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Shareholders: We’ll Resist Attempts To Frustrate Forensic Audit On Oando

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Concerned shareholders of Oando Plc have said they will resist every attempt to frustrate the forensic audit on the company, describing the delay in releasing the report as an act of impunity.
Speaking with journalists in Abuja yesterday, lawyer to the concerned shareholders of Oando, which is the amalgamation of some shareholders of the company, Nnodu Okeke alleged that there were moves by the management of Oando to frustrate the forensic report.
He said it appears that the forensic audit report has been buried because nobody is talking about it anymore. ‘‘How long does it take to do a forensic audit? In this country, we build with one hand and destroy with another one. We have been waiting for this audit report for months and it is almost dragging into eternity.
‘‘The forensic audit report was ordered by the Securities and Exchange Commission (SEC) at the end of their preliminary investigation which was carried out as a result of mandate given to SEC by the House Committee on Capital Market. Petition was written to the House Committee and they mandated SEC to look into the matter.
‘‘SEC came out with a preliminary report which was very damaging as it revealed that a lot of atrocities were committed by Oando management. In order to do a clean job, the SEC ordered for a forensic report. That is what we have been waiting. They appoint one DG today, and replace him with another tomorrow.’’
Okeke also said the issue is beyond Oando and some concerned shareholders, but about integrity of the nation’s capital market. He said frustrating a forensic audit report as this is unfair to the shareholders.
He also said that in a sane clime, the management of Oando is not supposed to be in office while the forensic audit report is being conducted.



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