Economy
SEC Probe: Oando Reveals Identity of Petitioners
By Dipo Olowookere
Those behind petitions leading to an investigation into transactions in Oando Plc have been publicly made known.
The oil company, in a statement issued today, gave identity of the petitioners as Ansbury Inc and Alhaji Dahiru Mangal.
Both aggrieved parties accused Oando of gross abuse of corporate governance and financial mismanagement, but the oil firm said the allegations lacked “merit.”
The company noted that it will continue to fully co-operate with the Securities and Exchange Commission (SEC) in the discharge of its duties as the capital markets regulator.
However, it pointed out that, “From the SEC’s initial correspondence to the company to date, we have availed them with all documents requested, provided clarification on, and rebuttals to, the issues raised and await a speedy conclusion to the enquiry.”
Giving insight on who the petitioners are, Oando revealed that Ansbury Inc is not a shareholder of the company, but a shareholder in a company domiciled in a jurisdiction outside Nigeria which in turn holds shares in a Nigerian investment company that is a shareholder in Oando.
It added that Alhaji Dahiru Mangal is an individual who requested clarification from the SEC on issues which he could easily have obtained from the company and indicated in his petition to the SEC that he holds a 17.9 percent interest in Oando.
“However, based on the company’s register of members, First Registrars Limited, he owns approximately 4 percent of Oando Plc’s shares in his personal capacity.
“He is yet to disclose beneficial ownership of 13.9 percent in accordance with Section 95 of the Companies and Allied Matters Act, Cap. C20 LFN 2004 (CAMA); failure to do so is a violation of CAMA and this has been flagged by the Company in writing to Alhaji Mangal and the SEC since Wednesday, 24th May, 2017.”
Oando Plc stressed that “Other matters highlighted by the petitioners could have been directed to the company and would have received the necessary clarification.”
It promised that, “As a public company listed on both the Nigerian and Johannesburg Stock Exchanges, we will provide full disclosure of the outcome as soon as the SEC enquiry is completed.”
Oando urged members of the public and the media to always reach its Corporate Communications team for any enquiries, emphasising that it was not happy with media houses going public with false and misleading information.
It noted that, “As a public and listed company, any false or misleading information has a materially adverse effect on the company including but not limited to reputational damage, creating undue and to a certain extent illegal volatility in the share price and causing unfair losses to our shareholders.”
“We therefore urge media houses to refrain and/or desist from further publications in future, without first verifying the accuracy of such facts from Oando,” the firm further appealed.
By Adedapo Adesanya
Nigeria, through the Debt Management Office (DMO), has offered three bonds for subscription to interested investors to the tune of N450 billion.
The DMO, in its offer circular on Monday, said that the first offer was an April 2029 FGN bond, valued at N100 billion at an interest rate of 19.30 per cent per annum. (5-year re-opening).
It listed the second offer as a February 2031 FGN bond valued at N150 billion at an interest rate of 18.50 per cent per annum. (7-year re-opening) and the third offer (January 2035 FGN bond) valued at N200 billion.
The auction date is January 27, and the settlement date is January 29, the notice stated.
According to the DMO, the FGN bonds are offered at N1,000 per unit subject to a minimum subscription of N50 million, and in multiples of N1,000 thereafter.
“For re-openings of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument.
“Interest is payable semi-annually, while bullet repayment (principal sum) is on the maturity date, ” the DMO said.
It said that the bonds were backed by the full faith and credit of the Federal Government, and were charged upon the general assets of Nigeria.
“They qualify as securities in which trustees can invest under the Trustee Investment Act.
“They qualify as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among others.
“They are listed on the Nigeria Exchange Limited, ” it said.
It said that they qualified as liquid assets for liquidity ratio calculations for banks,” the debt office added.
By Aduragbemi Omiyale
Nigerians have been warned against putting their hard-earned money in Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs, as they could lose their funds.
The capital market regulator in a circular in Abuja said investments in these entities, which it described as unregistered and unregulated, could expose investors to the risk of fraud and potential loss of investment.
