Economy
SEC Lied, Never Gave us Fair Hearing—Oando Insists
By Dipo Olowookere
Embattled Nigerian energy company listed on both the Nigerian Stock Exchange (NSE) and the Johannesburg Stock Exchange (JSE), Oando Plc, has maintained its stance that it was not given the opportunity to defend itself during a forensic audit ordered by the Securities and Exchange Commission (SEC) to look into its books.
SEC had some days ago sanctioned the firm and some board members, with the Group CEO and his deputy asked to resign and barred from being on the board of any publicly quoted firm for a period of five year.
However, this was challenged at a Federal High Court in Lagos and an order obtained by Oando to stop the apex capital market regulator in Nigeria to executive its sanctions.
While reacting to a statement issued by Oando few days ago, SEC said it followed due process in punishing the company and that the firm was given fair hearing.
But Oando in a statement on Monday, said SEC was not truthful in its June 9, 2019 press released because it (Oando) was “not accorded a fair hearing because we simply co-operated with the process and responded to questions posed by the auditors in the course of their fieldwork for findings in a report that the company has still not seen.”
Oando stressed that a “hearing can only be said to be fair when all the parties to a dispute are given an opportunity to present their respective cases, and each side is entitled to know the details of the
case/findings being made against it and is given an opportunity to reply thereto.”
The firm noted that, “Prior to the commencement of the forensic audit, the company was not afforded the same opportunity to meet with the SEC as was afforded to the petitioners, despite repeated written requests to that effect.
“The first of these requests was on Thursday, August 24, 2017 from the Chairman, HRM Oba Michael Adedotun Gbadebo CFR who wrote to the then SEC Director General as follows ‘We would like to request for a meeting with you, in your capacity as Director General of the SEC and regulator on matters involving the securities of our company, to formally table our concerns to you and clarify any further questions that you may have in respect to the issues that we have raised in this and previous letters to the SEC.’
“During the 18 month long forensic audit exercise, the company was never given an opportunity to present its case based on the concerns or findings of the forensic auditor to the SEC.
“In the kick off meeting with Deloitte on the 29th of March 2018, they assured the company that we would be allowed to read their report on the forensic audit and give further clarification or comments on matters raised in their report. Minutes from the meeting which was shared with parties in attendance state ‘Deloitte concluded by repeating that the audit will be done fairly and from a factual perspective. There will be ‘no surprises’. Oando will be allowed to read their report on the forensic audit and give further clarification or comments on matters raised in the report.’
“In the course of Deloitte’s forensic audit exercise, the company had a second meeting with Deloitte on the 1st of November, 2018, and this was at the company’s insistence. At the said meeting, Deloitte promised that on the conclusion of its audit, it would hold a close out meeting with the company, however, this meeting never took place.
“With the exception of the aforementioned meetings, all other engagements with both the SEC and Deloitte were via letters and emails.
“On Monday, February 11, 2019 at Oando’s request the company’s management team met with the SEC for the purpose of getting approval for certain proposed transactions as part of our corporate strategy pending the release of the forensic audit. At the said meeting, the company was assured by the Acting Director General (DG), Mary Uduak, that they would call us in to defend the findings from the forensic report before making a final conclusion. A promise that she has not honoured.
“The company also disagrees with the assertion by SEC in its press release that ‘The actions of
the commission were properly effected pursuant to the provisions of the Investments and Securities Act (ISA) 2007 and the SEC Rules and Regulations mad pursuant to the ISA 2007’.
“Rule 599(1) of the SEC Rules and Regulations establishes the Administrative Proceedings Committee (APC) and states as follows:
“1) Pursuant to sections 310 of the Act, there is hereby established an administrative body to be known as Administrative Proceedings Committee (the Committee) for the purpose of hearing capital market operators and institutions in the market who are perceived to have violated or have actually violated or threatened to violate the provisions of the Act and the rules and regulations made there under and such operators or persons against whom complaints/allegations have been made to the commission”
“By virtue of this provision, it is evident that SEC circumvented its own rules and procedures when
it failed to invite Oando to appear before the APC and hear its position. The commission instead approached the media to publish the purported findings and punitive directives against the company.
“We are aware that the APC forum was rightly adopted by the SEC in the case of Mr Olubunmi
Oladapo Oni vs. Administrative Proceeding Committee & Securities and Exchange Commission (2014) N.W.L.R. (part 1424) 334 ‘The Cadbury Case’, the case of Afolabi Gabriel Oluwaseyi &
9 others vs. BGL Securities Limited & 22 others as well as in the case of the investigation of a certain financial institution. In these aforementioned cases cited, the parties involved were afforded opportunities to be heard before the panel prescribed appropriate punishments.
“For the avoidance of doubt, Schedule VIII of the SEC Rules stipulates as follows:
“The Administrative Proceedings Committee of the Commission is a body established pursuant
to the Investments and Securities Act for the purpose of resolving disputes in the capital market
and giving opportunity for fair hearing to capital market operators and other institutions in the market who are perceived to have violated or have actually violated or threatened to violate the provisions of the ISA and the Rules and Regulations made thereunder or such operators against whom investors have lodged complaint.”
“It would have therefore been in line with due process for the aforementioned committee to have
been rightly constituted by the SEC in accordance with the ISA, in order to afford Oando the
opportunity to present its case.
