MINORITY SHAREHOLDERS ACCUSE SEC OF SHIELDING OANDO FROM PROBE

of Finance Kemi Adeosun on November 29, 2017, the present management has shown a lack of willingness to continue with the forensic audit of Oando as directed by the lawmakers”, the shareholders stressed.

They therefore prayed the lawmakers to “urgently invite the acting Director-General, Securities and Exchange Commission (SEC), Dr. Abdul Zubair for questioning, to ascertain the authenticity of the forensic audit team set-up to probe Oando Nigeria Plc”.

They also want SEC to convince shareholders that there will not be compromise in the Oando probe.

“It may interest the honourable chairman that shareholders who bought the shares of Oando Nigeria Plc at N95 have lost more than 90% of their investments while the company’s CEO is acquiring new expensive automobiles and jets. “Many of our members have become victims of hypertension watching their investments tumble without any hope for salvage in sight. Many have even died as a result of this uncertainty that has engulfed the company,” the group alleged.

Oando Plc, in a filing to the Nigerian Stock Exchange (NSE) last week stated that the release of its financial results for the year ended 31, 2017 would be delayed owing to the decision of the Financial Reporting Council of Nigeria (FRCN) to undertake a more detailed review of its audited financial statements.