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Barring any last minute change, the Securities and Exchange Commission (SEC), will Wednesday commence Forensic Audit into the activities of Oando Plc.
The Commission who said there is no going back on its earlier decision to look into the books of the indigenous oil giant, noted that the Audit by external bodies will be flawless and according to best practice.
It will be recall that, the Commission’s decision to x-ray the activities of Oando Plc as a going concern listed on the Nigerian Stock market, has been frowned at by some market watchers, even as they alleged that the Audit is not in good fate.
The decision of SEC to proceed with the Audit was contained in a letter dated December 5, 2017, and which was exclusively obtained my nationalwire, assured the investing public of its zero tolerance to infractions in the Nigerian capital market.
In the letter addressed to the Group Chief Executive Officer of Oando Plc, Mr. Wale Tinubu, titled Re-Forensic Audit into the Affairs of Oando, the Commission further said its mindful of the suit No FHC/L/CS/160/17 Oando Plc vs SEC and Anor that was struck out om November 23, 2017 by Justice Aikawa of the Lagos division of the Federal High Court.
The Commission however reiterated that, its not aware of the existence of any valid or subsisting order of court restraining it from proceeding with the forensic audit.
The letter signed by the Acting Director General of SEC, Mr. Abdul Zubair also noted that while the Commission acknowledge the judgement of the lower court, it does not in any way serve as order stopping SEC from conducting the forensic audit.
“We wish to restate that our Forensic Auditors had been directed to commence work since November 27, 2017 and as a result shall be at your premises on any date from Wednesday, December 6, 2017”, he added.
According to reports, a petition by two of Oando’s shareholders had triggered SEC’s investigation of the oil firm.
The petitioners are Dahiru Mangal and an Italian businessman, Gabriel Volpi.
Both petitioners have filed at least four lawsuits against Oando following a failed business move in which the firm acquired oil infrastructures from ConocoPhillips in Nigeria.
The deal was said to have cost Oando $1.5bn. Volpi reportedly gave Oando the sum of $900m to effect the deal, while Mangal reportedly contributed $250m.
