Fidelity bank card banner Camano banner

SEC to go ahead with forensic audit of Oando

By News Express on 06/12/2017

Views: 1,060


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

 

 

CLASSIFIED ADS

 

You may also like...
Violent storm destroys schools, churches and over 70...

PDP Guber primaries: Steer clear of Bayelsa politics,...

2019: Ogun youth coalition throws weight behind Akinlade,...

National Assembly meets today to clean up 2016...

35 dead, 176 injured in Anambra auto crashes...

Transcorp rises to a Top 500 company in...

Cybercrime: UK sends 2 Nigerians to prison

BREAKING: Buhari appoints Kyari NNPC GMD

Mystery of the abducted Chibok girls and the...

Thunderstorm kills pregnant woman, 2 others in Ebonyi...

Mandatory use of NIN begins today — FG...

Catholic priest cautions Ndigbo over Nnamdi Kanu’s call...

 

Latest News Ihedioha’s ally nabbed in America Wadume’s gang member arrested in Wukari 2019 polls: Why APC lost Rivers — Princewill •Also speaks on RUGA, Buhari's cabinet, his relationship with Atiku, Tinubu, Amaechi and Aso Villa, etc Konga assures genuine products, slashes rates and unveils credit facilities as Back-to-School promo starts today Shittu expresses shock over exclusion from ministerial list We’ve been pushed to the wall: Igbo youths Army warns Bakassi militants FBI bust: Presidency vows new Executive Orders to tackle international fraud Kaduna begins recruitment of 5,000 PHC workers Kanu writes to Japan Emperor over President Buhari’s visit Visa: Ubah leads Igbo traders to Chinese Consul-General Army burns vehicles containing fish allegedly belonging to Boko Haram terrorists

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (531,606 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (439,521 views) Shameless Genevieve Nnaji exposes breasts in public (384,695 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (323,566 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (291,187 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (251,711 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (246,753 views) 10 cars more expensive than Jets (234,385 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (228,727 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (214,872 views) Lagos plane crash: Journalist releases victims’ names (193,644 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (191,447 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (99) Business & Economy (4,408) Business Verdict (79) Columnists (1,097) Complaints & Requests (95) Enterprise & Opportunities (215) Entertainment (649) Features (799) Global Business Monitor (425) ICT Monitor (59) International (3,865) Interview (200) Live Commentary (30) Love Matters (167) Maggie's Blog (387) News (50,424) Opinion (1,337) Pidgin (17) Politics (11,340) Religion (1,089) Sports (2,142) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera