Shareholders vow to resist delay in forensic audit on Oando

Shareholders of Oando Plc have described the delay in releasing the forensic audit report on Oando by the Securities and Exchange Commission as an act of impunity.

Speaking through their lawyer, Ndodu Okeke yesterday, the concerned shareholders of Oando, which is the amalgamation of some shareholders of the company, alleged that there were moves by the management of Oando to frustrate the forensic report.

He said it appeared that the forensic audit report had been buried because nobody is talking about it anymore. ‘‘How long does it take to do a forensic audit? In this country, we build with one hand and destroy with another one.

“We have been waiting for this audit report for months and it is almost dragging into eternity.

‘‘The forensic audit report was ordered by the Securities and Exchange Commission (SEC) at the end of their preliminary investigation which was carried out as a result of the mandate given to SEC by the House Committee on Capital Market. Petition was written to the House Committee and they mandated SEC to look into the matter.

‘‘SEC came out with a preliminary report which was very damaging as it revealed that a lot of atrocities were committed by Oando management. In order to do a clean job, the SEC ordered for a forensic report. That is what we have been waiting. They appoint one DG today, and replace him with another tomorrow.’’

Okeke said the issue was beyond Oando and some concerned shareholders, but about integrity of the nation’s capital market.