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Group Flays SEC Over Sanction On Oando



A group, Initiative for Leadership and Economic Watch in Nigeria has criticised the Securities and Exchange Commission (SEC) for penalising Oando Plc for alleged infractions even when the industry regulator failed on its part.

It said that SEC’s inability to make public the outcome of the investigation it carried out on Oando after two years was suspect.

SEC recently wielded its sledgehammer on the company when it directed Oando to suspend its annual general meeting. Prior to the directive, SEC had ordered Oando’s chief executive officer, Mr Wale Tinubu and other affected board members to resign.

Reacting to the development yesterday in Abuja, the executive director, Initiative for Leadership and Economic Watch in Nigeria, Mr. Splendour Agbonkpolor, called on SEC to be an unbiased regulator by being transparent in the discharge of its duties.  He argued that the failure of the commission to make public its findings on the investigation it carried out before sanctioning the oil company had created the impression that it is acting a script.

Agbonkpolor said, “The stakeholders of Oando Plc demanded for the content of the investigation report which took two years to compile but the commission refused to oblige them access to it. This invariably implies that there are cookies in the investigation report thus it could be inferred that the commission may be acting differently from the content of the report that supposedly indicted the chief executive and the second in command of the company.

“The clarity that is needed by the public and Oando stakeholders is yet to be made available by SEC; this we also seek as civil society organisation in line with Freedom of Information (FoI) Act, but still not made available, which brings scepticism in the entire processes and procedures  that was followed during the course of investigation.