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Oando vows to challenge SEC’s order, says it wasn’t allowed to respond after audit



The management of Oando Plc has challenged the Securities and Exchange Commission’s verdict on the outcome of the Forensic Audit into the company.

Oando says it was not given an opportunity to respond to the issues raised in the said audit.

SEC had requested that Deloitte carry out a forensic audit of the company following allegations raised by some shareholders.

In a statement released on Friday, the commission said the audit found that various members of the company’s board were guilty of infractions.

READ ALSO: SEC orders Oando Group CEO’s resignation

Consequently. It directed that board members found guilty should be replaced on or before July 1.

It also barred Wale Tinubu, the company CEO, and his deputy from being on the board of any public company for the next five years.

Responding to the allegations, in a statement on Friday, Oando said it “is of the view that these alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company.

“The Company has not been given the opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC.

“The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders”.

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