{"id":32479,"date":"2019-06-09T21:01:18","date_gmt":"2019-06-09T20:01:18","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=32479"},"modified":"2019-06-09T21:01:18","modified_gmt":"2019-06-09T20:01:18","slug":"infractions-oando-was-given-fair-hearing-sec","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/infractions-oando-was-given-fair-hearing-sec\/","title":{"rendered":"Infractions: Oando Was Given Fair Hearing&#8230;SEC"},"content":{"rendered":"<p>&#8230;Acted To Protect Investors<\/p>\n<blockquote>\n<div dir=\"ltr\">\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">The Securities and Exchange Commission, SEC has affirmed that Oando Plc was given sufficient opportunity of being heard before they were penalised.<\/span><\/span><\/p>\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">According to a statement from the SEC, there were various opportunities to defend themselves during the investigation by SEC and during the forensic Audit.<\/span><\/span><\/p>\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">\u201cThe attention of the SEC has been drawn to various reports questioning the regulatory authority of the SEC, and insinuating lack of due process in the investigations of Oando Plc.<\/span><\/span><\/p>\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">\u201cTo put the records straight, the SEC hereby states that fair hearing is a paramount and fundamental principle, which the Commission as a law abiding agency adheres to in all its investigative processes.<\/span><\/span><\/p>\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">\u201cIn 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.<\/span><\/span><\/p>\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">The Commission said it subsequently engaged Deloitte &amp; Touche to conduct a Forensic Audit of the activities of Oando Plc.\u00a0<\/span><\/span><\/p>\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">SEC said in the course of conducting the forensic audit, Deloitte &amp; 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 audit.<\/span><\/span><\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">\u201cThe 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.<\/span><\/span><\/p>\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">\u201cThe actions of the Commission were properly effected pursuant to the provisions of the Investments &amp; Securities Act (ISA) 2007 and the SEC Rules and Regulations made pursuant to the ISA 2007\u201d the SEC said.<\/span><\/span><\/p>\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">The Commission said these facts have been properly articulated in the court process it filed at the Federal High Court in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive officer of Oando Plc.<\/span><\/span><\/p>\n<div id=\"yiv5663664731yqtfd77824\" class=\"yiv5663664731yqt3641841304\">\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">\u201cAs the Apex Regulator of the Nigerian capital market, the Commission has a mandate to protect investors.<\/span><\/span><\/p>\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">\u201cThe Commission\u2019s recent action on Oando Plc aligns with the above cardinal mandate, as the directive for the removal of persons from the board of Oando Plc and the appointment of an interim management team to temporarily steer the affairs of the company is to protect investors and preserve stakeholder value.<\/span><\/span><\/p>\n<\/div>\n<p class=\"yiv5663664731p1\"><span class=\"yiv5663664731s1\"><span style=\"color: #000000;\">\u201cFailure or refusal of the Commission to act in the face of the serious issues thrown up by the investigations or to reverse its directives, would undermine the Federal Government\u2019s agenda to build strong institutions and promote the transparency and integrity of the Nigerian capital market, especially given that, these are preconditions for attracting foreign investors to the Nigerian capital market\u201d. The SEC added.<\/span><\/span><\/p>\n<p><em><strong>Photo Caption: Principal Program Officer, Investment and Financial Market Development, ECOWAS Commission Mr Oluonye Peter, Head International Relations Securities and Exchange Commission Ghana Mrs Dorothy Asiamah, Head Listing, Ghana Stock Exchange Mrs Joyce Boakye, Acting Director General, Securities and Exchange Commission Ms Mary Uduk and Head Securities Offering SEC Mr Saad Abdulsalam During a West African Securities Regulators Association, Technical Committee\u00a0 Meeting in Abuja, Sunday<\/strong><\/em><\/p>\n<\/div>\n<\/blockquote>\n<\/p><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Commission, SEC has affirmed that Oando Plc was given sufficient opportunity of being heard before they were penalised.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":32480,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[652,575],"coauthors":[2391],"class_list":["post-32479","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-oando","tag-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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