Frauds & Scandals | |
Frauds & Scandals | |
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Friday, May 31, 2019 / 05:00PM / By SEC
Management / Header Image Credit: Oando
The Securities and Exchange Commission (SEC) of Nigeria, this evening
published a press release on their website stating their decision(s) in respect
of their two year investigation of petitions against Oando Plc. Below is a
reproduction of the press release.
Following
the receipt of two petitions by the Commission in 2017, investigations were
conducted into the activities of Oando Plc (a company listed on the Nigerian
and Johannesburg Stock Exchanges). Certain infractions of Securities and other
relevant laws were observed. The Commission further engaged Deloitte &
Touche to conduct a Forensic Audit of the activities of Oando Plc.
The
general public is hereby notified of the conclusion of the investigations of
Oando Plc.
The
findings from the report revealed serious infractions such as false
disclosures, market abuses, misstatements in financial statements, internal
control failures, and corporate governance lapses stemming from poor board
oversight, irregular approval of directors’ remuneration, unjustified
disbursements to directors and management of the company, related party
transactions not conducted at arm’s length, amongst others.
As
part of measures to address these violations, the Commission has directed as
follows:
As
required under Section 304 of the Investments and Securities Act, (ISA) 2007,
the Commission would refer all issues with possible criminality to the
appropriate criminal prosecuting authorities.
In
addition, other aspects of the findings would be referred to the Nigerian Stock
Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate
Affairs Commission (CAC).
The
Commission is confident that with the implementation of the above directives
and introduction of some remedial measures, such unwholesome practices by
public companies would be significantly reduced.
Therefore,
in line with the Federal Government’s resolve to build strong institutions,
Boards of public companies are enjoined to properly perform their fiduciary
duties as required under extant securities laws.
The Commission, as the apex regulator of the Nigerian capital market, maintains its zero tolerance to market infractions, and reiterates its commitment to ensuring the fairness, integrity, efficiency and transparency of the securities market, thereby strengthening investor protection.
Proshare Reports - Oando Investigation
2. Download
(PDF) Report - SEC Technical Committee on Oando Plc 2017 (Dec 04, 2017)
3. Review
of the SEC Technical Committee Recommendations, Opinion and Final Report
Quick Recall of Past Market Memorandum(s)
1.
Beyond
The Noise: MTN’s Post Listing Reactions, Gaps in Rules and Lessons Learnt
– May 25, 2019
2.
The Bull in the
China Shop – A New Paradigm in the Banking Sector (analysis of the SLS Intervention)
... - Proshare Aug 21, 2009
3.
Fundamental
Considerations for Capital Market Reforms in Nigeria ... - Proshare Sept 06, 2010
4.
Memo to the
Market: Reappointing Arunma Oteh as DG, SEC - Proshare Dec 31, 2014
5.
Where Nigeria
got it Wrong - Proshare Dec
01, 2014
6.
Leadership,
Change and Corporate Transformation – The Nigerian Experience ... - Proshare Nov 07, 2017
1. Corporate
Governance Rating System (CGRS)
2. Facts Behind the
Figures (FYE 2016 & Q1 2017 Performance Review)
3. Oando Plc Half
Year Update Call (FYE 2015 & Q1 2016 Performance Review)
4. NSE X-Compliance
Report February 21, 2014
5. NSE X-Compliance Report August 7, 2015
Related News on Oando
1.
Memo
to The Market: The Oando Corporate Journey – At The Regulators Gate
2.
Oando PLC
Announces YTD September 2017 Results; Gives Operational Highlights
3.
Oando Plc state
Positions on the Securities and Exchange Commission Alleged Findings
4.
Oando Secures
Court Injunction, restraining SEC, NSE
5.
Oando Shares Now
Available for Trading, No Price Movement During Technical Suspension
6.
JSE Follows NSE,
Suspends Trading in the Shares of Oando Plc
7.
Oando Gives
Holding Response on SEC’s Directive to NSE to Suspend Trading of Its Shares
8.
Oando PLC’s
Official Statement on the SEC’s Directive to The NSE to Suspend Trading of Its
Shares
9.
