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Two directors resign as Oando’s fraud scandal deepens

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The crisis rocking oil giant, Oando, has led to the resignation of two independent non-executive directors of the company, Sena Anthony and Oghogho Akpata.

The duo have informed the Nigerian Stock Exchange (NSE) about their decisions, according to The Cable.

While the two did not give reaons for their resignations, it is belived that the decisions are not uncinnected to the outcome of the forensic investigation by the Securities and Exchange Committee (SEC), the stock market regulator, which indicated a number of the company’s executives and directors.

Anthony and Akpata were not indicted, but Wale Tinubu, the group managing director, and Mofe Boyo, his deputy, were asked by SEC to resign and barred from being directors of any public company for five years.

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They were accused of several infractions but they have secured a court order restraining the regulator from removing them.

Anthony joined Oando in 2010 after successful spells at the Nigerian National Petroleum Corporation (NNPC).

On his part, Akpata is the managing partner and head of the energy and projects group at Templars Barristers & Solicitors.

He is a member of the Association of International Petroleum Negotiators (AIPN), Chartered Institute of Taxation, Nigeria, and the energy and natural resources section of the International Bar Association.

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