Why Oando audit delayed – SEC

The Securities and Exchange Commission (SEC) has cited disagreements between shareholders of Oando Plc and the management team, as well as lawsuits filed by both against SEC as reasons for the delay in Oando’s audit.

SEC’s Acting Director General, Dr Abdul Zubair said: “the company’s shareholders and management team separately filed suits challenging SEC’s appointment of Deloitte to investigate/audit Oando’s financial affairs over alleged claims of financial mismanagement by the shareholders.

Oando plc has withdrawn the pending lawsuit against the commission and granted by the court of appeal on March 5. The application by the shareholders was heard and granted by the federal high court on February 21, 2018.

He said following the dismissal and striking out of the suit, SEC had informed the firm’s of Deloitte to proceed with the forensic audit.

Shareholders of Oando Plc had on Wednesday staged a peaceful protest in Abuja to demand the suspension of the management team of the company.

The shareholders were led on the demonstration by the Coordinator, Proactive Shareholders Association of Nigeria, Mr. Taiwo Oderinde; Chairman, Trusted Shareholders Association of Nigeria, Mr. Muhtar Muhtar; and their Legal adviser.

Addressing journalists, Muhtar said the shareholders were demanding the suspension of the current management team of Oando by the Securities and Exchange Commission.