The proposed forensic audit of Oando Plc should commence without any further delay, shareholders of the company declared on Sunday in Lagos.
According to the shareholders, the investigation should be detailed and “without any fear or favour”.
Under the aegis of Nigeria Shareholders Solidarity Association (NSSA), the shareholders also called on the auditors to investigate all management staff of the company, adding that anybody found guilty should be presecuted inline with laid down rules and regulations.
Speaking onbehalf of the group, Alhaji Gbadebo Olatokunbo, said majority of shareholders are not happy with development in the company.
Gbadebo, who is one the Co-Founder of the group in 1985 said: “Anybody found guilty should be sanctioned for cheating on investors. They refused to pay the Right Returns on lnvestment for sometime despite their several advantages as an on/off shores oilcompany”.
He added: “The God of the silence-majority is at work to revenge for the cheated retail shareholders of the company. I want to suggest that all the management staff of the company should be probed”.
Meanwhile some brokers whose clients’ had lost substantial investments in Oando Plc, also at the weekend advised the leadership of the Securities and Exchange Commission (SEC) to “ignore all forms of blackmails and intimidations”.
Urging members of the public especially investors to give SEC all the necessary support, they insisted that the allegation against the management of Oando must not be swept under the carpet through court injuctions.
According to an aggrieved Broker who preferred to remain anonymous, the order of court vacating the technical suspension placed on Oando’s shares by the NSE is all geared towards halting the justice process for shareholders who might have in one way or the other suffered losses.
According to the broker, removing the technical suspension will make investors suffer more losses as investors will dump the shares immediately.
He said: If they have nothing to hide, they should allow the forensic auditing directed by the Commission to take its full course and let Nigerians know who is at fault.
The Broker explained that the Investment and Securities Act (ISA) has spelt out all the rules guiding the market,adding “The records are there for people to see. The court can not save the management of the company. They must step down and be prepared for prosecution. The auditors report is there for all to see. Wale Tinubu, the CEO of Oando Plc is just buying time”.
Indeed, as stakeholders await the outcome of the Forensic Audit, SEC has revealed more details into the alleged unwholesome practices that prevailed in the organization, noting that its action was based on petition.
Specifically, a committee raised by the commission observed alleged misstatements in the 2013 and 2014 Audited Financial statement of Oando Plc arising from the OEPL transaction.
According to SEC, “Following the structuring of the OEPL transaction in contravention of the ISA 2007, Oando Plc recorded a profit of about N6 Billion from the sale of OEPL that erased the operating loss of N4.68 Billion leading to a profit of N1.4 Billion for the year 2013.
“The company subsequently declared dividends from the profit. Having admitted that the action was in breach of the ISA 2007, Oando Plc restated its 2013 & 2014 Audited Financial Statements which contained material false and misleading information contrary to Section 60(2) of the ISA 2007.
