The Securities and Exchange Commission (SEC) on Sunday said that Oando Plc was given sufficient opportunity of being heard before they were penalised.

The commission said in Lagos that there were various opportunities by the company to defend themselves during the investigation by SEC and during the forensic audit.

“The attention of SEC has been drawn to various reports questioning the regulatory authority of the SEC, and insinuating lack of due process in the investigations of Oando Plc.

“To put the records straight, SEC hereby states that fair hearing is a paramount and fundamental principle which the Commission as a law abiding agency adheres to in all its investigative processes.

“In the course of the investigations, communications e.g. letters and phone calls were exchanged and meetings held between the commission and Oando Plc, requesting for its comments and explanations on issues relating to the investigations.

“The findings of the commission was communicated to the Group Chief Executive Officer (GCEO) of Oando Plc by a letter dated July 10, 2017,” SEC said in a statement by Mrs Efe Ebelo, its Head, Corporate Communications and made available to the News Agency of Nigeria (NAN)

The commission said it subsequently engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.

“In the course of conducting the forensic audit, Deloitte & Touche held regular sessions with members of the board and senior management of Oando Plc, and afforded them the opportunity to provide explanations on issues relating to the audit.

“The commission confirms that Oando Plc was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation.

“The responses given by Oando Plc, were, however, considered unsatisfactory; prompting, the decision by the Commission to penalise the company and some of the individuals related to it for violations of securities laws.

“The actions of the commission were properly effected pursuant to the provisions of the Investments & Securities Act (ISA) 2007 and the SEC Rules and Regulations made pursuant to the ISA 2007,” SEC said.

It added that these facts had been properly articulated in the court process it filed at the Federal High Court in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive Officer of Oando Plc.

“As the apex regulator of the Nigerian capital market, the commission has a mandate to protect investors,” it said.

SEC noted that its recent action on Oando Plc aligned with the above cardinal mandate.

It said that the directive for the removal of persons from the board of Oando Plc and the appointment of an interim management team to temporarily steer the affairs of the company was to protect investors and preserve stakeholder value.

SEC said that failure or refusal of the commission to act in the face of the serious issues thrown up by the investigations or to reverse its directive would undermine the Federal Government’s agenda to build strong institutions.

NAN reports that SEC on June 2, following the outcome of its forensic audit constituted an Interim Management team to be headed by Sunmonu for embattled Oando Plc.

It noted that Sunmonu would oversee the affairs the company and conduct an Extra Ordinary General Meeting on or before July 1, to appoint new board of directors.

The regulatory body also said that appointed new board of directors at the meeting would subsequently select a management team for Oando Plc.

The commission, however, reiterated its commitment to maintaining the integrity of the market.

But the Federal High Court Lagos on June 3 granted an interim injunction to the embattled management of Oando restraining SEC from executing an interim management in the company.

The interim injunction followed an application filed by Messrs Jubril Adewale Tinubu, embattled GCEO and Omamofe Boyo, for the enforcement of their fundamental human rights.

It also restrained the commission from imposing a fine of N91.13 million on Tinubu and barring him and Boyo from being directors of public companies for five years.

(NAN)

https://www.google.co.uk/amp/s/punchng.com/oando-our-action-aimed-at-protecting-investors-sec/amp/

Just a magical step to change jagaban to jagajaga

........... Ebi pami....

Great

You mean ENYO shareholders

What's happening to Oando?

Nice1..

Hmmmmmm
Aye Wale Tinubu to baje finally
That nigga messed with the wrong person

Hmmm it is well

Why is it that one particular tribe is known for running down a company? Them Sabi embezzlement ehn Kai!

All I know if the witch cried last night and the baby died by morning, it's the witch we'll hold responsible.

Please can someone narrate the story for us...watin happen

Lawless country, where government agencies whose mandate is to protect investors and the sanctity of the financial markets are blindsided and emasculated by the whims of greedy and capricious politicians calling themselves godfathers.

kaen1317:
Just a magical step to change jagaban to jagajaga

Idiat. Wale Tinubu is not in any way related to Bola Tinubu the Jagaban of Africa.

wellmax:


Idiat. Wale Tinubu is not in any way related to Bola Tinubu the Jagaban of Africa.

But the both have a big black forehead and the same set of yellow teeth.

I agree. Oando needs to really be looked into

wellmax:


Idiat. Wale Tinubu is not in any way related to Bola Tinubu the Jagaban of Africa.

They are cousins

Thank God the thief of a lady Kemi whatever she calls herself is out, she protected the godfather, now an hausa is in the helm of affair, they strike back

I have closed my shop with them, it's better to watch from the side line.

wellmax:


Idiat. Wale Tinubu is not in any way related to Bola Tinubu the Jagaban of Africa.

Really?

wellmax:


Idiat. Wale Tinubu is not in any way related to Bola Tinubu the Jagaban of Africa.

Must you always be blind followers. Must you always defend deceit and lie even when the truth is out, why can't you make your findings? Anyway I have helped you out now tell me who is idait?

https://en.m.wikipedia.org/wiki/Adewale_Tinubu