Adeosun, Acting SEC DG Dangerous to Nigeria’s Capital Market—Shareholders

July 9, 2018
Adeosun, Acting SEC DG Dangerous to Nigeria's Capital Market—Shareholders

By Dipo Olowookere

Minister of Finance, Mrs Kemi Adeosun, and the Acting Director-General of Securities and Exchange Commission (SEC), Ms Mary Uduk, have been accused of acting in ways that could have a negative effect on the Nigerian capital market.

This allegation was made by shareholders of Oando Plc under the aegis of Proactive Shareholders Association of Nigeria (PROSAN).

In a statement issued at the weekend, National Coordinator of PROSAN, Mr Taiwo Oderinde, said the refusal of the duo to release the forensic audit report on Oando Plc was tarnishing the image of the capital market.

To salvage the market, the group has called on the SEC chief to immediately release the audit report for all to see.

“We are calling on the acting director-general of SEC to immediately release the report of the forensic audit conducted on the company since last year, although we believe the result will be compromised since they have failed to suspend the management of the company while the so-called forensic audit lasted.

“The finance minister and the SEC DG have created substantial instability and lack of transparency in the capital market, and the attendant consequences are there for all to see.

“These two high-ranking public officials are making a mockery of the present administration’s anti-corruption drive by shielding the management of a publicly quoted company that has been indicted by an initial report of SEC for perpetrating illegalities in contravention of the Investment and Securities Act 2007,” the statement said.

Mr Oderinde also noted that the 2017 full-year result of Oando was below expectation, adding that members of his association, who are shareholders of the company, had suffered substantial financial losses.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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