SEC says it’s set to commence audit of Oando as minority shareholders kick over delay

The Securities and Exchange Commission (SEC) said Tuesday it is now set for the commencement of the long-awaited forensic audit of Oando Plc.

Abdul Zubair, acting director general of SEC was reported to have announced the intention to go ahead with the forensic audit in Abuja on the vacation of the two lawsuits filed by Oando PLC and some of it’s shareholders, which had restrained the commencement of the audit process.

“Following the dismissal and striking out of the suits, the SEC has duly informed the firm of Deloitte to proceed with the forensic audit,” Zubair said in statement.

The development on the status of the probe is also coming on the heels of minority shareholders submitting a fresh petition to the House Committee on Capital market accusing the regulator of shielding Oando from the probe.

Minority shareholders of Oando Plc under the aegis of the Proactive Shareholders Association of Nigeria (PROSAN) are complaining of the unnecessary delays by market regulators in proceeding with the forensic audit of the indigenous oil company as planned.

In a fresh petition to the House of Representatives Committee on Capital Market and other Institutions, the shareholders accused the Securities and Exchange Commission (SEC), of shielding Oando Plc from the probe.

The development comes, as Oando, last week, informed all its shareholders of delay in the release of its full year 2017 report, following a detailed review of its account the Financial Reporting Council of Nigeria (FRCN).