SEC commences Oando investigation, promise transparent audit


The Securities and Exchange Commission (SEC) has announced commencement of forensic audit of Oando Plc.
The commission in the statement said, Oando has withdrawn the pending lawsuit against the commission by an application heard and granted by the court of appeal on March 05, 2017.
Also the application for withdrawal by the shareholders was heard and granted by the Federal High Court on February 21, 2018.
Two lawsuits were respectively filed by Oando Plc and some shareholders of Oando Plc, mainly to restrain the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) from effecting a technical suspension on the shares of Oando Plc and the SEC from appointing a team of forensic auditors to conduct a forensic audit of the company.
The commission had in 2017 conducted a preliminary investigation of Oando Plc based on petitions received from shareholders of Oando Plc and a whistleblower.
Based on some of the findings from the preliminary investigation, SEC said it has took steps to preserve shareholder value and protect the investing public.
SEC had placed the shares of Oando Plc on technical suspension and ordered a forensic audit of the affairs of Oando Plc.
Following the dismissal and the striking out of the suits, the SEC has duly informed the firm of Deloitte to proceed with the forensic audit, the statement said.
“The commission is committed to its primary mandate of protecting investors and will take all necessary steps to fulfil that mandate and uphold the integrity of the capital market.”
SEC however reassured general public that following the removal of the legal impediments, the audit of Oando Plc., will proceed in a transparent and thorough manner.