The Oando Shareholders Solidarity Group (OSSG) has said that the intervention of the Emir of Kano, Muhammadu Sanusi in the face-off between the company and one of its aggrieved shareholder cannot stop a forensic audit planned by the Securities and Exchange Commission (SEC).
The Coordinator of OSSG, Clement Ebitimi in a release said that while his group is not against the “peace accord” with Alhaji Mangal brokered by Emir Sanusi, the issue of the forensic audit borders on financial mismanagement, insider dealings, abuse of corporate governance and infractions with regards to the Investment and Securities Act (ISA) 2007.
Ebitimi said: “For the avoidance of doubt, the Forensic Audit of Oando ordered by SEC is not about Alhaji Dahiru Mangal. The Audit is about series of infractions of the Investment and Securities Act (ISA) 2007 uncovered in the company by a preliminary investigation ordered by SEC.
“SEC’s preliminary findings established serious concern to the existence of corporate governance, gross abuse of corporate governance and series of manipulations and financial management in Oando Plc.
He said the allegations against the company are weighty and are not about a shareholder.
