Shareholders protest against delayed forensic audit of Oando, demand sack of management
Shareholders of Oando Plc yesterday protested and demanded for the immediate sack of the management of the oil firm to pave way for a forensic audit of activities of the management, which they described as ‘unending’ having been in office for about 20 years.
Leaders of the protesting shareholders, Alhaji Muhtar Muhtar, Chairman of Trusted Shareholders Association, who mobilised shareholders from the northern zone of the country; Mr. Oderinde Taiwo, Chairman of Proactive Shareholders Association, who mobilised shareholders from the south- western zone, including Lagos as well as their Legal Adviser, Mr. Nnodu Okeke of Okeke & Co Chambers, who spoke with newsmen around the Eagles Square, en-route National Assembly Complex to deliver a petition letter to the House of Representatives Committee on Capital Market, accused the Securities and Exchange Commission (SEC) of insensitivity of the plight of shareholders.
They alleged that the current Acting Secretary-General of SEC lacks the courage to set up a forensic audit for Oando to avert his being removed like the ousted SEC boss, Alhaji Mounir Gwarzo.
Also, they said most of Oando shareholders were wallowing in penury with some already dead as a result of the dwindling fortunes of their investments in the company due to the alleged poor corporate governance of Mr. Wale Tinubu-led management.
On his own part, Oderinde alleged that the Oando management under Tinubu, according to the 2016 audited accounts of the company, borrowed around N900 billion to which the company is paying billions of naira in servicing of the loan and what the funds was applied for could not be substantiated.
He further stated that as a result of this poor corporate governance issue, Oando was delisted from both the Jo’bourg Stock Exchange (JSE) and New York Stock Exchange respectively.
Meanwhile, the Acting Director-General of SEC, Mr. Abdul Zubair, was yet to react to the allegation sent to him at press time yesterday.
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