Friday, July 14, 2017 1:58 PM/Cardinal Stone Research
According to media reports, the Securities and Exchange Commission (SEC) is investigating Oando Plc ("the company") over alleged malpractices in its financial statements and has sent a formal letter to the company as it examines if any regulations have been breached.
The investigation kicked-off following a series of petitions filed by foreign investors in the company, in relation to changes in the shareholding structure following the acquisition of the Nigerian assets of ConocoPhillips.
So far, market reaction has been negative and is currently trading at
a 9.58% decline from yesterday's closing price of N8.35.
2. Oando Provides Clarifications on its Refinery Ambitions
3. OANDO Declares N1.71bn Profit in Q1 2017 Results,(SP:N5.80k)
4. OANDO Plc Announces Closed Period
5. OANDO Declares N3.49bn Profit for the year 2016,(SP:N4.94k)
6. OANDO Plc Announces a Delay to the Publishing of Year Ended 31 December 2016 Results
7. Oando Plc - Some Improvement in Q3’16 Financials
8. Oando Plc Posts N330 Billion Top Line Revenue in YTD September 2016 Results
9. OANDO Declares N54.35bn Loss in Q3'16 Results,(SP:N5.20k)
10. Oando Plc Announces H1 2016 Results Posts N212 Billion Top Line Revenue
11. OANDO Declares N44.57bn Loss in Q2'16 Results,(SP:N5.07k)
12. Oando Plc to Report Materially Lower Earnings for Q2 2016 Due to the Impact of Naira Devaluation
13. Oando Plc Key Highlights on Q4 15 and Q1 16
14. OANDO Concludes Recapitalization Partial Divestment of Equity Stake in Its Downstream Operations
15. Material Uncertainty May Cast Doubt on Oando’s Ability to Continue as a Going Concern – Ernst & Young
16. OANDO Releases Q4 15 and Q1 16 Results Declares N4.10bn PAT in Q1 SP N6.50k
17. Oando Plc Secures 5 Year N94.6 Billion Medium Term Facility with 10 Nigerian Banks
18. Oando explains what Deregulation of Petrol Price means for its Downstream Operations
19. Why Oando Plc's 2015 Audited Statements will be released on May 31, 2016
20. OANDO to acquire OER Minority Shares for a Consideration of US 1.20 per share in Cash