“We maintain that the SEC has not followed due process, failed to grant Oando a fair hearing, has
acted in a way that is contrary to best practice and has not proven itself to be a fair and reasonable regulator acting in the best interest of the capital market and minority shareholders, in all its dealings on this matter.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
By Aduragbemi Omiyale
Lagos State is currently agog because of the high-profile guests in the city for the Invest in Lagos Summit 3.0 commencing today, Monday, June 8, 2026.
The programme, which ends tomorrow, is themed Lagos: Business Gateway to Africa. It will feature a line-up of sessions focused on Lagos as Africa’s Global Gateway, the Future of Technology and Innovation, Unlocking Investment, Building the Cities of the Future, Global Partnerships for Growth, Talent, Creativity and Culture, and Energy and Sustainability.
The event is being put together by the Lagos State government and Commonwealth Enterprise and Investment Council (CWEIC).
The venue of the summit, Eko Hotel and Suites, is already lively, with the Lagos State Governor, Mr Babajide Sanwo-Olu; the Minister of Finance and Coordinating Minister for the Economy, Mr Taiwo Oyedele; the co-chair of the Lagos Finance and Investment Council (LFIC), Aigboje Aig-Imoukhuede; and the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, amongst others expected to speak.
The workshop is designed to position Lagos as Africa’s premier destination for investment, trade, innovation, infrastructure development, and economic partnerships.
It is focused on unlocking investment opportunities and accelerating sustainable economic growth. It will bring together high-level participants from across the public and private sectors to explore opportunities in technology, infrastructure, energy, manufacturing, finance, creative industries, and urban development.
According to the Lagos Commissioner for Information and Strategy, Mr Gbenga Omotoso, the programme has been carefully structured to move beyond conversations and focus on actionable outcomes that can stimulate investment inflows into Lagos State.
He said the conference will provide a platform to showcase the state’s investments in transportation, technology, energy, manufacturing, tourism, and urban development, while also highlighting opportunities for local and international investors.
“Invest in Lagos 3.0 is more than a conference; it is a strategic platform designed to connect investors with opportunities, facilitate meaningful partnerships, and showcase Lagos as Africa’s most attractive investment destination.
“Through this summit, we are bringing together government leaders, global investors, development institutions, and business executives to explore opportunities that will unlock growth, create jobs, and accelerate economic development across Lagos and Nigeria,” the Commissioner, who doubles as the Head of the Media Subcommittee, stated.
The gathering will also feature investment pitches by governors, exhibitions by participating organisations, networking opportunities, a gala dinner, and site visits to major infrastructure and industrial projects, including the Dangote Petroleum Refinery, Lagos Free Zone, Lagos Port, and RusselSmith’s advanced manufacturing facility.
By Adedapo Adesanya
The federal government has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) as part of intensified efforts to combat illegal, unreported and unregulated (IUU) fishing while strengthening sustainable management of its marine resources.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this known in Abuja during a meeting with the European Union Ambassador to Nigeria, Mr Gautier Mignot, where both sides reaffirmed their commitment to deepening cooperation on maritime security and sustainable ocean governance.
Welcoming the EU Ambassador, Mr Oyetola commended the group for its longstanding partnership with Nigeria, particularly its support for maritime stability in the Gulf of Guinea, a region critical to global shipping and regional economic development.
He noted that the West Africa Sustainable Ocean Programme (WASOP) presents a timely opportunity to strengthen coordinated action against illegal fishing, improve ocean governance, and promote sustainable exploitation of marine resources across West Africa.
He said Nigeria is keen to fully engage with the programme to attract technical and financial support that will enhance enforcement capacity and boost the country’s blue economy ambitions.
The Minister stressed that illegal fishing remains a major threat to the marine ecosystem and coastal livelihoods, warning that IUU fishing continues to deplete fish stocks, undermine food security, and erode the economic well-being of coastal communities.
He said: “Illegal, unreported, and unregulated (IUU) fishing is a direct threat to national security, food sovereignty, and the survival of our coastal communities. We cannot afford to stand by and watch our marine ecosystems be depleted and economic livelihoods eroded.
“We are calling for an era of stronger international collaboration, backed by aggressive monitoring and uncompromised enforcement systems, to permanently dismantle these illicit operations and safeguard our waters.”
Mr Oyetola also highlighted ongoing reforms in Nigeria’s maritime sector under the National Policy on Marine and Blue Economy, which prioritises innovation, private sector investment, and sustainable development of ocean resources.
He referenced key milestones in the sector, including improvements in port operations and logistics, as well as enhanced maritime security.
He further noted that Nigeria is strengthening initiatives aimed at expanding its maritime infrastructure and improving competitiveness in global trade.
The Minister also reiterated the need for broader cooperation beyond piracy control, urging development partners to support Nigeria in addressing environmental crimes, human trafficking, and illegal fishing in a more integrated and coordinated manner.
He sought increased technical assistance from the European Union, particularly in surveillance systems, fisheries monitoring, and enforcement capacity to strengthen Nigeria’s ability to curb IUU fishing across the Gulf of Guinea.
On his part, Mr Mignot reaffirmed the European Union’s commitment to strengthening maritime cooperation with Nigeria and supporting regional efforts to ensure safer and more sustainable oceans.
He highlighted the West Africa Sustainable Ocean Programme (WASOP), a major EU-funded initiative designed to promote integrated ocean governance, sustainable fisheries management, and protection of coastal and marine ecosystems across West African countries.
According to him, the programme will support improved coordination among coastal states, strengthen enforcement mechanisms, and promote a more inclusive and sustainable blue economy in the region.
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