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Minority shareholders of Oando Plc under the aegis of the Proactive Shareholders Assoiation of Nigeria (PROSAN) have submitted a fresh petition to the House Committee on Capital Market and other Institutions, accusing the Securities and Exchange Commission (SEC) of shielding the firm from probe.
The petition, signed by Mr. Taiwo Oderinde and Nnodu Okeke, the National Coordinator and Legal Adviser respectively of the association, dated February 21, 2018 and titled “Dangerous And Malicious Deliberate Attempts By The Acting Director-General, Securities And Exchange Commission (SEC) To Cover Up Oando Nigeria Plc And Protect The Company From Forensic Audit”. While commending the House Committee on its unrelenting efforts to sanitise the Nigerian capital market and to make it one of the best in the world, it said the time had come to take decisive action on the forensic audit of Oando Plc.
According to the petition, “Oando Nigeria Plc has for four years consecutively suffered incredible losses with the loss in 2014 described as unprecedented in the history of capital market operations in Nigeria. While the company continues to record losses, the management has continued to increase the remuneration of board members in a manner that insults and provokes the sensibility of Investors that have committed their hard-earned funds into the company.
“The company has continued to accrue debt to the point that its liabilities have now surpassed its assets. In the same vein, the management of the company led by Mr Adewale Tinubu, resorted to selling company’s assets in evidently questionable fashion as corroborated by the external auditors, Ernst & Young. According to the auditors’ note in the last annual report presented at the controversial Annual General Meeting (AGM), held in Uyo, on September 11, 2017, the company is in a dying state and might cease to exist soon.
