OANDO SHARES AUDIT, COURT STOPS SUSPENSION
source : http://www.eyesoflagos.com/2017/10/oando-shares-audit-court-stops.html

Oando Plc has obtained an ex-parte order from the Federal High Court restraining the Nigerian Stock Exchange from implementing a technical suspension of its shares.
The company’s Head, Corporate Affairs, Mrs Alero Balogun, said on Tuesday that the ex-parte order was obtained on Oct. 23.
Balogun said the order also restrained the Securities and Exchange Commission from conducting any forensic audit into the company’s affairs pending the hearing and determination of the matter.
“We are of the view that the SEC’s directives are illegal, invalid and calculated to prejudice the business of the company,’’ Balogun said in a statement.
It added that the company was dissatisfied with the most recent actions taken by the SEC and to safeguard its interest and that of its shareholders immediately took steps to file an action with FHC against the SEC and the NSE.
The statement said that the NSE and SEC were served with the court order on Oct. 24, noting that they were legally obliged to comply with the interim orders pending the substantive determination of the suit.
It said that the company had raised questions as to why the commission had investigated a petition brought by an indirect shareholder (Ansbury Inc.) domiciled outside Nigeria, in a jurisdiction outside its purview.
According to the statement, the SEC’s Complaints Management Framework has said it shall not consider any matter which is currently in arbitration.
“In a recent letter to Oando, the SEC re-categorised the petitioner as a `whistleblower’ contrary to its former position as a `shareholder’.
“This according to Oando, shows a clear bias as it suggests the SEC re-categorised the petitioner’s position to ensure it is able to carry on investigating the petitions,” it said.
Eyes Of Lagos gathered that, According to the statement, the most recent action taken by the regulator confirms that the commission appears to be working to its own conclusion rather than looking at the facts before it.
SEC on Oct. 18 directed the exchange to place the shares of Oando on technical suspension with effect from Oct. 20 following two petitions by Alhaji Dahiru Barau Mangal and Ansbury Incorporated pending the outcome of a forensic audit.
The commission in a circular said that it carried out a comprehensive review of the petitions and made the following findings amongst others, breach of the provisions of the Investments & Securities Act 2007.
It said that the company also breached SEC Code of Corporate Governance for Public Companies, suspected insider dealing related party transactions not conducted at arm’s length and discrepancies in the shareholding structure of Oando

Hmnnnn

These people wan do ojoro. Foreign indirect share holder don know.

Kasaka wan blow.

But where is Bola Tinubu?

When Fayose was warning him about Buhari he didn't listen now he spends most of his time in London=Karma

I wud rather play betting or do ponzi with my money dan invest in nigerian shares. All rouges even the so called auditors who audit dem too are conniving with dem to window dress books. Ndi ara

Tinubu abi..... Diaz God

Why did they run to court? Oando should allow SEC & NSE to do forensic audit if they do not have skeleton in their cupboard.

PapaBaby:
But where is Bola Tinubu?

When Fayose was warning him about Buhari he didn't listen now he spends most of his time in London=Karma

So the right thing shouldn't be done because Tinubu is involved? And you want an ideal Nigeria?.....you are either a kid by age of reasoning

OGACLO:



So the right thing shouldn't be done because Tinubu is involved? And you want an ideal Nigeria?.....you are either a kid by age of reasoning

Oando's problem started when Tinubu indicated displeasure at the way Nigeria was being governed.

Learn to read between the lines bro.
Same thing happened to Atiku, Fayose, Dasuki etc.
Criticise Buhari wrongly and you'd find federal agents at your door at 3am.

Issokay.. We're watching

Check my signature to order your football jerseys and get it customized FREE OF CHARGE!

Take the company away from the criminal

I would still expect any rational investor to stay off the shares until the issue has been investigated and disclosed

Time would always tell on ill gotten wealth.

Criticize Buhari's government at your own risk.

Oando is a fraudulent outfit....

What exactly is the problem with OANDO

I did not read the post... But I blame buhari

This why it is important to run your company in the most ethical manner. The truth is that 99.9% of major businesses we see in Nigeria are run with most unethical manner, favouritism, connections, bribery and other bad stuffs. So once they go on the wrong side of the ruling class, there cases will be opened.

The antidote is from the very first start run your company, ethically, and do the right thing. You may not amass the kind of money these other ones do, but with time you will get very better and outlast all the other ones.