SEC begins forensic audit of Oando Plc

The Securities and Exchange Commission (SEC) has begun the forensic audit of Oando PLC, contrary to reports that the exercise had stopped due to the suspension of the Director-General of the Commission, Mounir Gwarzo.

A letter obtained by the News Agency of Nigeria (NAN), on Tuesda,y in Abuja, showed that SEC had written to the Group Chief Executive Officer of Oando, Adewale Tinubu, notifying him of its decision to conduct a forensic exercise into the activities of Oando Plc.

The letter, signed by the Acting Director-General of SEC, Abdul Zubair, said the forensic auditors were expected at the premises of Oando, on Wednesday, to undertake the duty.

The Letter, titled ‘Re: Forensic Audit into the Affairs of Oando Plc’, itemised the commission’s position.

”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. 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.”