SEC Commences Investigation Of Onado
By Racheal Ishaya
The Securities and Exchange Commission (SEC) will commence a forensic audit of Oando Plc on Wednesday, contrary to reports that the audit had been stopped following the suspension of the Director-General of the Commission, Mr Mounir Gwarzo.
In a letter obtained by our correspondent on Tuesday in Abuja, SEC notified the Group Chief Executive Officer of Oando, Mr Adewale Tinubu, of its decision to conduct a forensic exercise into the activities of the company.
The letter, which was signed by the Acting Director-General of SEC, Dr. Abdul Zubair, said the forensic auditors would be at the premises of Oando on Wednesday to undertake the audit.
Zubair was appointed by the Federal Government on Thursday, November 30, 2017.
The Letter titled, ‘Re: Forensic Audit into the Affairs of Oando Plc’, reads:
“Further to our letter to you dated November 27, 2017 and another letter to your lawyers dated November 28, 2017, wherein the Commission had notified Oando Plc of its decision to go ahead with the Forensic Audit, the Commission in the light of recent development wishes to reiterate the following:
”1. 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.
“2. 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.
“While we acknowledge that a Notice of Appeal has been filed to challenge the judgment of the Federal High Court, this notice does not serve as an Order of Court restraining the Commission from conducting the exercise.
“We wish to restate that our Forensic Auditors had been directed to commence work since November 27, 2017 and as a result shall be at your premises on any date from Wednesday, December 6, 2017.
“Kindly accord them the necessary assistance,” the letter stated.
It will be recalled that following the recent suspension of the former Director-General of SEC, Mr Mounir Gwarzo, facts emerged that the DG was suspended for looking into the affairs of Tinubu, a close ally of the present administration.