SEC to continue with forensic audit of Oando

The Securities and Exchange Commission (SEC) has said it will resume forensic audit of Oando Plc based on petitions received by the commission from shareholders of the company.
It will be recalled that the audit was suspended following two lawsuits initiated by the company to stop the process.
In a chat with journalists on Tuesday in Abuja, Acting Director-General, Dr. Abdul Zubair noted that a forensic audit was initiated in 2017, which led to the technical suspension of the shares of Oando Plc and the commencement of a forensic audit.
“The two law suits were filed by Oando Plc and some shareholders of the company to restrain SEC and the Nigerian Stock Exchange (NSE) from effecting a technical suspension on the shares of Oando.
“The lawsuits were also intended to stop SEC from appointing a team of forensic auditors to conduct a forensic audit of the company,’’ he said.
Zubair, however, said that Oando Plc. had withdrawn the pending lawsuit against the commission by an application heard and granted by the Court of Appeal on March 5, 2017.
He also said that the application for withdrawal by the shareholders was heard and granted by the Federal High Court on Feb. 21.
According to him, following the dismissal and the striking out of the two suits, SEC would be proceeding with the forensic audit.
“Following the dismissal and striking out of the suits, SEC has duly informed the firm of Deloitte to proceed with the forensic audit.
“The commission is committed to its primary mandate of protecting investors and will take all necessary steps to fulfill that mandate and uphold the integrity of the capital market,’’ Zubair added.
He assured all stakeholders that following the removal of the legal impediments, the audit of Oando Plc, would proceed in a transparent and thorough manner.
The Ag. DG who did not give a time frame for the completion of the audit, assured that it would be done in the shortest possible time.
“We have told them to fast track the job, do a good job that investors will be proud of. We will not interfere with their job so that everybody will be satisfied,” he said.

Be the first to comment

Leave a Reply