Oando under fire from Nigeria's SEC
The future of one of Nigeria's flagship energy companies hangs in the balance
A two-year battle over financial irregularities between Oando—one of Nigeria's largest indigenous oil and gas operators—and the country's Securities and Exchange Commission (SEC) reached a crescendo in May, when the capital markets regulator ordered the firm's entire board to resign. The SEC said it had made the move in response to manipulations of the company's fiscal position. In addition, it barred Wale Tinubu and Omamofe Boyo, the chief executive and his deputy respectively, from holding corporate office in Nigeria for a five-year period. "There were several corporate governance lapses stemming from poor board oversight," the regulator said in documents relating to its investigation. It
Also in this section
20 June 2025
The scale of energy demand growth by 2030 and beyond asks huge questions of gas supply especially in the US
20 June 2025
The Emirati company is ramping up its overseas expansion programme, taking it into new geographic areas that challenge long-held assumptions about Gulf NOCs
19 June 2025
Geopolitical uncertainty casts a pall over expectations around demand, supply, investment and spare capacity
19 June 2025
Shifting demand patterns leaves most populous nation primed to become downstream leader as China and the West retreat
