Economy
Investors Protest Delay in Oando Forensic Audit, Say ‘SEC Acting DG Compromised’
By Dipo Olowookere
Despite promising to commence the much-awaited forensic audit of Oando Plc, the Securities and Exchange Commission (SEC) is yet to begin the exercise.
This is already making investors in the capital market, especially shareholders of the energy company to question what was causing the delay.
Yesterday, some shareholders of the firm under the aegis of Proactive Shareholders Association of Nigeria (PSAN) and Trusted Shareholders’ Association (TSA) staged a protest in Abuja, asking the apex capital market regulator to immediately kick off the audit.
The aggrieved investors called for the immediate suspension of the management of Oando so as to allow an unhindered process.
On October 18, 2017 SEC ordered a forensic audit of Oando after a panel it set up found Oando guilty of allegations made in petitions filed by two shareholders of the firms, Mr Dahiru Mangal and Ansbury Incorporated.
However, the forensic audit was challenged by Oando at a Federal High Court sitting in Lagos and the court told Oando to take the matter to the Investment and Securities Tribunal (IST), a special court established to entertain capital market disputes.
While the matter was on, Mr Mounir Gwarzo was suspended as the Director General of SEC in November by the Minister of Finance, Mrs Kemi Adeosun.
Mr Gwarzo alleged that he was removed from the office because he refused to stop the forensic audit, a claim the Minister refuted.
The former DG was later replaced by Mr Abdul Zubair, who promised that the audit would go on as planned.
However, months after he assumed office, the forensic audit was yet to commence and shareholders of Oando are already losing their patience.
During Wednesday’s demonstration in Abuja, the investors said SEC must start the exercise so as to protect the image of the nation’s capital market.
“We cannot allow regulatory infractions to go unpunished; we cannot allow financial mismanagement to go scot-free.
“We can’t understand now why SEC, with the active connivance of the Minister of Finance, are trying to truncate the process.
“They keep on telling us that the forensic audit is still ongoing, that they still agree with it but nothing is happening. Nothing tangible has been followed up, there is nothing taking place,” Mr Mukhtar Mukhtar, Chairman of the TSA said.
He said it was time for the management of Oando Plc to go because they had spent nearly two decades in office.
He also claimed the management had appropriated some of the company’s subsidiaries, both upstream and downstream for themselves and their cronies at prices based on their estimations.
On his part, National Coordinator of PSAN, Mr Oderinde Taiwo, said Oando was “exposed to both local and foreign loans worth about N779 billion on which an interest of N15 billion was paid”.
According to him, it was “a show of the level of recklessness of the organisation.”
“We bought the last right issue they did at N98 and the right issue listed before the suspension stood at N4.95.
“When you see such a change you know that there are a lot of problems. Many of the shareholders have died with Oando doing all these things, they have killed some people directly or indirectly.
“We have come to the National Assembly because we discovered that the SEC under the present acting director general has been compromised. The man does not act confidently again, they are not forthcoming, they are just dodging.
“Let the CEO of Oando and his management team be suspended so the forensic audit can go unhindered, you can’t do a forensic audit without suspending the management of the company,” he said.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria, Mr Yemi Cardoso, has eased fears of any devaluation of the Naira anytime soon, saying the country’s ongoing monetary and foreign exchange reforms have restored confidence in the currency and strengthened the financial system.
Speaking while delivering a keynote address at the Annual Distinguished Alumni Lecture held in celebration of Founders’ Day of the St. Gregory’s College Old Boys Association in Lagos, the apex bank governor said, “These reforms have restored pride in our currency and strengthened confidence in our financial system.”
Mr Cardoso explained that the CBN remains focused on restoring price stability and bringing inflation down to single digits, noting that although the objective will take time to achieve, it remains central to the apex bank’s policy direction.
“Our goal remains to bring inflation down to single digits. This cannot happen overnight. External shocks will continue to occur, and global developments will always have some impact. But inflation is effectively a tax, and it disproportionately affects the most vulnerable members of society,” he said.
“That is why restoring price stability remains a central objective.”
He noted that the bank’s commitment to transparency and well-governed markets is evident in the reforms carried out in the foreign exchange market, including the elimination of the multiple exchange rate system that previously benefited only a few.
According to him, although some critics argue that the exchange rate appears higher today than it was before the reforms, the key difference lies in accessibility and transparency.
“Some critics argue that the exchange rate today appears higher than it was before the reforms. My response is simple: when the official rate was lower, how many people could actually access foreign exchange at that rate? The answer, in most cases, was very few,” he said.
