Oando Plc may still have several issues to contend with as the Securities and Exchange Commission (SEC) has signified its interest to go ahead with its forensic audit of the firm’s affairs. An official of the commission disclosed this while speaking off the record to the Punch.
News had broke earlier in the week of a peace accord brokered by Emir of Kano, Sanusl Lamido Sanusi and the two dissenting parties; Dahiru Mangal and Oando Plc. Mangal decided to withdraw a petition he had submitted to SEC, while Oando has promised to grant him representation on its board. A group of aggrieved shareholders have also insisted that the audit must continue.
The chain of events so far
2017 must have been annus horbilis for Oando, and 2018 seems to be taking the same pattern/ The company has had to battle with several aggrieved shareholders. First out of the door were the duo of Mangal and Volpi with a petition to the SEC. They alleged Oando’s management had been reckless, while Volpi in addition accused Wale Tinubu and Mofe Boyo of failing to repay a loan he had given them.
Oando in its defence accused Mangal of not declaring his interests, and Volpi of being a shareholder of an offshore entity, hence having no say.
The petitions from the duo, led to the Securities and Exchange Commission carrying out an initial investigation into the affairs of the firm. SEC then announced a planned forensic audit basisc on its intitial findings which revealed the company had breached sections of the Investment and Securities Act 2007 and the SEC Code of Corporate Governance.
In addition to the duo, Oando has also been tackled by shareholder groups. The controversy surrounding the company led to the intervention of the House of Representatives Committee on Capital Market Affairs, which has called for memoranda.
Mounir Gwarzo, the embattled Director General of the SEC also alleged he was asked by the Minister of Finance Kemi Adeosun to halt the audit. Gwarzo has since been suspended by Adeosun, on alleged financial impropriety. In addition, she accused Gwarzo of attempting to blackmail her.