SEC said Risevest and Stecs had not been authorised to carry out capital market operations in the country, and as such, investing in them was risky.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Limited, which is engaging in capital market activities by inviting the public to invest in its various investment schemes.
“The commission hereby notifies the public that Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society are not registered to operate in any capacity in the Nigerian capital market. Similarly, the investment schemes promoted by them have not been authorized by the commission.
“Accordingly, the SEC advised the public to refrain from engaging with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society in respect of any business pertaining or relating to the Nigerian capital market,” the notice read.
In the same vein, the agency said, “Our attention has been drawn to Stecs (Alausa) Multipurpose Cooperative Society (popularly known as Stecs), which is engaging in capital market activities by inviting the public to invest in its Stecs Commodity Mudarabah Investment Series I.
“The commission hereby notifies the public that Stecs (Alausa) Multipurpose Cooperative Society is not registered to operate in any capacity in the Nigerian capital market. Similarly, the investment schemes promoted by the cooperative society have not been authorized by the commission.”
“Accordingly, the public is advised to refrain from engaging with Stecs (Alausa) Multipurpose Cooperative Society in respect of any business pertaining or relating to the Nigerian capital market.”
“The commission uses this medium to reiterate that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.”
“The SEC remains committed to the protection of investors in the Nigerian capital market and is working diligently to combat the activities of illegal/unregistered entities.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange saw a 65.1 per cent boost in its market capitalisation in the fourth trading week of 2025, closing at N1.770 trillion compared with the N1.075 trillion it quoted in the preceding week (Week 3), as the NASD Unlisted Security Index (NSI) rose by 0.68 per cent or 21.29 points to 3,133.20 points from 3,111.91 points.
The sterling performance occurred amid a surge in the volume of transactions by 4,402.4 per cent to 425.3 million units from the 9.45 million units recorded in the previous week.
Equally, the total value of trades during the week jumped by 740.5 per cent to N410.5 million from the previous week’s N48.4 million, with these transactions carried out in 102 deals involving 16 stocks.
In the week, there were eight appreciating securities and four depreciating securities led by Impresit Bakolori Plc, which shed 9.5 per cent to end at 95 Kobo per share compared with N1.05 per share, Geo-Fluids Plc lost 6.8 per cent to close at N4.38 per unit versus N4.70 per share, FrieslandCampina Wamco Plc depreciated by 2.7 per cent to N38.58 per unit from N39.65 per unit, and UBN Property Plc, which slid by 1.4 per cent to N1.84 per unit from N2.20 per unit.
On the flip side, Okitipupa Plc gained 33.1 per cent to trade at N52.69 per share against the former value of N39.55 per share, Industrial and General Insurance (IGI) Plc expanded by 11.1 per cent to 40 Kobo per unit versus 36 Kobo per unit, Nipco Plc grew by 10 per cent to N165.11 per share from N150.10 per share, and Mixta Real Estate Plc rose by 9.7 per cent to N2.83 per unit from N2.58 per unit.
Further, Food Concepts Plc increased by 8.8 per cent to N1.74 per share from N1.60 per share, Access Bank jumped by 8.8 per cent to N19.30 per unit from N9.68 per unit, First Trust Microfinance Bank improved by 8.8 per cent to 39 Kobo per share from 37 Kobo per share, and Central Securities Clearing System (CSCS) Plc soared by 3.5 per cent to N24.00 per unit from N23.20 per unit.
The most traded stock for the week by value was Impresit Bakolori Plc with N386.5 million, FrieslandCampina Wamco Plc recorded N8.5 million, IGI Plc traded N7.04 million, 11 Plc recorded N2.7 million, and Okitipupa Plc posted N1.7 million.
Also, Impresit Bakolori Plc was the most traded stock by volume with 406.5 million units, IGI Plc transacted 17.5 million units, UBN Property Plc recorded 0.67 million, Mixta Real Estate Plc traded 0.27 million units, and FrieslandCampina Wamco Plc transacted 0.22 million units.
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