Shareholders accuse SEC of shielding Oando from probe

Aggrieved shareholders demand sack of Oando management


As the crisis rocking Oando Plc continued unabated, shareholders of the company on Tuesday appealed to President Muhammadu Buhari and the National Assembly to intervene in the interest of Nigerians and the larger economy.

The shareholders under the aegis of Proactive Shareholders Association of Nigeria (PROSAN), Trusted Shareholders Association of Nigeria (TSAN) and Dedicated Shareholders Association appealed to Buhari to intervene and “save Nigeria from further ridicule in the international community”.

Addressing Journalists in Lagos, the shareholders advised President Buhari to intervene and stop the impression around the world “that corruption is alive in Nigeria”.

The groups accused the current leadership of the Security and Exchange Commission (SEC) “doing nothing concerning the Oando issue”.

National Coordinator, PROSAN, Taiwo Oderinde said, “Contrary to the impression out there, the Forensic Audit is not on. They are only buying time. Poor and helpless Nigeria shareholders are suffering and dying with SEC doing nothing to help them. 

“The problem is SEC. They are not doing their job. SEC report indicted Oando management. The management should be removed for the audit to take place. This is a management that has been in place for over 19 years. After the audit, if they are innocent, they will be restored to their position”.

Speaking on behalf of the Trusted Shareholders Association of Nigeria (TSAN), Alhaji Mukhtar Mukhtar said, “We have discovered that no forensic audit is going on. The agenda of SEC is very clear. They want to buy time. The Acting Director-General is afraid to do his job. How can the management of a company your report has indicted continue in their position”.

He appealed to President Buhari, the National Assembly to help shareholders of the company recover their investment.

Already, the shareholders have petitioned the House Committee on Capital Market and other Institutions, accusing the Securities and Exchange Commission (SEC) of shielding Oando Plc from probe.

The petition is dated February 21, 2018, was titled “Dangerous and Malicious Deliberate Attempts By the acting Director-General, Securities and Exchange Commission (SEC) to Cover Up Oando Nigeria Plc and Protect the Company From Forensic Audit”. 

While commending the House Committee on its unrelenting efforts to sanitise the Nigerian capital market and to make it one of the best in the world, PROSAN said the time had come to take decisive action on the forensic audit of Oando Plc.

“Being the regulator that is primarily responsible for protecting Investors in the Capital market, SEC instituted a consortium of experts commissioned to carry out a forensic audit on the company,” the group’s National Coordinator, Taiwo Oderinde said. 

“Upon the announcement of the consortium, the management of Oando Nigeria Plc has continued to desperately explore diverse avenues to frustrate the forensic audit, which the management of the company clearly fears would reveal more than is already known,” Oderinde added. 

“The company sought to stop the forensic audit by challenging the decision in court, but appropriate justice was delivered and the company lost,” the petition stated.

“Since Mr. Munir Gwarzo was suspended as the Director-General of SEC by the Minister of Finance Kemi Adeosun on November 29, 2017, the present management has shown a lack of willingness to continue with the forensic audit of Oando as directed by the lawmakers.”