…No comment on matter now – SEC
Oando, listed on the Nigerian Stock Exchange (NSE) and the Johannesburg Stock Exchange (JSE), had in 2014, announced the acquisition of the Nigerian upstream oil and gas business of American oil firm, ConocoPhillips, for a total cash of $1.5bn.
Media reports, however, surfaced over the weekend claiming the company might be under a comprehensive investigation by the SEC over petitions filed by some investors in relation to the acquisition.
But the company, in a statement posted on the website of the NSE, said it, “understands that the SEC is in receipt of correspondence containing (in our opinion) unsubstantiated, misleading and defamatory claims with respect to various matters that had already received board, shareholders’ and where required, SEC approval.”
The statement, signed by the company’s Chief Compliance Officer, Ayotola Jagun, said that Oando was fully cooperating with the SEC, “in the discharge of its duties as the capital market regulator by providing all appropriate clarifications and rebuttals on the matters raised in the said correspondence. Oando will be happy to provide full disclosure of the outcome as soon as the SEC review is completed.”
Emailed questions and phone calls seeking further clarification on the nature of claims raised by the correspondence and Oando’s clarifications to the SEC was not replied by Mr. Jagun.
The SEC said it would not comment on the matter because it was still under investigation.
“Once investigation is concluded we will make the information public,” a SEC spokesperson said.
