Oando Update: SEC Aligns Principle Of Fair Hearing With Cooperation During Investigations


Sunday, June 09, 2019  /  05:48PM  /  SEC Press Release / Header Image Credit: Oando

The attention of the 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, the SEC hereby states as follows:

1. Fair hearing is a paramount and fundamental principle, which the Commission as a law abiding agency adheres to in all its investigative processes.

2. 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 of Oando Plc by a letter dated July 10, 2017.

3. The Commission subsequently engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc. In the course of conducting the 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 investigation.

4. 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 penalize the company and some of the individuals related to it for violations of securities laws.

5.  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.

6. These facts have been properly articulated in the court process filed at the Federal High Court by the Commission in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive officer of Oando Plc.

7. As the Apex Regulator of the Nigerian capital market, the Commission has a mandate to protect investors.

8. The Commission’s recent action on Oando Plc aligns with the above cardinal mandate, as 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 is to protect investors and preserve stakeholder value.

9. Failure or refusal of the Commission to act in the face of the serious issues thrown up by the investigations or to reverse its directives, would undermine the Federal Government’s agenda to build strong institutions and promote the transparency and integrity of the Nigerian capital market, especially given that, these are preconditions for attracting foreign investors to the Nigerian capital market.

Visit Oando Plc IR Page in Proshare MARKETS


Graph 1: Oando Plc – One Year Share Price Movement

Proshare Nigeria Pvt. Ltd.

Table: Unaudited Q1 2019 Results

Proshare Nigeria Pvt. Ltd.


Related News on SEC Investigation Report

1.       One Week After: OANDO Shares Dropped By -4.76% WoW, -20% YTDJun 07, 2019

2.      Chief Sena Anthony and Mr. Oghogho Akpata Resign From OANDO’s Board Effective June 3rd, 2019Jun 07, 2019

3.      Oando Share Price Drops 20% Off The Back Of SEC Investor Protection MovesJun 03, 2019

4.      NSE Release: Oando Plc Warns Against Unofficial Company News Circulating In The MediaJun 03, 2019

5.      SEC Appoints Interim Management Team For Oando Plc Headed By Mr. Mutiu Olaniyi Adio SunmonuJun 03, 2019

6.      Post-Forensic Exchanges: The SEC Letter to Oando Plc and The Oando Rebuttal  - Jun 02, 2019

7.      Oando Challenges SEC’s Ruling On The Outcome Of The Forensic Audit Into Oando PLC May 31, 2019

8.     SEC Announces Far Reaching Decisions On The Investigation Of Oando Plc May 31, 2019

Proshare Reports - Oando Investigation

1.       Memo to The Market: The Oando Corporate Journey – At the Regulators Gate – Nov 22, 2017

2.      Download Full (PDF) Report - Memo to The Market: The Oando Corporate Journey – At The Regulators Gate – Dec 2017

3.      Review of the SEC Technical Committee Recommendations, Opinion and Final Report – Dec 08, 2017


Proshare Nigeria Pvt. Ltd.


Quick Recall of Past Market Memorandum(s)

4.      Beyond The Noise: MTN’s Post Listing Reactions, Gaps in Rules and Lessons LearntMay 25, 2019

5.      PDF Report - JUMIA IPO and Q1 2019 ResultMay 16, 2019

6.      Surviving Uncertain Times in the Nigerian Financial Market Jan 19, 2019

7.      Memo To The Market – The NSE, Oscar Onyema Foundation And Corporate GovernanceAug 20, 2018

8.     The Bull in the China Shop – A New Paradigm in the Banking Sector (analysis of the SLS Intervention) ... - Proshare Aug 21, 2009

9.      Fundamental Considerations for Capital Market Reforms in Nigeria ... - Proshare Sept 06, 2010

10.  Memo to the Market: Reappointing Arunma Oteh as DG, SEC - Proshare Dec 31, 2014

11.   Where Nigeria got it Wrong - Proshare Dec 01, 2014

12.  Leadership, Change and Corporate Transformation – The Nigerian Experience ... - Proshare Nov 07, 2017  

13.  The Proshare Transcorp White Paper - 2007Jan 14, 2007


Proshare Nigeria Pvt. Ltd.

