Hopes of a resolution of the boardroom tussle in Oando Plc may be yet awhile, as aggrieved shareholders of oil giant, Oando Plc have maintained that a forensic audit by the Securities and Exchange Commission (SEC) must go on.
The shareholders under the aegis of Oando Shareholders Solidarity Association (OSSA) made this known in a statement signed by its chairman Clement Ebiri.
Their insistence comes on the heels of Dahiru Mangal, withdrawing a petition he had written against Oando. The company in return has promised him representation on the board. The truce between both parties was negotiated by Emir of Kano and former Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi.
The shareholders also asked Sanusi not to interfere in the matter, as he was given a free hand to remove several bank executives in 2009.
Why the shareholders want the audit to continue
According to Ebiri, the audit was due to preliminary findings made by the commission, which revealed a breach of the Investment and Securities Act 2007. Oando had also breached sections of the SEC Code of Corporate Governance for Public Companies.
SEC also stated that its concerns about possible insider trading of the company’ shares and related party trasactions not conducted at arm’s length. In addition, SEC alleged there were discrepancies in the shareholding structure of Oando Plc.
Chain of events that kickstarted the audit
News had broken in July last year, that the SEC was investigating the company based on two petitions sent by shareholders. After much prevarication, Oando revealed the parties behind the offer as Dahiru Mangal and Ansbury investments limited. Ansbury is owned by Gabriel Volpi. The two parties accused the management of the company of financial recklessness.
Director-General of the SEC, Mounir Gwarzo also alleged that he was asked by the Minister of Finance Kemi Adeosun to step down the audit. He has since been suspended.
