Staff members of Oando Plc were on Monday forced to stay away from work and return home after policemen stormed the head office of the company in Lagos.

The policemen who occupied the premises of the company which is located on Ozumba Mbadiwe Avenue, Victoria Island later moved into the complex and reportedly denied some staff of the company access to their offices at the instance of their supervisor.

Recall that the Securities and Exchange Commission (SEC)  had on Friday announced the conclusion of the investigation of Oando and ordered the Group Chief Executive Officer of the company, Mr Wale Tinubu, and some other  board members to resign.

On Sunday night, SEC announced that it had set up an interim management team to oversee the affairs of Oando following the order on Tinubu and the affected board members.

The apex capital market regulator also said it had barred Tinubu and the Deputy Group Chief Executive Officer of the company, Mr. Omamofe Boyo from being directors of public companies for a period of five years.

“Further to our press release on Oando Plc, dated May 31, 2019, the Commission hereby informs the public of the constitution of an interim management team headed by Mr. Mutiu Olaniyi Adio Sunmonu (CON) to oversee the affairs of Oando Plc and conduct an Extraordinary General Meeting on or before July 1, 2019 to appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc,” SEC said in a statement.

It said findings from the report revealed serious infractions in the company such as false disclosures, market abuses, mis-statements in financial statements, internal control failures and corporate governance lapses.

The Commission added that the said  infractions stemmed from ‘ poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length among others’.