Frauds & Scandals | |
Frauds & Scandals | |
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Monday, June 03, 2019 / 10:27AM / By NSE Public Notice
Our attention has been drawn to an unsigned document circulating online
addressed to the Securities and Exchange Commission (SEC) and allegedly from
the Chairman of Oando PLC (the ‘Company’ or ‘Oando’).
We would like to use this medium to inform the general public that the
Company has not officially released a statement or letter in response to the
SEC.
We urge the general public to be aware.
Additional News – Post-Appointment Of Interim Chairman
The Oando Group has said that the “SEC’s Appointment of Mutiu Sunmonu
to Head Interim Management at Oando, Lacked Legal Process”
Beyond the incongruity of a formal letter from the SEC Nigeria detailing
its public notice on actions, followed by the letter to Oando giving its till
July 2019 to act; this recent action smacks of desperation by the regulators
which is worrisome.
The concerns are captured in this commentary.
The announcement by the Securities and Exchange Commission (SEC) on
Sunday June 2, 2019, on the alleged appointment of Mr. Mutiu Olaniyi Adio
Sunmonu CON, to head an Interim Management Team at Oando may have been executed
without recourse to due process.
First, no director or the chairman has since resigned contrary to
an online post as at the time of this post.
Second, and in response to an enquiry about the story circulating on
various news platforms about the purported appointment, a very well-placed
source at Oando disclosed that the company has not been made aware of any
regulatory process taken ahead of such a critical announcement.
"I can categorically confirm that Oando is not aware of any
court order obtained by SEC to put an interim management team in place, a
process that is critically necessary in circumstances such as this”, the
source said.
The source further revealed that there is a procedure that must be
followed before the institution of an interim management team as the onus is on
the SEC to convince a judge that the institution of an interim management team
is the right thing to do before execution.
"We also have no evidence to show that any orders have been
conferred by the Investment & Securities Act (ISA) to SEC to carry out such
drastic action. Thus the SECs action contravenes the ISA and Company &
Allied Matters Act which is the legal framework for all private and publicly
listed companies. This action as with recent actions taken by the SEC, appear
calculated and with a view to prejudice the business of the Company. We believe
this is a deliberate ploy by the SEC to ensure that the Company is unable to
challenge and seek redress for the misdeeds of SEC against the Company” the
source added.
The Company sees this action as an illegal act and that all persons involved are advised to seek legal advice. "Please note that Oando and its Board of Directors have not changed the Company’s management team. We respectfully request that the Federal Government call the SEC to order with immediate effect. In the interests of our shareholders, employees and other key stakeholders please note that it is very much business as usual”, the source said.
Related News on SEC Investigation Report
1.
SEC Appoints Interim
Management Team For Oando Plc Headed By Mr. Mutiu Olaniyi Adio Sunmonu
– Jun 02, 2019
2.
Post-Forensic Exchanges: The SEC Letter to Oando Plc and
The Oando Rebuttal – Jun 02, 2019
3.
Oando Challenges SEC’s Ruling On The Outcome Of The
Forensic Audit Into Oando PLC
– May 31, 2019
4.
SEC Announces Far Reaching Decisions On The Investigation
Of Oando Plc –
May 31, 2019
Proshare Reports - Oando Investigation
5. Memo to The Market: The Oando Corporate Journey – At
the Regulators Gate – Nov 22, 2017
6. Download Full (PDF) Report - Memo to The Market: The Oando
Corporate Journey – At The Regulators Gate – Dec 2017
7. Review of the SEC Technical Committee Recommendations, Opinion and Final
Report – Dec 08, 2017
Quick Recall of Past Market Memorandum(s)
8.
Beyond The Noise: MTN’s Post Listing Reactions, Gaps in Rules and Lessons
Learnt – May 25, 2019
9.
The Bull in
the China Shop – A New Paradigm in the Banking Sector (analysis of the SLS
Intervention) ... - Proshare Aug 21, 2009
10. Fundamental
Considerations for Capital Market Reforms in Nigeria ... - Proshare Sept 06, 2010
11.
