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SEC Restates Commitment To Oando’s Forensic Audit

As the raging controversies over the planned forensic audit of Oando Plc by the Securities and Exchange Commission (SEC) remain unabated in the public domain, the Commission has restated its resolve to continue with the exercise despite misgivings about its desirability.

The Commission’s management, in a tersely worded Press Release issued today, stated that a letter, indicating its intention to continue with the exercise, had been forwarded to the management of the company whose shares had been placed on technical suspension.

The release reads: “The Securities and Exchange Commission has reiterated its decision to conduct a Forensic Exercise into the activities of Oando Plc.

“This commitment is contained in a letter dated December 5, 2017 addressed to Oando Plc.

“The Commission wishes to assure the general public of its zero tolerance to infractions in the Nigerian Capital Market.”

It would be recalled that the suspension of the Director General of the SEC, Mounir Gwarzo’s suspension from office last week had been linked by some analysts to the planned forensic audit of the oil marketing company.

 However, the Minister of Finance, Mrs. Kemi Adeosun, who directed Gwarzo, to go on suspension pending the full investigation of series of corruption allegations levelled against him, debunked such rumours, saying the action was based on genuine reasons in order to allow for a fair investigation.

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