Oando, SEC settle rift

From Uche Usim, Abuja and Chinwendu Obienyi

After a protracted legal battle, Oando Plc has entered into a settlement with the Securities and Exchange Commission (SEC) in the overriding interest of the shareholders of the company and the capital market.

SEC, which made the disclosure in a statement on Monday, noted that the truce entails the immediate withdrawal of all legal actions filed by Oando and all affected directors. Other terms of settlement include; payment of all monetary penalties stipulated in the commission’s letter of May 31, 2019 and an undertaking by the Company to implement corporate governance improvements.

Part of the terms also requires the submission of quarterly reports by Oando on its compliance with the terms of the settlement agreement; the Investments and Securities Act, 2007; the SEC Rules and Regulations; the National Code of Corporate Governance and the SEC Guidelines to the Code of Corporate Governance. 

According to SEC, “Pursuant to the powers conferred on the Securities and Exchange Commission (the Commission) by the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, the Commission on Thursday, July 15, 2021, entered into a Settlement with Oando Plc (the Company). 

“The Commission in its letter to the Company dated May 31, 2019, gave certain directives and imposed sanctions on the company, following investigations conducted pursuant to two petitions filed with the Commission in 2017.”