‘Oando’s forensic audit to commence this month’

There is no going back on the forensic audit of Oando Plc,  the Acting Director-General of the Securities and Exchange Commission (SEC), Mr. Abdul Zubair, has said.

   Speaking at a press briefing in Abuja on Tuesday, Zubair said the audit was delayed due to legal challenges, but which have now been cleared.
He said: “SEC as a law abiding corporate entity has been a little bit careful. We gave directives that the audit should go on and we still stand by that. There is no going back on the forensic audit.
“But we had a little challenge down the line because the matter went to court, and as responsible citizens, we had to wait but now that the court has ruled, the auditors have sent out words that they will continue the audit this January. As far as we are concerned there is no going back.”

 Oando’s shares were placed on suspension by the Nigerian Stock Exchange (NSE) on October 19, 2017. The suspension followed an October 18 directive by SEC. Similarly, the Johannesburg Stock Exchange, following an advice from the Nigerian bourse, also suspended the embattled oil firm on October 19, 2017.

 In a letter sent by SEC to the company, the commission said there were cases of alleged series of infractions against the management of the oil company.