Share­hold­ers vow to re­sist de­lay in foren­sic au­dit on Oando

Daily Trust - - BUSINESS - By Philip Shim­nom Cle­ment

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.

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