Fidelity bank banner UBA 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: 752


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...
Air Force unleashes remote-controlled fighter jet on Boko...

New NSA: Jonathan settles IBB

Al-Makura, Maku in war of words

Tukur Mamu, blackmailer and serial liar, targets FCT...

Senate makes U-turn, to consider Buhari’s nominees

Beware! Ebola Virus lands in Nigeria; first patient...

Decriminalise drugs, Obasanjo tells West African govts

Amnesty Office denies awarding N48bn contracts in five...

Hell cerebrates prayers & wishes for Prof. Chinua...

Buhari assures UK Prime Minister of credible elections...

Sylva's era the darkest in Bayelsa's history, says...

Deji Tinubu slumps, dies

 

Latest News US, EU, UK declare stand on Osun poll, rerun How I rebuffed Buhari’s invitation thinking it was 419 — FEPSAN President Minimum wage: Nationwide strike begins 12 am Thursday Aisha Buhari’s ADC in SSS custody over N2.5 billion fraud APC warns PDP Chairman Secondus on his utterances, conduct Buratai laments setback in war against Boko Haram FG approves enrolment of corps members into NHIS — NYSC DG Gov. Dickson signs Medical University Establishment Bill, two others into law We’ll no longer tolerate intimidation by police, politicians, others — Anambra judiciary APC suspends Adamawa EXCO, four days to governorship primaries Alleged N200m fraud: Court orders public summons against Sen. Uzodinma Ogun Governorship: 5 aspirants form alliance against Amosun’s candidate

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (397,332 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (377,184 views) Shameless Genevieve Nnaji exposes breasts in public (309,037 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (250,944 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,697 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,815 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,430 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,967 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (166,049 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,540 views) Lagos plane crash: Journalist releases victims’ names (158,417 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (147,071 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,629) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (548) Features (653) Global Business Monitor (301) International (2,434) Interview (165) Live Commentary (28) Love Matters (144) News (39,143) Opinion (1,111) Pidgin (11) Politics (6,752) Religion (873) Sports (1,706) Stock Watch (34) AMA & Al Jazeera Global Update

 

NLNG Expression of Interest banner

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Anthony Joshua vs Alexander Povetkin: Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement