SEC To Audit OANDO Oil

SEC

Meanwhile, Security and Exchange Commission said yesterday that it would go ahead with the forensic audit of Oando Plc.

The commission said this in a letter dated December 5, 2017 and addressed to the management of Oando Plc.

In a statement yesterday,it said the decision to conduct the audit was in line with its zero tolerance for infractions in the capital market assuring the general public of its zero tolerance for infractions in the Nigerian capital market.

According to reports, a petition by Dahiru Mangal and an Italian businessman, Gabriel Volpi two of Oando’s shareholders had triggered SEC’s investigation of the oil firm.

Both petitioners have filed at least four lawsuits against Oando following a failed business move in which the firm acquired oil infrastructures from ConocoPhillips in Nigeria.