Oando issues update on claims of a SEC investigation

 

FURTHER to the initial press release by the company published on Friday, 14th July 2017 entitled ‘Oando Plc’s Official Statement on Claims of a the Securities and Exchange Commission (SEC) Investigation’ Oando Plc has said the petition has no merit.
According to the statement from Oando, “the company’s position remains that these petitions have no merit as the issues raised have received board, shareholder and where required SEC approval. Other matters highlighted by the petitioners could have been directed to the Company and would have received the necessary clarification.”
Two petitions were filed with SEC alleging gross abuse of corporate governance and financial mismanagement and the SEC has since commenced an enquiry in response to the petitions.
Furthermore, “the petitions have been filed by Ansbury Inc: this petitioner is not a shareholder of the company, but a shareholder in a company domiciled in a jurisdiction outside Nigeria which in turn holds shares in a Nigerian investment company that is a shareholder in Oando; and Alhaji Dahiru Mangal: Alhaji Mangal is an individual who requested clarification from the SEC on issues which he could easily have obtained from the Company and indicated in his petition to the SEC that he holds a 17.9 percent interest in Oando.
However, based on the company’s register of members, First Registrars Limited, he owns approximately 4 percent of Oando Plc’s shares in his personal capacity. He is yet to disclose beneficial ownership of 13.9 percent in accordance with Section 95 of the Companies and Allied Matters Act, Cap. C20 LFN 2004 (‘CAMA’); failure to do so is a violation of CAMA and this has been flagged by the Company in writing to Alhaji Mangal and the SEC since Wednesday, 24th May, 2017, the company said.
“From the SEC’s initial correspondence to the Company to date, we have availed them with all documents requested, provided clarification on, and rebuttals to, the issues raised and await a speedy conclusion to the enquiry. The Company will continue to fully co-operate with the SEC in the discharge of its duties as the capital markets regulator.”
As a public company listed on both the Nigerian and Johannesburg Stock Exchanges we will provide full disclosure of the outcome as soon as the SEC enquiry is completed, Oando said.