Dr Abdul Zubair, Acting Director-General, Securities and Exchange Commission (SEC) says it will resume forensic audit to probe Oando Plc based on petitions received by the commission from shareholders of the company.
He disclosed this during a news conference on Tuesday in Abuja.
Zubair noted that a forensic audit was initiated in 2017, and preliminary investigation was carried out.
He said that based on some of the findings from preliminary investigation, the commission took steps to preserve the shareholders value and protect the investing public.
This, he said, led to the technical suspension of the shares of Oando Plc and the commencement of a forensic audit.
He, however, said that the audit was suspended because of two lawsuits that were initiated to stop the process.
“The two law suits were filed by Oando Plc and some shareholders of the company to restrain SEC and the Nigerian Stock Exchange (NSE) from effecting a technical suspension on the shares of Oando.
“The lawsuits were also intended to stop SEC from appointing a team of forensic auditors to conduct a forensic audit of the company,’’ he said.
Zubair, however, said that Oando Plc. had withdrawn the pending lawsuit against the commission by an application heard and granted by the Court of Appeal on March 5, 2017.
He also said that the application for withdrawal by the shareholders was heard and granted by the Federal High Court on Feb. 21.
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