SEC Insists On Oando Forensic Audit, Hires Deloitte

The Securities and Exchange Commission (SEC) has insisted on forensic audit of Oando Plc, one of the Nigeria’s indigenous oil  companies.

Consequently, it has contracted an audit firm, Deloitte to carry out the exercise following Oando’s withdrawal of its suit filed against SEC’s audit move earlier.

The Acting Director-General of SEC, Dr. Abdul Zubair, explained that Oando’s withdrawal of the lawsuit was heard and granted by the Court of Appeal on March 5.

He said this followed the application for withdrawal filed by shareholders of Oando at the Federal High Court, and which was heard on February 21 by the court.

According to him, the SEC with the dismissal of the lawsuits then informed the firm, Deloitte, to proceed with the forensic audit. He added the commission was committed to its primary mandate of protecting investors in Nigeria’s capital market and will take all necessary steps to fulfill this mandate and uphold the integrity of the capital market.

Zubair, stated that SEC had also transmitted the dismissal notices of the lawsuits to the audit firm. He noted its job would not be interfered with but that it has given it a very short timeframe to do a very good job the market would be happy with.

He said: “We didn’t mince words that forensic audit will resume and continue as soon as we have the impediments removed, that is what we said. Today, I am here and pleased to give you an update. As at yesterday, 5th of March 2018, all the two lawsuits have been dismissed from the law courts.

“And, since the impediment is removed, I am pleased to let you know that the coast is clear. We did all we did because we need to respect the law. We maintain that we will continue to be good corporate citizens and law abiding.

“The important thing is that having received those letters of dismissals, we have also transmitted them to the forensic auditors to continue. We have with us evidence that the law suits have been dismissed and as we speak today, we have transmitted same to the forensic auditors to continue with their jobs. We will not interfere with their job, everything we did, we did in the interests of investors and to maintain the integrity of the matter.

“The assignment will be completed within a possible shortest time. I cannot give you a precise date, i am not the forensic auditor but we have told them to fastrack the job and do a neat job that everybody in the market would be satisfied.”