Sanusi Can’t Save Oando – Shareholder Group
troubles are far from over but there is light at the end of the tunnel.
A scenario that emerged after respected Emir of Kano, Muhammad Sanusi II intervened in the face-off between the company and one of its important shareholders, Alhaji Dahiru Mangal.
However, some other Oando shareholders are not buying this peace move. The shareholders under the aegis of Oando Shareholders Solidarity Group said Sanusi’s intervention cannot stop a forensic audit planned by the Securities and Exchange Commission.
Also Read: What Oando’s Suspension Means To Investors
The Coordinator, OSSG, Clement Ebitimi, was quoted as saying in a statement made available to the media that while his group was not against the peace accord with Alhaji Dahiru Mangal brokered by Sanusi, the issue of the forensic audit bordered on financial mismanagement, insider dealings, abuse of corporate governance and infractions of the Investment and Securities Act, 2007.
“For the avoidance of doubt, the forensic audit of Oando ordered by SEC is not about Alhaji Dahiru Mangal. The audit is about series of infractions of the Investment and Securities Act, 2007 uncovered in the company by a preliminary investigation ordered by SEC,” said Ebitimi.
“SEC’s preliminary findings established serious concern to the existence of corporate governance, gross abuse of corporate governance and series of manipulations and financial management in Oando Plc,” the statement added.
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