Economy
Shareholders Accuse Oando of Deceit, Insist on Forensic Audit
By Dipo Olowookere
The management of embattled Oando Plc has been accused of lying that it was kicking against the planned forensic audit of its books by auditors hired by Securities and Exchange Commission (SEC) in the interest of shareholders.
A statement issued on Monday by the shareholders under the aegis of the Oando Shareholders Solidarity Group (OSSG) described the claim by Oando as “deceitful and a calculated attempt to stall SEC’s forensic audit.”
In the statement signed by the South-South Coordinator of OSSG, Mr Clement Ebitimi, it was disclosed that the present management of Oando has done more harm than good to the company and shareholders’ interest and “do not deserve to continue in office a day longer”.
According to Mr Ebitimi, “In their usual manner of deceiving shareholders, stakeholders and the general public, the management of Oando Nigeria Plc recently released a statement after the multiple inglorious losses at the Federal High Court in a bid to stop the imminent forensic audit.
“To start with, it is utterly embarrassing to have the management of a company accused of gross corporate governance misconduct and mismanagement carry on business as usual. That itself is an unacceptable display of impudence.
“Naturally, this management should have been sacked or resigned honourably considering the magnitude of misdemeanour in the public domain allegedly perpetuated by them.”
“Contrary to the claim by the company that its recent actions were not intended to undermine the regulatory powers of the Securities and Exchange Commission, SEC, it is clear that all actions taken so far have not only undermined the SEC; the company has also succeeded in drawing unnecessary negative attention to the Nigerian capital market.
“Is it not a perfect oxymoron that a company that has been accused of gross misconduct and breach of the very sacred Corporate Governance Code, for which it is now frustrating extensive audit can claim the title of a responsible company?
“To start with, how can a responsible company swamp itself in so much desperation to prevent a forensic audit that can only uncover the truth?
“Even the least educated creature on economic matters will discern that the management of the company is desperate to frustrate the forensic audit in order to hide something that is not yet known to the general public.
“Yet stakeholders and observers are united that the forensic audit is the only means to unravel the extent of mismanagement and misconduct that have been perpetuated for years.
“Let it be placed on record that the current management of Oando Nigeria Plc led by Wale Tinubu is not in any way protecting the interest of shareholders; both majority and minority.
“All shareholders of the company are angry, and frustratingly tired of this management that even the word disappointment cannot describe the discontent of shareholders.
“How can you claim to be protecting the interest of shareholders when you have consistently mismanaged the affairs of the company to the extent that the external auditors will cast a doubt on the going concern of the company?
“Majority shareholders are unhappy; minority shareholders are bewildered, so which shareholders’ interest are you protecting if not yours?” the statement said.
The OSSG Coordinator also said that SEC must proceed with, and conclude the forensic audit started under its suspended Director-General to restore confidence in the capital market. He said Oando has deliberately distorted the preliminary report of the committee that unravelled the malfeasance in the company.
He said, “Contrary to what the management of the company wants the public to believe, there is nowhere in the report that suggests or explicitly states that Oando Nigeria Plc satisfactorily responded to all issues raised in the investigation of its affairs.”
“Rather, the report clearly corroborates the earlier statement from the SEC suspending trading of the company’s shares on the stock exchange for breach of the SEC Code of Corporate Governance; violation of different sections of the SEC Code of Corporate Governance; breach of ISA 2007; misstatements in the 2013 and 2014 audited financial statement of Oando Plc; breach of ISA on misleading information contained in Oando Plc’s Rights Issue Circular; breach of SEC Rules and Regulations on payment of dividends; independent auditor’s report expressing doubt over Oando’s existence as a going concern; suspected insider dealings; related party transactions; declaration of dividends from unrealised profits; and discrepancies in the company’s shareholding structure.
”The report in question is in the public domain and accessible to every concerned stakeholder. This is obviously a deliberate move to twist the facts in the public domain and no responsible corporate organisation should be associated with such acts,” Mr Ebitimi added.
By Modupe Gbadeyanka
Following a production capacity boost facilitated by new machinery being commissioned in the two manufacturing plants, Dangote Packaging Limited (DPL) is planning to expand into the African export market.
With its production now up to 52 million polypropylene bags per month from 36 million, the management is exploring pushing the excess to other African markets to boost the Nigerian economy, particularly for foreign exchange (FX) earnings.
“With the current increase in production capacity, DPL is ready to explore markets across West, Central, and Southern Africa.
“Once domestic demand is met, it is only logical to channel our surplus to new territories. To this end, we have engaged an export team to lead the charge,” the chairman of the company’s board, Mr Robert Ade-Odiachi, said during a strategic board meeting held last Wednesday.
According to him, the entry into export markets will be backed by world-class standards, also hinting at the possibility of offering trade concessions to fast-track market penetration in target export regions.
“We are equipped with state-of-the-art machinery, skilled manpower, and robust systems. Our product quality is unmatched, and our pricing remains competitive,” he added.
