Oando accuses SEC of not allowing it to respond to allegations – Independent Observers

Oando accuses SEC of not allowing it to respond to allegations

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By Kunle Adedoyin

 The management of Oando Plc has stated that the Securities and Exchange Commission (SEC) did not give it an opportunity to respond to the issues raised in the forensic audit.

Following allegations raised by some shareholders, the Commission had requested that Deloitte carry out a forensic audit of the company.

In a statement released on Friday, the commission said the audit found various members of the company’s board guilty of infractions.

SEC also directed that board members found guilty should be replaced on or before July 1.

It also barred Wale Tinubu, the company CEO, from being on the board of any public company for the next five years and handed the same punishment to the deputy CEO.

Responding to the allegations, Oando said, “these alleged infractions and penalties are unsubstantiated,

ultra vires, invalid and calculated to prejudice the business of the Company.

“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”.

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