After a lengthy silence, the Securities and Exchnage Commission (SEC) has finally given an update on the on going Oando vs Volpi vs Mangal saga. The regulator has now distanced itself from recent media reports that had hinted it gave a clean bill of health for Oando and maintains it continues to uphold shareholders interest.
The attention of the Securities and Exchange Commission has been drawn to a publication by Thisday Newspapers on Wednesday, September 6, 2017 . The Commission categorically dissociates itself from the publication and any other related articles published in other media outlets. The Commission assures the investing public of its resolve to uphold its mandate of Investor Protection and Market Development.
The story so far
Channels Television, had sometime in July broke the news that SEC was looking into two petitions against Oando Plc. Channels later took down the report, while Oando stated that it was cooperating fully with the regulatory authorities. Gabriel Volpi (who has an indirect holding in Oando Plc) through Ansbury Plc and Dahiru Mangal had written to SEC to requesting it to stop the AGM. SEC in its response had declined to do so, as such an action would be interpreted as it constituting itself into a court of law. Both parties had earlier petitioned SEC accusing the current management of Oando Plc of mismanaging the company and failure to grant them adequate representation on the board. Charges, Oando has vehemently denied. Oando also issued a statement denying alleged plans to institute an interim board.
The puzzle remains incomplete
While SEC maintains it has investors interest as its priority, the disclaimer does not explicitly state if its investigations into Oando PLC are on going or have been concluded. Why did SEC have to wait for media reports before reacting ? Oando Plc’s Annual General Meeting (AGM) took place earlier today in Uyo, Akwa Ibom State.
