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Oando’s sanctioning for good of investors, SEC insists


Oando Plc. Photo/investadvocate

The Securities and Exchange Commission (SEC) has maintained that Oando Plc was given sufficient time to clear itself of the alleged infractions it was penalised for.

The News Agency of Nigeria (NAN) yesterday in Lagos quoted a statement by its Head, Corporate Communications, Mrs. Efe Ebelo, where the commission stated that the decision was for the benefit of investors.

It reads in part: “The attention of SEC has been drawn to various reports questioning the regulatory authority of the SEC, and insinuating lack of due process in the investigation of Oando Plc.

“To put the records straight, SEC hereby states that fair hearing is a paramount and fundamental principle which the commission, as a law-abiding agency, adheres to in all its investigative processes.”

The statement went on: “In the course of the investigations, communications like letters and phone calls were exchanged and meetings held between the commission and Oando Plc. requesting for its comments and explanations on issues relating to the investigations.

“The findings of the commission was communicated to the Group Chief Executive Officer (GCEO) of Oando Plc. by a letter dated July 10, 2017.”

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