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SEC begins forensic audit of Oando Plc

By The Rainbow
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The Securities and Exchange Commission (SEC) has begun the forensic audit of Oando Plc, contrary to reports that the exercise stopped due to the suspension of the Director-General of the Commission, Mr Mounir Gwarzo.

A letter obtained by the News Agency of Nigeria (NAN) on Tuesday in Abuja showed that SEC had written to the Group Chief Executive Officer of Oando, Mr Adewale Tinubu, notifying him of its decision to conduct a forensic exercise into the activities of Oando Plc.

The letter, signed by the Acting Director-General of SEC, Dr. Abdul Zubair, said the forensic auditors would be at the premises of Oando on Wednesday to undertake the duty.

Zubair was appointed by the Federal Government on Nov. 30.

The Letter, titled 'Re: Forensic Audit into the Affairs of Oando Plc', itemised the commission's position.

”That the Commission is aware that Suit No: FHC/L/CS/1601/17: OANDO PLC V. SEC & ANOR was struck out on November 23, 2017 by his Lordship Hon. Justice Aikawa of the Lagos Division of the Federal High Court.

“That the Commission is not aware of the existence of any valid or subsisting Order of Court restraining the Commission from proceeding with the Forensic Audit.

“While we acknowledge that a Notice of Appeal has been filed to challenge the judgment of the Federal High Court, this notice does not serve as an Order of Court restraining the Commission from conducting the exercise.

“We wish to restate that our Forensic Auditors had been directed to commence work since November 27, 2017 and as a result shall be at your premises on any date from Wednesday, December 6, 2017.

“Kindly accord them the necessary assistance.” (NAN)


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