Memo to the
Market: Reappointing Arunma Oteh as DG, SEC - Proshare Dec 31, 2014
12. Where Nigeria
got it Wrong - Proshare Dec
01, 2014
13. Leadership,
Change and Corporate Transformation – The Nigerian Experience ... - Proshare Nov 07, 2017
List of Appendix
14. Corporate
Governance Rating System (CGRS)
15.
Facts Behind the
Figures (FYE 2016 & Q1 2017 Performance Review)
16. Oando Plc Half
Year Update Call (FYE 2015 & Q1 2016 Performance Review)
17.
NSE
X-Compliance Report February 21, 2014
18. NSE
X-Compliance Report August 7, 2015
Related News on Oando
19. Oando Optimises Value From Midstream Business – Apr 26, 2019
20. OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k) – Apr 25, 2019
21. Oando PLC Announces Divestment of its Residual 25%
Interest in Axxela Limited – Apr 04, 2019
22. Oando’s Plan to Deleverage and Remain Profitable – Apr 04, 2019
23. Axxela Now 100 Percent Owned by Helios – Apr 04, 2019
24. Oando Plc Announces FYE 2018 Results, Posts N28.8 Billion
Profit-After-Tax – Apr 02, 2019
25. OANDO Declares N28.79bn PAT in 2018 Audited Results
(SP:N5.65k) – Apr 01, 2019
26. Oando PLC, Canadian Government and Accountability Lab
Champion the SDG 16 Innovation Challenge 2019 – Mar 26, 2019
27. OANDO Declares N28.79bn PAT in 2018 Audited Results
(SP:N5.65k) – Mar 15, 2019
28. Oando Female Engineers Mentor Female Pupils in Celebration
of International Day of Women in Science
– Mar 08, 2019
29. Oando Employees Donate Relief Materials to Flood Victims
in the Niger Delta – Jan 31, 2019
30. Oando, NAPIMS and NAOC JV Celebrate Green River Project
and 22nd Annual Farmers Day – Dec 03, 2018
31. NNPC, NCDMB, Oando, Seplat And Many More Push The Nigerian
Agenda At The 25th Africa Oil Week
– Nov 12, 2018
32. Oando PLC, Nestle Nigeria, Union Bank and others lead
conversations on Heritage Branding
– Nov 01, 2018
33. OANDO Declares N10.39bn PAT in Q3 2018 Results (SP:N5.05k) – Oct 31, 2019
34. Oando Plc Eyes Growth After Curbing $2.5 Billion Debt – Aug 28, 2018
35. Oando Plc Successfully Concludes 41st Annual General
Meeting - Jul 28, 2018
36. Oando Plc Sets the Record Straight Regarding the LCIA’s
Ruling on Whitmore, OODP BVI and Ansbury
– Jul 16, 2018
37. Oando Plc Awarded EPC Mandate to Develop Ajaokuta-Kaduna-Kano
Gas Pipeline Project by the NNPC
– Apr 19, 2018
38. Oando PLC
Announces YTD September 2017 Results; Gives Operational Highlights
39. Oando Plc
state Positions on the Securities and Exchange Commission Alleged Findings
40. Oando Secures
Court Injunction, restraining SEC, NSE
41. Oando Shares
Now Available for Trading, No Price Movement During Technical Suspension
42. JSE Follows
NSE, Suspends Trading in the Shares of Oando Plc
43. Oando Gives
Holding Response on SEC’s Directive to NSE to Suspend Trading of Its Shares
44. Oando PLC’s
Official Statement on the SEC’s Directive to The NSE to Suspend Trading of Its
Shares
45. NSE, SEC
Confirm Decision To Suspend Trading On The Shares of Oando Plc
46. Trading on
the Shares of Oando Plc Suspended; Reasons Unknown
47. Oando Gas
& Power Rebrands as Axxela
48. House of Reps
gives SEC Two weeks to submit Report on Oando PLC
49. Oando Plc. -
AGM Resolution
50. Oando Plc
holds 40th AGM, engages Shareholders on the Progress of its Restructuring Plan
51.