“Today, the situation is fundamentally different. Foreign exchange is accessible through formal channels, and the system is far more transparent.”
He explained that many Nigerians travelling abroad can now use their naira cards directly instead of searching for foreign currency through informal channels, a development he said represents a major improvement compared to previous years when travellers struggled to access foreign exchange.
Mr Cardoso further revealed that the premium between the official and parallel markets has narrowed sharply from around 50 per cent in 2022 to less than 2 per cent on average in 2025, reflecting improved liquidity and efficiency in the FX market.
By Adedapo Adesanya
Four stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.56 per cent on Thursday, March 12, making it the third consecutive loss this week.
The price losers were led by FrieslandCampina Wamco Nigeria Plc, which crumbled by N4.71 to N128.07 per share from N132.78 per share. Central Securities Clearing System (CSCS) Plc lost N1.98 to close at N78.02 per unit versus the previous day’s N80.00 per unit, First Trust Mortgage Bank Plc declined by 15 Kobo to N1.75 per share from N1.90 per share, and MRS Oil Plc crashed by 10 Kobo to settle at N210.00 per unit compared with the preceding session’s N210.10 per unit.
Consequently, the market capitalisation went down by N14.13 billion to N2.519 trillion from N2.533 trillion, and the NASD Unlisted Security Index (NSI) dipped by 23.61 points to 4,210.30 points from 4,233.91 points.
There were three price gainers yesterday, led by Okitipupa Plc, which gained N10.00 to N240.00 per share from N230.00 per share, IPWA Plc increased by 45 Kobo to N5.01 per unit from N4.56 per unit, and Afriland Properties Plc appreciated by 35 Kobo to N17.95 per share from N17.60 per share.
During the session, the value of securities surged by 197.4 per cent to N95.0 million from N31.9 million, the volume of securities grew by 185.8 per cent to 3.7 million units from 1.3 million units, and the number of deals improved by 44.4 per cent to 52 deals from 36 deals.
The most active stock by value (year-to-date) was CSCS Plc with 38.4 million units worth N2.4 billion, followed by Okitipupa Plc with 6.4 million units valued at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc with 6.2 million units sold for N566.8 million.
The most traded stock by volume (year-to-date) was Resourcery Plc with 1.05 billion units traded for N408.7 million, trailed by Geo-Fluids Plc with 130.6 million units transacted for N503.8 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
By Adedapo Adesanya
The Naira rallied against the United States Dollar by N4.68 or 0.34 per cent to trade at N1,371.51/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, March 12, compared with the N1,376.19/$1 it was traded on Wednesday.
The local currency also appreciated against the Pound Sterling in the same market window during the session by N10.67 to quote at N1,834.80/£1 versus midweek’s price of N1,845.47/£1, and strengthened against the Euro by N49.62 to finish at N1,581.89/€1, in contrast to the previous session’s N1,631.51/€1.
At the parallel market, the Naira also gained N10 against the Dollar yesterday to close at N1,410/$1 versus the preceding day’s rate of N1,420/$1, and gained N16 at the GTBank’s FX desk to settle at N1,391/$1 compared with the N1,407/$1 it was exchanged a day earlier.
Pressure further eased on the FX market as a result of inflows from foreign investors, exporters and non-bank corporates, among others.
With gross external reserves standing above $50 billion, the highest since 2009, analysts said the Naira has a positive outlook, amidst projections that the FX rate could rise to N1,300 per dollar in the first half of 2026.
However, external pressure threatens this, as increased demand for the US Dollar has strengthened globally due to the war triggered by the United States and Israel against Iran, which has been ongoing for two weeks.
A look at the digital currency market showed that prices extended a quiet stretch of consolidation that has kept the market largely unmoved by turbulence in global equities.
Amid geopolitical tensions in the Middle East and supply disruptions, crypto markets appear to be largely ignoring those pressures for now. Analysts noted that until a clear macro catalyst or wave of new capital arrives, the market appears content to consolidate gains rather than chase a breakout.
Cardano (ADA) appreciated by 6.0 per cent to $0.2743, Dogecoin (DOGE) grew by 4.9 per cent to $0.0966, Solana (SOL) added 4.6 per cent to sell for $88.99, Ethereum (ETH) rose by 4.3 per cent to $2,111.22, Ripple (XRP) jumped 3.9 per cent to $1.42, Bitcoin (BTC) expanded by 3.0 per cent to $71,546.01, Binance Coin (BNB) improved by 2.6 per cent to $661.08, and TRON (TRX) increased by 0.1 per cent to $0.2897, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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