SEC To Begin Forensic Audit Of Oando

SEC To Begin Forensic Audit Of Oando

Like This Video 0 241852 Segun Vincent
Added by December 6, 2017

The Securities and Exchange Commission (SEC) will on Wednesday begin a forensic audit of Oando Plc.

This is contained in a letter addressed to the Group Chief Executive Officer of Oando, Adewale Tinubu, stating the decision to conduct a forensic exercise into the activities of the company.
The letter, which was signed by the Acting Director-General of SEC, Dr Abdul Zubair, said the forensic auditors would be at Oando on Wednesday to undertake the audit.
The letter, titled, ‘Re: Forensic Audit into the Affairs of Oando Plc’, reads:
 “Further to our letter to you dated November 27, 2017 and another letter to your lawyers dated November 28, 2017, wherein the Commission had notified Oando Plc of its decision to go ahead with the Forensic Audit, the Commission in the light of recent development wishes to reiterate the following:
 ”1.     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.
“2.     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,” the letter stated.
It will be recalled that following the recent suspension of the former Director-General of SEC, Mounir Gwarzo, facts emerged that the DG was suspended for looking into the affairs of Tinubu, a close ally of the present administration.

Similar Videos

FG Dismisses Fears Over ISIS Threat

0 146701 0

Fears of Nigerians on the possible recruitment and training of ISIS fighters on the Nigerian soil was on Tuesday allayed by the Federal Government. The FG said the development is not only illegal, but that the government would curtail it.

NUC Grants Maritime University Approval

0 125042 0

The National Universities Commission (NUC) has granted approval to the Maritime University, Delta, to begin undergraduate degree programmes from the 2017/2018 academic session. The Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, gave the indication

Kessington Palace Reacts To Meghan Markle’s Father Pull-out From Royal Wedding

0 143008 0

Wife-to-be of British Royalty Prince Harry, Meghan Markle, has officially addressed the reports of her father pulling out of her wedding slated for May 19. It was gathered that Meghan’s dad, Thomas Markle, suffered a heart attack six days ago

No Comments

No Comments Yet!

No Comments Yet!

But You can be first one to write one

Write a Comment

Your data will be safe!

Your e-mail address will not be published. Also other data will not be shared with third person.
Required fields are marked*