…Fume over attempts to frustrate forensic audit
Shareholders under the aegis of the Proactive Shareholders Association of Nigeria (PROSAN), Trusted Shareholders Association of Nigeria (TSAN) and the Oando Shareholders Solidarity Group (OSSG), have accused the Securities and Exchange Commission (SEC) of frustrating the forensic audit of Oando Plc.
The shareholders’ groups also vowed to resist attempts by SEC and the management of Oando to lift the ban on the shares of the embattled oil company on the Nigerian Stock Exchange (NSE) “through the back door”.
The leaders of the groups, who made their position known during a press briefing in Lagos yesterday, accused the current leadership of SEC of “doing nothing concerning the Oando issue.”
The Coordinator of OSSG, Clement Ebitimi, said the leadership of SEC has shown ineptitude in handling the Oando crisis. He vowed that his group would institute legal action against SEC and NSE if the technical suspension on Oando shares was lifted without the conclusion of the forensic audit.
He appealed to President Muhammadu Buhari and the National Assembly to intervene in the interest of Nigerians and the larger economy.
Also speaking, the National Coordinator of PROSAN, Taiwo Oderinde, said, “contrary to the impression out there, the forensic audit of Oando ordered since last year by SEC is not being done. They are only buying time. Poor and helpless Nigerian shareholders are suffering and dying with SEC doing nothing to help them.
“The problem is SEC. They are not doing their job. SEC report indicted Oando management. The management should be removed for the audit to take place. This is a management that has been in place for over 19 years. After the audit, if they are innocent, they will be restored to their position.”
Speaking on behalf of the Trusted Shareholders Association of Nigeria (TSAN), its National President, Alhaji Mukhtar Mukhtar said, “we have discovered that no forensic audit is going on. The agenda of SEC is very clear. They want to buy time. The Acting Director General is afraid to do his job.