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

Proshare

Wednesday, September 27, 2017  8.00am/Proshare WebTV

The Securities and Exchange Commission Nigeria has been given two weeks to submit its report on its investigations of Oando PLC , Nigeria's largest integrated energy company.

This was the outcome of a closed-door meeting between the leadership of SEC Nigeria and the House of Representatives Capital Market & Institutions Committee in Abuja.

The Deputy Chairman of the Committee Hon. Tony Nwulu disclosed this to stakeholders after the meeting.

According to him "The House Capital Market Committee has given SEC Nigeria, two weeks to come up with a report. We will look at the report and if it addresses all the issues of the petitions, all well and good, which means justice is served".

Speaking further Honorable Nwulu said in the event that the report from  SEC Nigeria  is not satisfactory, stakeholders will be informed on the next steps that will be taken.

The closed-door meeting had in attendance the Director General of the Securities and Exchange Commission Mr Mounir Gwarzo and was chaired by Hon. Tajudeen Yusuf the Chairman, House Committee on Capital Market & Institutions.

A shareholder Mr Olufemi Timothy welcomed the 2-weeks ultimatum to SEC Nigeria, believing the outcome of the investigations will be critical to the market.

It will be recalled that Oando PLC hosted its 40th annual general meeting on September 11th, 2017 in Uyo were the GCEO Mr Jubril Adewale Tinubu engaged shareholders on the company's restructuring plan to sustainability.

Mr Tinubu also stated at the AGM that Oando PLC  remains a company that complies with full disclosures on its operations, and has always provided the necessary information required by regulators.




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