Oando Plc's
40th AGM To Hold As Planned Following SEC Confirmation
52. Oando Plc to
Hold 40th AGM on Sept 11, 2017
53. Oando Plc
Issues an Update on Claims of a SEC Investigation
54. OANDO
Declares N4.56bn Profit in Q2 2017 Results,(SP:N7.80k)
55. Oando Issues
Press Release over SEC Investigation
56. Corporate
Earnings for the Week Ending 140717 – UCAP declares N1.99 billion Profit in
Q2'17 Results
57. SEC
Investigating Oando Plc
58. OANDO Plc
Announces Closed Period
59. Oando
Provides Clarifications on its Refinery Ambitions
60. OANDO
Declares N1.71bn Profit in Q1 2017 Results,(SP:N5.80k)
61. OANDO Plc
Announces Closed Period
62. Oando Plc to
Hold 2016 AGM on Tuesday 2nd August
63. Oando Plc Key Highlights on Q4
15 and Q1 16
64. OANDO Concludes
Recapitalization Partial Divestment of Equity Stake in Its Downstream Operations
66. OANDO Releases Q4 15 and Q1 16
Results Declares N4.10bn PAT in Q1 SP N6.50k
67. Oando Plc Secures 5 Year N94.6
Billion Medium Term Facility with 10 Nigerian Banks
68. Oando explains what
Deregulation of Petrol Price means for its Downstream Operations
69. OANDO to acquire OER Minority
Shares for a Consideration of US 1.20 per share in Cash
70. The Corporate
Governance Rating System –
Proshare
71.
ETI, Oando
Plc under Fire over Ownership, Governance
Related News on SEC Laws and Corporate Governance
72. The-Market-Memorandum---Fundamental-Considerations-for-Capital-Market-Reforms-in-Nigeria/2910
73. Corporate
Governance and Directors' Remuneration
74. SEC Proposes
New Rules & Amendments to Rules on Book Building, Corporate Governance
75. Good
Corporate Governance is Good Business
76. SEC, Udo
Udoma And Corporate Governance: The Fact Files
77. Enabling Law – Investment and Securities Act (ISA)
2007
78. SEC Nigeria’s
Executed Rules and Regulations as at June 2017
79. SEC Nigeria’s
Consolidated Rules and Regulations as at 2013
80.Code of Corporate Governance for Public Companies_4 April 2011
Related News on Oando from Other Sources
81. N236bn
Liability: Oando Shareholders Protest in Ibadan – Independent
82. Intel’s Volpi
Steps Up Battle Against Wale Tinubu over Control of Oando - ThisDay
83. Suspension of OANDO PLC – SEC
84. Oando
Shareholders Set To Sack Wale Tinubu, Board – Independent
85. Notice to the
General Public on Oando Plc –
SEC
86. So what’s
happening at Oando (2)? – Business Day
87. So what’s
happening at Oando (1)? – Business Day
88.The inside
story: Why SEC ordered a Forensic audit of Oando Plc – Business Day
89. Corporate
Stories: Under siege, the battle for Oando - Nairametrics
90. Oando and IAS
24: What the law cannot do by @Doubleeph - Nairametrics
Acknowledgement/Research Links
91. Securities
and Exchange Commission, Nigeria
92. The Nigerian
Stock Exchange
93. Oando Plc
94. Convention
for Business Integrity
95. Vetiva Capital Management Ltd
96. Oando’s Investors Relation Page
- TheAnalyst
97. Oando Plc
Audited Financial Statements – 2012
98. Oando Plc
Audited Financial Statements - 2013
99. Oando Plc
Audited Financial Statements - 2014
100.
Oando Plc
Audited Financial Statements - 2015
101.
Oando Plc
Audited Financial Statements - 2016