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  

19.  NSE X- Compliance Report May 2019


Proshare Nigeria Pvt. Ltd.

Related News on Oando

20. Oando Optimises Value From Midstream Business – Apr 26, 2019

21.  OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k) – Apr 25, 2019

22. Oando PLC Announces Divestment of its Residual 25% Interest in Axxela Limited – Apr 04, 2019

23. Oando’s Plan to Deleverage and Remain Profitable – Apr 04, 2019

24. Axxela Now 100 Percent Owned by Helios – Apr 04, 2019

25.  Oando Plc Announces FYE 2018 Results, Posts N28.8 Billion Profit-After-Tax – Apr 02, 2019

26. OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k) – Apr 01, 2019

27.  Oando PLC, Canadian Government and Accountability Lab Champion the SDG 16 Innovation Challenge 2019 – Mar 26, 2019

28. OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k) – Mar 15, 2019

29. Oando Female Engineers Mentor Female Pupils in Celebration of International Day of Women in Science – Mar 08, 2019

30. Oando Employees Donate Relief Materials to Flood Victims in the Niger Delta – Jan 31, 2019

31.  Oando, NAPIMS and NAOC JV Celebrate Green River Project and 22nd Annual Farmers Day – Dec 03, 2018

32. NNPC, NCDMB, Oando, Seplat And Many More Push The Nigerian Agenda At The 25th Africa Oil Week – Nov 12, 2018

33. Oando PLC, Nestle Nigeria, Union Bank and others lead conversations on Heritage Branding – Nov 01, 2018

34. OANDO Declares N10.39bn PAT in Q3 2018 Results (SP:N5.05k) – Oct 31, 2019

35.  Oando Plc Eyes Growth After Curbing $2.5 Billion Debt – Aug 28, 2018

36. Oando Plc Successfully Concludes 41st Annual General Meeting  - Jul 28, 2018

37.  Oando Plc Sets the Record Straight Regarding the LCIA’s Ruling on Whitmore, OODP BVI and Ansbury – Jul 16, 2018

38. Oando Plc Awarded EPC Mandate to Develop Ajaokuta-Kaduna-Kano Gas Pipeline Project by the NNPC – Apr 19, 2018

39. Oando PLC Announces YTD September 2017 Results; Gives Operational Highlights

40. Oando Plc state Positions on the Securities and Exchange Commission Alleged Findings

41.  Oando Secures Court Injunction, restraining SEC, NSE

42. Oando Shares Now Available for Trading, No Price Movement During Technical Suspension

43. JSE Follows NSE, Suspends Trading in the Shares of Oando Plc

44. Oando Gives Holding Response on SEC’s Directive to NSE to Suspend Trading of Its Shares

45.  Oando PLC’s Official Statement on the SEC’s Directive to The NSE to Suspend Trading of Its Shares

46. NSE, SEC Confirm Decision To Suspend Trading On The Shares of Oando Plc

47.  Trading on the Shares of Oando Plc Suspended; Reasons Unknown

48. Oando Gas & Power Rebrands as Axxela

49. House of Reps gives SEC Two weeks to submit Report on Oando PLC

50. Oando Plc. - AGM Resolution

51.   Oando Plc holds 40th AGM, engages Shareholders on the Progress of its Restructuring Plan

52.  Oando Plc's 40th AGM To Hold As Planned Following SEC Confirmation

53.  Oando Plc to Hold 40th AGM on Sept 11, 2017

54.  Oando Plc Issues an Update on Claims of a SEC Investigation

55.  OANDO Declares N4.56bn Profit in Q2 2017 Results,(SP:N7.80k)

56.  Oando Issues Press Release over SEC Investigation

57.  Corporate Earnings for the Week Ending 140717 – UCAP declares N1.99 billion Profit in Q2'17 Results

58. SEC Investigating Oando Plc

59.  OANDO Plc Announces Closed Period

