BREAKING: SEC Begins Forensic Audit of Oando December 6

December 5, 2017
oando nigeria

By Dipo Olowookere

Information just reaching our newsroom reveals that the long-awaited forensic audit of Oando Plc will commence any time from Wednesday, December 6, 2017.

This development was confirmed in a letter sent to the Group Chief Executive Officer of Oando, Mr Adewale Tinubu, which was seen by Business Post on Tuesday night.

In the letter sent by SEC, the embattled oil firm, which moved to its new head office in Lagos yesterday, was told to expect the auditors from tomorrow.

Mr Tinubu was informed that the independent auditors led by Akintola Williams Deloitte appointed to conduct the forensic audit “shall be at your (Oando) premises on any date from Wednesday, December 6, 2017.”

In the letter signed by the Acting DG of SEC, Mr Abdul Zubair, Oando was reminded that, “Further to our letter to you dated November 27, 2017 and another letter to your lawyers dated November 28, 2017, wherein the commission had notified Oando Plc of its decision to go ahead with the forensic audit, the commission in the light of recent development wishes to reiterate the following:

“That the commission is aware, that suit no: FHC/L/CS/1601/17: OANDO PLC V. SEC & ANOR was struck out on November 23, 2017 by his Lordship Hon. Justice Aikawa of the Lagos Division of the federal high court.

“That the commission is not aware of the existence of any valid or subsisting order of court restraining the commission from proceeding with the forensic audit.

“While we acknowledge that a notice of appeal has been filed to challenge the judgment of the federal high court, this notice does not serve as an order of court restraining the commission from conducting the exercise.”

Also, SEC released a statement today confirming this development.

“The Securities and Exchange Commission has reiterated its decision to conduct a Forensic Exercise into the activities of Oando Plc.

“This commitment is contained in a letter dated December 5, 2017 addressed to Oando Plc.

“The Commission wishes to assure the general public of its zero tolerance to infractions in the Nigerian Capital Market,” the regulatory agency said today in a statement obtained by this reporter.

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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