Nigerian regulator says audit firm held regular sessions with Oando during a forensic investigation

Nigerian market regulator, the Security and Exchange Commission (SEC) has dismissed insinuations over lack of fair hearing during the Oando forensic investigation.

File photo - SEC management during a press briefing in Abuja (SEC)

In a statement issued over the weekend, SEC said insinuations about lack of due process in the investigations of Oando Plc are unwarranted as its engaged the oil company throughout the investigations.

The Commission said, in the course of the investigations, “communications e.g. letters and phone calls were exchanged and meetings held between the Commission and Oando Plc, requesting for its comments and explanations on issues relating to the investigations. The findings of the Commission was communicated to the Group Chief Executive Officer of Oando Plc by a letter dated July 10, 2017.”

“The Commission subsequently engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc. In the course of conducting the audit, Deloitte & Touche held regular sessions with members of the Board and senior management of Oando Plc and afforded them the opportunity to provide explanations on issues relating to the investigation.

“The Commission confirms that Oando Plc was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation. The responses given by Oando Plc were however considered unsatisfactory; prompting, the decision by the Commission to penalize the company and some of the individuals related to it for violations of securities laws.

“The actions of the Commission were properly effected pursuant to the provisions of the Investments & Securities Act (ISA) 2007 and the SEC Rules and Regulations made pursuant to the ISA 2007,” the statement added.

SEC also confirmed that it has filed a defense against court case instituted by the Group Chief Executive Officer and Deputy Group Chief Executive officer of Oando Plc. at a Federal High Court. 

Two weeks ago, the regulator asked the company's Group CEO and Deputy to resign as well as other affected board of directors.

The regulator said a forensic audit conducted on the firm indicted the management of infractions.

On Friday, two non-exclusive directors of Oando Plc resigned their appointment following the order while the company had approached a court for relief.


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