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Forensic audit: Oando shareholders laud SEC

By Nkiruka Nnorom

shareholders  of Oando Plc have commended Securities and Exchange Commission, SEC, for resolving to conduct forensic audit on the company based on the findings from review of the petition brought against the company by two of its shareholders.

Following the decision, SEC had ordered suspension of trading on the shares of the company pending the conclusion of the exercise to protect the interest of the shareholders.

In his reaction, Mr. Boniface Okezie, National Coordinator of the Progressive Shareholders Association of Nigeria, PSAN, said the decision would restore investors’ confidence in the capital market.

According to him, it is imperative that SEC investigate and make observations public without delay, adding: “All bottleneck must be blocked. Thorough investigation is necessary. All decision must be made public.”

Another shareholder, Chief Stephen Ozoloka, said the move by SEC has further given the needed impetus for the capital market to thrive based on its zero tolerance for infraction.

He noted that the prompt decision of the commission to put on hold trading on the shares of Oando will guide against a possible run on the value of the shares, which would have been detrimental to members of the company in terms of value of their holdings.

 


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