Trusted Shareholders’ Association of Nigeria (TSAN) has renewed its call on embattled Oando company’s management team led by its Group Chief Executive, Wale Tinubu, to resign.
President TSAN, Alhaji Mukhtar Mukhtar, said the call on Tinubu and his team to resign has become imperative to save the company from collapse.

Mukhtar also took a swipe at the Securities and Exchange Commission (SEC) for not responding to shareholders’ demand in respect of alleged infractions in the company.
According to Mukhtar, “Regulators have not done enough to protect shareholders in the whole Oando saga.”
While speaking in Lagos on Wednesday with newsmen, Mukhtar said, “Ernst & Young, the duly appointed independent auditors to Oando, having scrutinised the accounts of the company, came up with a damning report that states in clear terms that the liabilities of the company have surpassed its assets by over N200bn.
“The auditors further declared that there are serious concerns on the continuity of the company. Based on this report, the management of Oando should have been sacked and prosecuted, but nothing was done. This cannot happen in the US, UK, Europe or even Asia.”
Alero Balogun, the Corporate Communications head of Oando, in her reaction said: “SEC in all its communications with us has not found this management wanting, so the question of sack does not arise.”
She said the issues of remunerations were fixed by the board and ratified by the shareholders and that management could not have acted outside those provisions.
Last month, SEC placed the shares of the embattled company on technical suspension till further notice, following petitions from Alhaji Dahiru Mangal and Ansbury Incorporated over alleged ‘insider dealings’ and ‘manipulation of the company’s shareholding structure’ in breach of the Investments and Securities Act 2007 and the SEC Code of Corporate Governance for Public Companies.