website on Monday. The corporation and the commission had achieved an agreement, according to the circular, on the immediate withdrawal of all legal actions initiated by it and all impacted directors.

It stated that the agreement includes payment of all monetary penalties indicated in the commission’s letter dated May 31, 2019, and the company’s commitment to enhance corporate governance.

The commission found Oando guilty of significant violations in 2019 and barred Wale Tinubu, the company’s CEO, and Mofe Boyo, the company’s deputy CEO, from serving on the boards of public firms for five years. The SEC also appointed an interim management team to replace Oando’s board of directors and management team.

Excerpts from the circular: “Part of the terms required the submission by the company of quarterly reports on its compliance with the terms of the Settlement Agreement; the Investments and Securities Act, 2007; the SEC Rules and Regulations; the National Code of Corporate Governance and the SEC Guidelines to the Code of Corporate Governance.”

“Pursuant to the powers conferred on the Commission by the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, the commission on July 15, entered into a settlement with Oando Plc (the company).”

“The commission in its letter to the company dated May 31, 2019, gave certain directives and imposed sanctions on the company, following investigations conducted pursuant to two petitions filed with the commission in 2017.”