Wednesday, December 6, 2017 10.00AM / Proshare WebTV
The Securities and Exchange Commission of Nigeria has reiterated its decision to conduct a forensic exercise into the activities of leading integrated energy company in Nigeria and Sub-Saharan Africa Oando Plc.
This commitment is contained in a letter dated December 5, 2017 from SEC Nigeria, addressed to the Oando Plc office.
It will be recalled that SEC Nigeria in October, issued a directive to the Nigeria stock exchange to suspend trading on the shares of Oando Plc, pending a planned forensic audit on the operations of the company.
Oando Plc took the case to the Federal High Court, Lagos to stop SEC Nigeria and NSE from suspending trading on their shares and the forensic audit.
The Federal High Court struck the case out stating that it was within the jurisdiction of the Investments and Securities Tribunal of Nigeria.
SEC Nigeria in its statement through its Media officer Efe Ebelo assured the general public that it has zero tolerance for infractions in the Nigerian Capital Market.