June 2, 2019 / 10:26 PM / 3 months ago

Nigeria financial watchdog sets up interim management team at oil firm Oando -statement

ABUJA, June 2 (Reuters) - Nigeria’s Securities and Exchange Commission (SEC) has set up an interim management team to oversee local oil company Oando, the financial watchdog said on Sunday.

It said in a statement the team would conduct an extraordinary general meeting on or before July 1 to appoint new directors.

Nigeria’s SEC said on Friday it ordered a number of Oando board members to resign following an investigation. It added that it found “certain infractions of securities and other relevant laws” during the investigation.

Oando’s chief executive said the allegations were unsubstantiated.

Reporting by Camillus Eboh; Writing by Alexis Akwagyiram; Editing by Peter Cooney

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