SEC mandates Deloitte to commence Oando forensic audit

The Securities and Exchange Commission (SEC) has mandated Deloitte firm to proceed with Oando forensic audit.

In a statement issued by the commission in Abuja yesterday, the Acting Director General of the SEC, Abdul Zubair said the decision was subsequent to the dismissal and the striking out of a pending lawsuit against the commission by an application heard and granted by the Court of Appeal on March 05, 2018.

According to the SEC, following the dismissal and the striking out of the suits, the SEC has duly informed the firm of Deloitte to proceed with the forensic audit.

Furthermore, the commission reiterates its commitment to protect investors and take necessary steps towards fulfilling the mandates of the capital market.

SEC also reassured the public that following the removal of the legal impediments, the audit of Oando Plc, will proceed in a transparent and thorough manner.

The statement reads: “The Securities and Exchange Commission (SEC) had in 2017 conducted a preliminary investigation of Oando Plc, based on petitions received from shareholders of Oando Plc., and a whistleblower.

“Based on some of the findings from the preliminary investigation, the Commission took steps to preserve shareholder value and protect the investing public.  Consequently the SEC placed the shares of Oando Plc on technical suspension and ordered a forensic audit of the affairs of Oando Plc.

“Subsequently, two lawsuits were respectively filed by Oando Plc., and some shareholders of Oando Plc, mainly to restrain the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) from affecting a technical suspension on the shares of Oando Plc and the SEC from appointing a team of forensic auditors to conduct a forensic audit of the company.

“Oando Plc. has withdrawn the pending lawsuit against the Commission by an application heard and granted by the Court of Appeal on March 05, 2018.  Also the application for withdrawal by the shareholders was heard and granted by the Federal High Court on February 21, 2018.
“Following the dismissal and the striking out of the suits, the SEC has duly informed the firm of Deloitte to proceed with the forensic audit.”