60. Oando Provides Clarifications on its Refinery Ambitions

61.  OANDO Declares N1.71bn Profit in Q1 2017 Results,(SP:N5.80k)

62. OANDO Plc Announces Closed Period

63. Oando Plc to Hold 2016 AGM on Tuesday 2nd August

64. Oando Plc Key Highlights on Q4 15 and Q1 16

65.  OANDO Concludes Recapitalization Partial Divestment of Equity Stake in Its Downstream Operations

66. Material Uncertainty May Cast Doubt on Oando’s Ability to Continue as a Going Concern – Ernst & Young

67.  OANDO Releases Q4 15 and Q1 16 Results Declares N4.10bn PAT in Q1 SP N6.50k

68. Oando Plc Secures 5 Year N94.6 Billion Medium Term Facility with 10 Nigerian Banks

69. Oando explains what Deregulation of Petrol Price means for its Downstream Operations

70. OANDO to acquire OER Minority Shares for a Consideration of US 1.20 per share in Cash

71.   The Corporate Governance Rating System – Proshare

72.  ETI, Oando Plc under Fire over Ownership, Governance


Proshare Nigeria Pvt. Ltd.


Related News on SEC Laws and Corporate Governance

73.  NSE Notifies Of The Effective Dates Of Its Rules On Listing On The Growth Board, Free FloatMay 22, 2019

74.  NSE Notifies of SEC Approval of Rules of The ExchangeMay 13, 2019

75.The FRCN Nigerian Code of Corporate Governance 2018 Jan 18, 2019

76.  The-Market-Memorandum---Fundamental-Considerations-for-Capital-Market-Reforms-in-Nigeria/2910

77.  Corporate Governance and Directors' Remuneration

78. SEC Proposes New Rules & Amendments to Rules on Book Building, Corporate Governance

79.  Good Corporate Governance is Good Business

80.SEC, Udo Udoma And Corporate Governance: The Fact Files

81.Enabling Law – Investment and Securities Act (ISA) 2007

82.           SEC Nigeria’s Executed Rules and Regulations as at June 2017

83. SEC Nigeria’s Consolidated Rules and Regulations as at 2013

84. Code of Corporate Governance for Public Companies_4 April 2011


Proshare Nigeria Pvt. Ltd.


Related News on Oando from Other Sources

85. N236bn Liability: Oando Shareholders Protest in Ibadan – Independent

86. Intel’s Volpi Steps Up Battle Against Wale Tinubu over Control of Oando - ThisDay

87. Suspension of OANDO PLC – SEC

88.Oando Shareholders Set To Sack Wale Tinubu, Board – Independent

89. Notice to the General Public on Oando Plc – SEC

90. So what’s happening at Oando (2)? – Business Day

91.  So what’s happening at Oando (1)? – Business Day

92. The inside story: Why SEC ordered a Forensic audit of Oando Plc – Business Day

93. Corporate Stories: Under siege, the battle for Oando - Nairametrics

94. Oando and IAS 24: What the law cannot do by @Doubleeph - Nairametrics


Acknowledgement/Research Links

95.  Securities and Exchange Commission, Nigeria  

96. The Nigerian Stock Exchange

97.  Oando Plc

98. Convention for Business Integrity

99. Vetiva Capital Management Ltd

100.         Oando’s Investors Relation Page - TheAnalyst

101.          Oando Plc Audited Financial Statements – 2012

102.         Oando Plc Audited Financial Statements - 2013

103.         Oando Plc Audited Financial Statements - 2014

104.         Oando Plc Audited Financial Statements - 2015

105.            Oando Plc Audited Financial Statements - 2016

106.         Oando Plc Audited Financial Statements – 2017

107.          Oando Plc Audited Financial Statements – 2018



Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Related News