Fidelity bank banner Bayelsa State banner
SEC to go ahead with forensic audit of Oando

By News Express on 06/12/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 717


Nigeria’s Securities and Exchange Commission (SEC) plans to go ahead with a forensic audit of oil company Oando Plc, it said in a statement late on Tuesday, despite the suspension of the commission’s director.

The finance minister suspended SEC Director General Mounir Gwarzo last week over allegations of financial impropriety, a month after Gwarzo started an investigation into Oando’s shareholding structure and froze trading in its shares.

Lawmakers on Tuesday opened an investigation into Gwarzo’s suspension, pledging to look into whether the ministry had interfered with the SEC’s work, particularly issues related to the forensic audit of Oando.

The SEC said it had sent a letter to Oando on Tuesday, informing the company of its decision to conduct the audit, which it has appointed accounting firm Deloitte to handle.

The ministry has appointed Abdul Zubair as acting chief of the commission while Gwarzo is under investigation.

Gwarzo was not immediately available for comment on Wednesday on the decision to go ahead with the audit.

Shares in Oando, which had been frozen at 5.99 naira since October 18, sold off in heavy trading of 10.1 million units, a day after Gwarzo was suspended.

Oando, which bought ConocoPhillips’ Nigerian business for $1.65 billion in 2014, had gone to court to challenge the suspension of its shares by the SEC. (Reuters)

Source News Express

Posted 06/12/2017 6:24:25 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Protest rocks Onitsha; Keke drivers, activists rise against...

We cannot fix in 3 years what PDP...

Senate screens INEC Commissioners

Measurement expert urges PR managers to create evaluation...

Emir proffers solution to farmers/herdsmen clashes

ASUP begins indefinite strike Monday

Buhari orders release of $21m to MNJTF on...

Abia youths protest delay of Abia North NASS...

Senate confirms 15 INEC officials as RECs

Military, Boko Haram in war of words

Things to get better before the end of...

FG vows to prosecute apprehended Boko Haram terrorists...

 

Latest News Anambra community on edge as 3 suspected armed robbers disappear Why Saraki, Tambuwal left APC: Tinubu opens up Only son, customer electrocuted at match viewing centre 252 aides dump Tambuwal for APC Sen. Adamu accuses Saraki of mismanaging N115bn NASS Budget, calls for probe Akwa Ibom slams N50b lawsuit against EFCC over account freezing Account for N2.5bn health insurance funds, Omisore charges Aregbesola Power Gencos give FG 6 conditions to avoid shutdown of operations SERAP accuses Oyo governor of executive rascality over demolition of Ayefele’s Fresh FM Oil Spill: Shell reports progress in clean-up of Bayelsa, Delta communities Zamfara banditry claims 3,000 lives, gulps N17bn, says SSG NUT gives 21 days ultimatum to Edo over poor education funding

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (379,018 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (367,362 views) Shameless Genevieve Nnaji exposes breasts in public (297,137 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (242,470 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (223,461 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,552 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (193,171 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (175,330 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,987 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,836 views) Lagos plane crash: Journalist releases victims’ names (153,127 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,397 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,464) Business Verdict (48) Columnists (912) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (528) Features (640) Global Business Monitor (295) International (2,280) Interview (162) Live Commentary (28) Love Matters (135) News (38,152) Opinion (1,063) Pidgin (11) Politics (6,105) Religion (827) Sports (1,653) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Real Madrid vs Atletico Madrid 2-4 Highlights and Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement