The management of Oando Plc has resolved to challenge the Securities and Exchange Commission (SEC) on the outcome of its forensic audit.
The company is of the view that the alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company.
Oando said:“The Company has not been given the opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC.
“The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders”.
SEC had in a statement on Friday explained that it appointed Deloite Nigeria to proceed with the forensic audit, adding that the audit revealed infractions.
The commission in a statement also directed resignation of affected board members, and called on the company to convene an extra-ordinary general meeting on or before July 1, to appoint new directors.
