Oando: SEC to continue forensic audit

Oando: SEC to continue forensic audit

The Commission had in a statement while announcing the appointment of Dr. Abdul Zubair as the acting DG SEC by the Federal Government said: "In view of the foregoing, the SEC Nigeria, wishes to assure the investing public and all stakeholders, local and worldwide, of its commitment to ensuring the uninterrupted and orderly operation of the market and the regulation thereof".

Douye, in the motion canvassed that there were allegations of interference by the Ministry of Finance in the discharge of responsibilities by SEC, particularly the Oando forensic audit matter which was speculated to be responsible for Gwarzo's suspension.

The letter, signed by the Acting Director-General of the commission, Abdul Zubair, stated that the forensic exercise would commence at any date from today, Wednesday, December 6, 2017.

Gwarzo's suspension comes a month after the SEC began its own investigation into the shareholding structure of oil company Oando Plc and froze trading of the company's shares.

However, in their contributions to the debate, some members called for investigation into the financial operations of SEC, including the alleged abuses by Gwarzo. "Nothing less than a total inquiry into what happened in SEC is what is required and not only why the DG was suspended".

"Not doing this will have a negative impact on the market as well as the regulator, which is SEC and we do not need such now".

The office of the minister of finance has since denied the allegation, maintaining that Gwarzo was suspended following allegations that he was carting away documents to undermine a petition against him.

It said the decision to conduct the audit was in line with its zero tolerance for infractions in the capital market.

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.

Consequently, the Commission announced the appointment of a consortium of experts, consisting auditors, lawyers, stockbrokers and registrars, to conduct the forensic audit, while shares of Oando Plc at the Nigerian Stock Exchange, NSE were placed on temporary technical suspension. Justice Aikawa of the Lagos Division of the Federal High Court.

When Daily Trust sought to know if the commission will continue the forensic audit with the five firms earlier engaged, it answered in the affirmative, noting that it will proceed with its plan as earlier conceived.

The Nigerian people should be told why the infractions of Oando will be swept under the carpet.

Daily Trust also discovered that Oando has filed a notice of appeal challenging the judgement of the high court.

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