SEC to go ahead with forensic audit of Oando

The crisis of confidence at a major oil company, Oando Plc, continues to escalate as the Securities and Exchange Commission (SEC) insists on conducting a forensic auditing of the book of the activities of the company.

The Commission took the decision, following the court order setting aside the prayers of Oando to stop the process.

The Commission, in a release, said it has communicated its commitment in a letter dated December 5, 2017 addressed to Oando Plc.

The clarification followed reports that the rifts that led to the suspension of the Commission’s Director-General, Mounir Gwarzo, by the Minister of Finance, Kemi Adeosun, is connected to the forensic audit of Oando Plc, which commenced two months ago.

A Federal High Court sitting in Lagos, penultimate week, struck out a case filed by Oando Plc seeking to stop SEC from conducting the forensic audit and also lift a technical suspension placed on its shares.

The presiding judge, Mohammed Aikawa, struck out the case on the grounds that the court lacked jurisdiction over the matter. He advised Oando to take its case to the Investment and Securities Tribunal (IST).

SEC also confirmed that though the court advised Oando Plc to approach the securities tribunal, it has not received any notification from any court stopping it from proceeding with the forensic audit.

The letter of notice sent to Oando indicated that the audit will begin on 6th of December.

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