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New SEC Board Urged To Review Oando Sanction

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As the federal government inaugurates the new board of the Securities and Exchange Commission (SEC), a group, Initiative for Leadership and Economic Watch in Nigeria, has appealed to the members to review the sanctions imposed on Oando Plc by the management team.

The group also charged the new board to initiate policies and programmes that would engender confidence in the capital market as well as make it more robust.

It further tasked the board to correct all the wrongs done by the SEC management, particularly the sanctions meted on Oando and its management team.

In a statement issued yesterday by the group’s executive director, Mr. Splendour Agbonkpolor, he congratulated the new board chaired by Mr. Olufemi Lijadu, and urged it to justify the confidence reposed on the members by the federal government.

Agbonkpolor stated that the SEC legal team had also acknowledged queries in several quarters challenging the lack of due process in the investigation of Oando but lamented that it was bent onprolonging the issue through unnecessary legal battles.

He said, “The SEC has enormous responsibility of ensuring that the Nigerian capital market is robust and local and international investors have confidence in it. However, recent actions of the SEC management have cast aspersions on its neutrality as a regulatory agency. Therefore, the new board has an enormous task of righting all the perceived injustices seen to have been done by the SEC to some players in the sector.

“Worthy of note is the decision of SEC to keep Oando suspended in spite of its failure to make public the findings of the investigation it carried out two years ago,” he said.

Agbonkpolor argued that the failure of the commission to make public its findings of the investigation before sanctioning the oil company created the impression that SEC was acting a script.

On May 31, SEC ordered Oando’s Group chief executive officer, Mr. Wale Tinubu, and other affected board members to resign. But the company immediately replied, saying the alleged infractions and penalties were unsubstantiated and calculated to prejudice the business of the company.

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