Amid all odds, the Securities and Exchange Commission (SEC) has reiterated its decision to conduct a forensic exercise into the activities of Oando Plc.
The SEC commitment is contained in a letter dated December 5, 2017 addressed to Oando Plc. The Commission has also assured the general public of its zero tolerance to infractions in the Nigerian Capital Market.
The Securities and Exchange Commission had notified the general public that it received two petitions from Dahiru Barau Mangal and Ansbury Incorporated.
The Commission said it carried out a comprehensive review of the petitions and made the following findings amongst others; Breach of the provisions of the Investments & Securities Act (ISA) 2007; Breach of the SEC Code of Corporate Governance for Public Companies; Suspected insider Dealing; Related party transactions not conducted at arm’s length; and Discrepancies in the shareholding structure of Oando Plc, among other.
As a result, the Securities and Exchange Commission (SEC) directed the Nigerian Stock Exchange (NSE) to place the shares of Oando Plc on technical suspension effective October 20, 2017 pending the outcome of Forensic Audit on the company by a consortium of experts made up of auditors, lawyers, stockbrokers and Registrars.
The Federal Government last week suspended the Director General (DG) of Securities and Exchange Commission (SEC), Mounir Gwarzo and appointed Abdul Zubair, as acting Director General of the Securities and Exchange Commission with immediate effect a development market watchers said linked to face-off between the listed company Oando Plc and SEC.