DPL’s expansion is part of a wider strategic alignment with the growing demands of the Dangote Group’s industrial portfolio. The increase in production is expected to support the Group’s internal supply chain while also positioning DPL as a regional packaging powerhouse.
“With our refinery and petrochemical plants now supplying key raw materials, we have achieved self-sufficiency, further reinforcing our long-term growth prospects,” Mr Ade-Odiachi said.
Also speaking at the meeting, Dangote Group Treasurer and DPL Board Member, Mr Mustapha Matawalle, stressed the economic benefits of the expansion.
“This is not just about market dominance and revenue generation,” he said. “It’s also about creating jobs and boosting Nigeria’s foreign exchange earnings through export activity,” he stated, lauding DPL’s commitment to Health, Safety, Security, and Environmental (HSSE) standards, noting that operations remain fully compliant with regulatory expectations.
The company’s new push follows the commissioning of advanced machinery in April, an event where DPL Managing Director, Mr Sai Prakash, described the equipment as cutting-edge and pivotal to enhanced productivity and product quality.
“With our rapidly expanding capabilities, stepping into the African market is a natural and timely progression,” Mr Sai Prakash said.
Most traders in Nigeria are retail traders. They use personal money and trade on online platforms. Understanding how retail trading compares to institutional trading helps new traders make better choices. Knowing the differences also helps traders set realistic goals and avoid common traps. Retail traders do not have the same power, tools, or market influence as institutions, but they can still grow their accounts with smart choices and consistent habits. This article will explain the key differences and how Nigerian retail traders can succeed by focusing on skill, discipline, and risk control.
What Is Retail Forex Trading?
Retail traders trade with their own money, usually in small amounts. They use mobile apps or desktop platforms like MetaTrader to buy and sell financial instruments. Retail trading is open to anyone with internet access and a small deposit, which makes it popular in Nigeria. However, retail traders usually have limited access to financial data, trading tools, and fast execution speeds.
What Is Institutional Trading?
Institutional trading is carried out by banks, hedge funds, and large financial firms. These institutions trade large volumes of money and have direct access to liquidity providers. They use advanced tools, private data feeds, and faster order execution. Their trading decisions are often based on deep market analysis and are supported by teams of professionals.
Key Differences Between Retail and Institutional Trading
- Capital: Institutions manage millions or even billions in assets. In contrast, retail traders often begin with as little as $100 or $1,000. The amount of capital affects how trades are placed and how much risk is taken.
- Tools and Access: Institutional traders use advanced trading software, direct market access, and exclusive data sources. Retail traders work with public platforms and slower data, which can limit their reaction time.
- Market Impact: Institutional traders place large orders that can influence price movement. Retail traders do not affect market direction due to the smaller size of their trades.
- Costs: Institutions pay lower fees and spreads because they trade in bulk. Retail traders usually face higher costs per trade, including wider spreads and commissions.
Can Retail FX Traders Succeed?
Yes, retail traders can succeed if they follow a clear plan and manage risk properly. Many individuals in Nigeria have turned small accounts into meaningful profits by being consistent and disciplined. They focus on learning, testing strategies, and avoiding emotional decisions. You can read about successful forex traders from Nigeria.
Tips for Retail Traders in Nigeria
Retail traders in Nigeria should focus on using a simple strategy that they understand clearly. They should risk only a small amount of their capital on each trade to avoid large losses. It is important to trade without emotion and to treat each trade as a learning opportunity to improve future decisions. Keeping a trading journal can also help track progress and find patterns in both success and failure.
By Aduragbemi Omiyale
The first Capital Market Committee (CMC) meeting of 2025 in Nigeria will take place on Monday, May 19, the Securities and Exchange Commission (SEC) has confirmed.
One of the major issues to be discussed at the gathering is the activities of unregistered investment schemes in the country.
This is coming a few weeks after many Nigerians fell victims of a popular Ponzi scheme, Crypto Bridge Exchange (CBEX).
It was speculated that the organisation went away with funds belonging to Nigerian investors worth about $1 billion. Victims could not withdraw their money from their wallets with the platform.
At the CMC meeting taking place less than two weeks’ time, the capital market regulator will explore ways to better inform Nigerians on available authorised capital market products.
“The meeting will focus on critical issues affecting the market and ensure that those concerns are thoroughly addressed.
“Participants will also deliberate on the activities of unregistered investment schemes and explore ways to better inform Nigerians on available capital market products,” parts of the notice from SEC read.
In addition, the committee will deliberate on the implementation of the Investments and Securities Act 2025, recently signed by President Bola Tinubu.
Further, participants will brainstorm on strategies to drive capital market growth in line with Mr Tinubu’s Renewed Hope Agenda.
Also, the meeting will review the market’s current regulatory landscape and develop strategies to attract investments, improve market efficiency, and protect investors.
The team will, equally, examine reports from technical committees, market infrastructures, and industry observers to guide discussions on emerging market trends and regulatory reforms.
Business Post reports that expected at the CMC meeting are capital market operators, trade groups, investment advisers, fund and portfolio managers, and custodians.
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