Wale Tinubu, MD/CEO of Oando Plc. has been taken to the cleaners by Alhaji Mukhtar, National Chairman of Trusted Shareholders Association of Nigeria…

Wale Tinubu, MD/CEO, Oando Plc.

“The management has overstayed in Oando. I think for almost 19 years and this is a corporate organisation for that matter. When people overstay in places, they compromise their corporate integrity and what happened was that they stripped some of the major assets of the company, both downstream and upstream and sold them to cronies and to themselves.”

“According to the auditors, they were sold based on management estimates and it is clear to see that selfishness had its way in this issue. Since the assets had been stripped, how would money come in? That is why you see that over the years, they stopped paying dividend, no capital appreciation, no bonuses to shareholders and yet management and board remunerations keep increasing.”

Alhaji Mukhtar, National Chairman of Trusted Shareholders Association of Nigeria

“There were compromises in Uyo because I know that as an individual, I might not be able to do much and I felt some of us had been compromised, which was why I did not go to Uyo. Also, because I felt that there was no common front.”

“The MD and some other executives flew to Uyo in private jets in this time of crisis and yet for four years, you have not been paying dividend. You have been recording losses over the years and no bonuses, and yet they continued to increase their emoluments. This is just a case of robbing Peter to pay Paul.”

– Culled from THE SUN