NSE, SEC Confirm
Decision To Suspend Trading On The Shares of Oando Plc
10. Trading on the
Shares of Oando Plc Suspended; Reasons Unknown
11.
Oando Gas &
Power Rebrands as Axxela
12. House of Reps
gives SEC Two weeks to submit Report on Oando PLC
13. Oando Plc. - AGM
Resolution
14. Oando Plc holds
40th AGM, engages Shareholders on the Progress of its Restructuring Plan
15.
Oando Plc's 40th
AGM To Hold As Planned Following SEC Confirmation
16. Oando Plc to
Hold 40th AGM on Sept 11, 2017
17.
Oando Plc Issues
an Update on Claims of a SEC Investigation
18. OANDO Declares
N4.56bn Profit in Q2 2017 Results,(SP:N7.80k)
19. Oando Issues
Press Release over SEC Investigation
20. Corporate
Earnings for the Week Ending 140717 – UCAP declares N1.99 billion Profit in
Q2'17 Results
21. SEC
Investigating Oando Plc
22. OANDO Plc
Announces Closed Period
23. Oando Provides
Clarifications on its Refinery Ambitions
24. OANDO Declares
N1.71bn Profit in Q1 2017 Results,(SP:N5.80k)
25. OANDO Plc
Announces Closed Period
26. Oando Plc to
Hold 2016 AGM on Tuesday 2nd August
27. Oando Plc Key
Highlights on Q4 15 and Q1 16
28. OANDO Concludes
Recapitalization Partial Divestment of Equity Stake in Its Downstream
Operations
30. OANDO Releases
Q4 15 and Q1 16 Results Declares N4.10bn PAT in Q1 SP N6.50k
31. Oando Plc
Secures 5 Year N94.6 Billion Medium Term Facility with 10 Nigerian Banks
32. Oando explains
what Deregulation of Petrol Price means for its Downstream Operations
33. OANDO to acquire
OER Minority Shares for a Consideration of US 1.20 per share in Cash
34. The Corporate
Governance Rating System –
Proshare
35. ETI, Oando Plc
under Fire over Ownership, Governance
Related News on SEC Laws and Corporate
Governance
36. The-Market-Memorandum---Fundamental-Considerations-for-Capital-Market-Reforms-in-Nigeria/2910
37. Corporate
Governance and Directors' Remuneration
38. SEC Proposes New
Rules & Amendments to Rules on Book Building, Corporate Governance
39. Good Corporate
Governance is Good Business
40. SEC, Udo Udoma
And Corporate Governance: The Fact Files
41. Enabling Law – Investment and Securities Act (ISA)
2007
42. SEC Nigeria’s
Executed Rules and Regulations as at June 2017
43. SEC Nigeria’s
Consolidated Rules and Regulations as at 2013
44. Code of
Corporate Governance for Public Companies_4 April 2011
Related News on Oando from Other Sources
45. N236bn
Liability: Oando Shareholders Protest in Ibadan – Independent
46. Intel’s Volpi
Steps Up Battle Against Wale Tinubu over Control of Oando - ThisDay
47. Suspension of
OANDO PLC – SEC
48. Oando
Shareholders Set To Sack Wale Tinubu, Board – Independent
49. Notice to the
General Public on Oando Plc –
SEC
50. So what’s
happening at Oando (2)? – Business Day
51. So what’s
happening at Oando (1)? – Business Day
52. The inside
story: Why SEC ordered a Forensic audit of Oando Plc – Business Day
53. CorporateStories:
Under siege, the battle for Oando - Nairametrics
54. Oando and IAS
24: What the law cannot do by @Doubleeph - Nairametrics
Acknowledgement/Research Links
55. Securities and Exchange Commission,
Nigeria
56. The Nigerian Stock Exchange
57. Oando Plc
58. Convention for
Business Integrity
59. Vetiva Capital
Management Ltd
60. Oando’s
Investors Relation Page - TheAnalyst
61. Oando Plc
Audited Financial Statements – 2012
62. Oando Plc
Audited Financial Statements - 2013
63. Oando Plc Audited
Financial Statements - 2014
64. Oando Plc
Audited Financial Statements - 2015
65. Oando Plc Audited Financial Statements - 2016