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The Securities and Exchange Fee has requested the Nigerian Stock Exchange to suspend investing on the shares of Oando Plc.
The commission said in a round yesterday it experienced carried out a in depth overview of the petitions by Alhaji Dahiru Barau Mangal and Ansbury Included and built the pursuing conclusions amongst some others Breach of the provisions of the Investments and Securities Act 2007 Breach of the SEC Code of Company Governance for Community Businesses Suspected insider working Similar get together transactions not carried out at arm’s size and Discrepancies in the shareholding composition of Oando Plc. etc.
“The commission’s key job as apex regulator of the Nigerian cash market place is to regulate the industry and guard the investing public. The commission notes that the higher than results are weighty and thus demands to be more investigated.
“After owing consideration, the fee believes that it is important to carry out a forensic audit into the affairs of Oando Plc. This is pursuant to the statutory obligations of the fee as delivered in Area 13(k), (n), (r) and (aa) of the ISA 2017,” the round study in element.
In accordance to SEC, to make sure the independence and transparency of the exercising, the forensic audit shall be carried out by a consortium of specialists created up of auditors, attorneys, stockbrokers and registrars.
“To more make sure that the interests of all shareholders of Oando Plc are preserved all through the course of the work out, the commission directed the Nigerian Stock Trade to area the shares of Oando Plc on technical suspension,” it further more additional.
Nonetheless, in view of the point that it is not technologically possible for the trade to effect a specialized suspension other than after 48 several hours, it directed as follows
“Effective for 48 several hours from these days, 18 October 2017 to 20 Oct 2017, the Nigerian Inventory Exchange really should implement a total suspension in the trading of the shares of Oando Plc and Helpful from 20 Oct 2017 and right up until even more directive, the exchange should apply a technical suspension in the shares of Oando Plc.”
Exterior auditors of Oando Plc reported sturdy, uncertain concern on the group’s yearly financial statement. The group has unfavorable doing the job capital of more than N263bn with present-day liabilities exceeding latest belongings.
Oando closed the year 2016 with dependable loss of above N768bn substantially even worse than the year-end 2015. The net reduction for the calendar year from continuing operations in 2016 quantities to N25.8bn as reported in the annual audited economical assertion.
[Daily Trust]
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