Share Suspension: Oando Chairman Accuses SEC Of Bias
The controversy surrounding the share suspension of Nigerian oil company, Oando appears to have deeper roots.
On Wednesday, the company said it had obtained a court order restraining the Securities and Exchange Commission, SEC from freezing its shares and carrying out forensic audits on its books.
Barely 24 hours later, the Chairman, Oando Plc and Alake of Egbaland, Oba Adedotun Gbadebo, waded into the matter, alleging bias and lack of adherence to due process in the way and manner in which SEC has conducted its investigation.
Oba Gbadebo communicated his reservation in a letter sent to the Director-General of SEC, Mounir Gwarzo.
According to Oando, the chairman requested to be allowed to present the company’s case, but was denied audience.
Also Read: What Oando’s Suspension Means To Investors
“The chairman asked to be granted an audience to present the company’s case, a request that the SEC repeatedly denied, while the regulator has granted an audience to Ansbury Inc and gone so far as to offer what is tantamount to legal advice to them,” Oando claimed in one of its responses to the SEC allegations.
Oando stated that “the most recent action taken by the regulator confirms that the commission appears to be working to its own conclusion rather than looking at the facts before it, and acting in the best interests of the company and the minority shareholders whom it claims it seeks to protect”.
The company further noted that “Oando went so far as to highlight the prescribed penalties as set out by the regulators for the said infractions:” and that, “none of which singularly or together warrant the institution of a forensic audit, full or technical suspension of trading of the company’s shares on the Nigerian Stock Exchange."
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