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Oando crisis: Shareholders warn against cover-up, threaten to picket SEC

By Chinenye Anuforo on 09/10/2017

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Following the recent directive given to the Securities and Exchange Commission (SEC) by the House Committee on Capital Market and Institutions to investigate allegations of financial impropriety and mismanagement at Oando Plc, shareholders of the company across the country have warned the Commission against any form of cover-up as well as other actions that will be inimical to their investment.

The shareholders, who stated this in a chat with newsmen in Lagos, stressed that they will use every legal means possible to protect their investment in the event that the SEC decides to give the management of Oando a soft landing. They had alleged that some of their colleagues are now being used as conduit to reach out to the SEC, but however urged the Commission to stay away from those elements who parade themselves as shareholders leaders.

Speaking on behalf of his colleagues, National Coordinator of Trusted Shareholders Association, Alhaji Muhktar Muhktar, said the duty of regulators in any capital market is to protect the interest of shareholders and not management of corporations who deliberately toy with shareholders’ investment for their personal gains.

He warned that shareholders from the Northern part of the country will picket the SEC, if urgent steps were not taken to address their plight, in respect of Oando Plc.

According to him, “We have it on good authority that some people who parade themselves as shareholders are trying to influence the decision of the SEC as regards our petition to the National Assembly on the mismanagement of our company, Oando Plc.

“We will not take it. They annual report is there for everybody to see. We have observed for three good years now that the financial operations of Oando Plc have been of worrisome in critical matters that affect our investment.  No dividends have been paid since 2013 financial year. Some of the critical financial management concerns on our investment areas include:

“External auditors of Oando Plc reported strong doubtful going concern of the group’s annual financial statement. The group has negative working capital of over N263billion with current liabilities exceeding current assets. The petition further stated that the management of Oando was unable to service its financial obligations while, the group has accumulated losses of over N159 billion in its balance sheet as at 2016 year end,” he said.

For his part, President of Renaissance Shareholders Association, Ambassador Olufemi Timothy, alleged that the management of Oando is currently selling critical assets of the company.

He therefore called on SEC to do what is needful to restore investor confidence in the capital market. (Daily Sun)

Source News Express

Posted 09/10/2017 1:36:13 PM

 

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