Forensic audit: Investors urge Oando to prove innocence

The recent decision by the Securities and Exchange Commission (SEC) to sack Adewale Tinubu and Omamofe Boyo, as the Group Chief Executive Officer and Deputy Executive Officer of the Oando Plc over issue of infractions in the company  has continued to generate reactions.

SEC had last week announced that it had concluded investigations into Oando Plc, saying that findings from the report revealed infractions such as false disclosures, market abuses, internal control failures and corporate governance lapses rising from poor board oversight, irregular approval of directors remuneration , unjustified disbursements to directors and management of the company among others.

As a result, the commission ordered the resignation of some board members and Barr Tinubu and Boyo from being director of public companies for a period of five years.the commission also called for the convening of extra ordinary general meeting on or before July 1, 2019 for appointment of new directors.

Although, it took apex regulator of capital market some time to come up with the current decision, many investors expected that such action would definitely happen except but nobody could predict the day.

Some investors that spoke to Blueprint in Lagos described the SEC action as a wake-up call for investors in the capital market to take their investment more seriously and be ready to fight for their right whenever they notice misappropriation of fund by management.

Reacting to the removal of CEO and others, an investors in NSE, Mrs Ifeoma Okeke, said that company is growing when compared with others operating in the same sector.

She said that the step taken by SEC will bring sanity to the company and go a long way to reveal true health status of Oando Plc beyond what the report has disclosed.

She was optimistic that SEC decision will further boost corporate governance and transparency in quoted companies and also raised investors confidence in the market.

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