It Is Not Yet 'Uhuru' For Oando
It does not matter that Oando has resolved some of its issues with some of its important shareholders, a running investigation into its affairs by Securities and Exchange Commission, SEC shall continue.
SEC said its legal tussle with Oando Plc with respect to the planned forensic audit of the oil firm and the suspension of its shares on the trading floor of the Nigerian Stock Exchange must go on.
The regulator said the case would go ahead despite the recent announcement by Oando Plc that it had reached a peace accord with a major shareholder, Alhaji Dahiru Mangal, following a rift between both parties over the running of the company.
A top official of SEC in Abuja told Punch in a telephone interview that though the peace accord was a major development, the case between the regulator and Oando, which is currently in court, had not been concluded.
The source, who did not want to be named because the commission had not authorised that a comment be given, said, “As of today, we are still going on with the forensic audit. Of course, we are still in court with Oando.”
The management of Oando spent the better part of 2017 defending the company’s business and reputation following the SEC investigation into its affairs based on petitions raised by two shareholders, Mangal and Ansbury Inc.
Recall that on Tuesday, some shareholders under the aegis of the Oando Shareholders Solidarity Group, said the intervention of the Emir should not stop the forensic audit planned by SEC.
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