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Friday, Could 31, 2019 / 05:00PM / By SEC
Administration / Header Picture Credit score: Oando
The Securities and Trade Fee (SEC) of Nigeria, this night
printed a press launch on their web site stating their choice(s) in respect
of their two 12 months investigation of petitions in opposition to Oando Plc. Beneath is a
replica of the press launch.
Following
the receipt of two petitions by the Fee in 2017, investigations had been
carried out into the actions of Oando Plc (an organization listed on the Nigerian
and Johannesburg Inventory Exchanges). Sure infractions of Securities and different
related legal guidelines had been noticed. The Fee additional engaged Deloitte &
Touche to conduct a Forensic Audit of the actions of Oando Plc.
The
basic public is hereby notified of the conclusion of the investigations of
Oando Plc.
The
findings from the report revealed critical infractions reminiscent of false
disclosures, market abuses, misstatements in monetary statements, inside
management failures, and company governance lapses stemming from poor board
oversight, irregular approval of administrators’ remuneration, unjustified
disbursements to administrators and administration of the corporate, associated get together
transactions not carried out at arm’s size, amongst others.
As
a part of measures to handle these violations, the Fee has directed as
follows:
- Resignation of the affected Board members of
Oando Plc, - The convening of an Additional-Atypical Normal
Assembly on or earlier than July 1, 2019, to nominate new administrators, - Cost of financial penalties by the corporate and
affected people and administrators, - Refund of improperly disbursed remuneration by
the affected Board members to the corporate, - Bar of the Group Chief Government Officer (GCEO)
and the Deputy Group Chief Government Officer (DGCEO) of Oando Plc from
being administrators of public corporations for a interval of 5 (5) years.
As
required below Part 304 of the Investments and Securities Act, (ISA) 2007,
the Fee would refer all points with attainable criminality to the
applicable felony prosecuting authorities.
In
addition, different elements of the findings can be referred to the Nigerian Inventory
Trade (NSE), Federal Inland Income Service (FIRS), and the Company
Affairs Fee (CAC).
The
Fee is assured that with the implementation of the above directives
and introduction of some remedial measures, such unwholesome practices by
public corporations can be considerably lowered.
Due to this fact,
in keeping with the Federal Authorities’s resolve to construct sturdy establishments,
Boards of public corporations are enjoined to correctly carry out their fiduciary
duties as required below extant securities legal guidelines.
The
Fee, because the apex regulator of the Nigerian capital market, maintains its
zero tolerance to market infractions, and reiterates its dedication to making sure
the equity, integrity, effectivity and transparency of the securities market,
thereby strengthening investor safety.
Proshare Reviews – Oando Investigation
1. Obtain
Full (PDF) Report – Memo to The Market: The Oando Company Journey – At
The Regulators Gate
2. Obtain
(PDF) Report – SEC Technical Committee on Oando Plc 2017 (Dec 04, 2017)
3. Assessment
of the SEC Technical Committee Suggestions, Opinion and Closing Report
Fast Recall of Previous Market Memorandum(s)
1.
Past
The Noise: MTN’s Put up Itemizing Reactions, Gaps in Guidelines and Classes Learnt
– Could 25, 2019
2.
The Bull within the
China Store – A New Paradigm within the Banking Sector (evaluation of the SLS Intervention)
… – Proshare Aug 21, 2009
3.
Basic
Concerns for Capital Market Reforms in Nigeria … – Proshare Sept 06, 2010
4.
Memo to the
Market: Reappointing Arunma Oteh as DG, SEC – Proshare Dec 31, 2014
5.
The place Nigeria
obtained it Mistaken – Proshare Dec
01, 2014
6.
Management,
Change and Company Transformation – The Nigerian Expertise … – Proshare Nov 07, 2017
Record of Appendix
1. Company
Governance Score System (CGRS)
2. Info Behind the
Figures (FYE 2016 & Q1 2017 Efficiency Assessment)
3. Oando Plc Half
Yr Replace Name (FYE 2015 & Q1 2016 Efficiency Assessment)
4. NSE X-Compliance
Report February 21, 2014
5. NSE X-Compliance
Report August 7, 2015
Associated Information on Oando
1.
Memo
to The Market: The Oando Company Journey – At The Regulators Gate
2.
Oando PLC
Publicizes YTD September 2017 Outcomes; Provides Operational Highlights
3.
Oando Plc state
Positions on the Securities and Trade Fee Alleged Findings
4.
Oando Secures
Courtroom Injunction, restraining SEC, NSE
5.
Oando Shares Now
Out there for Buying and selling, No Value Motion Throughout Technical Suspension
6.
JSE Follows NSE,
Suspends Buying and selling within the Shares of Oando Plc
7.
Oando Provides
Holding Response on SEC’s Directive to NSE to Droop Buying and selling of Its Shares
8.
Oando PLC’s
Official Assertion on the SEC’s Directive to The NSE to Droop Buying and selling of Its
Shares
9.
NSE, SEC Verify
Determination To Droop Buying and selling On The Shares of Oando Plc
10. Buying and selling on the
Shares of Oando Plc Suspended; Causes Unknown
11.
Oando Fuel &
Energy Rebrands as Axxela
12. Home of Reps
offers SEC Two weeks to submit Report on Oando PLC
13. Oando Plc. – AGM
Decision
14. Oando Plc holds
fortieth AGM, engages Shareholders on the Progress of its Restructuring Plan
15.
Oando Plc’s fortieth
AGM To Maintain As Deliberate Following SEC Affirmation
16. Oando Plc to
Maintain fortieth AGM on Sept 11, 2017
17.
Oando Plc Points
an Replace on Claims of a SEC Investigation
18. OANDO Declares
N4.56bn Revenue in Q2 2017 Outcomes,(SP:N7.80k)
19. Oando Points
Press Launch over SEC Investigation
20. Company
Earnings for the Week Ending 140717 – UCAP declares N1.99 billion Revenue in
Q2’17 Outcomes
21. SEC
Investigating Oando Plc
22. OANDO Plc
Publicizes Closed Interval
23. Oando Supplies
Clarifications on its Refinery Ambitions
24. OANDO Declares
N1.71bn Revenue in Q1 2017 Outcomes,(SP:N5.80k)
25. OANDO Plc
Publicizes Closed Interval
26. Oando Plc to
Maintain 2016 AGM on Tuesday 2nd August
27. Oando Plc Key
Highlights on This autumn 15 and Q1 16
28. OANDO Concludes
Recapitalization Partial Divestment of Fairness Stake in Its Downstream
Operations
29. Materials
Uncertainty Could Solid Doubt on Oando’s Means to Proceed as a Going Concern –
Ernst & Younger
30. OANDO Releases
This autumn 15 and Q1 16 Outcomes Declares N4.10bn PAT in Q1 SP N6.50k
31. Oando Plc
Secures 5 Yr N94.6 Billion Medium Time period Facility with 10 Nigerian Banks
32. Oando explains
what Deregulation of Petrol Value means for its Downstream Operations
33. OANDO to accumulate
OER Minority Shares for a Consideration of US 1.20 per share in Money
34. The Company
Governance Score System –
Proshare
35. ETI, Oando Plc
below Hearth over Possession, Governance
Associated Information on SEC Legal guidelines and Company
Governance
36. The-Market-Memorandum—Basic-Concerns-for-Capital-Market-Reforms-in-Nigeria/2910
37. Company
Governance and Administrators’ Remuneration
38. SEC Proposes New
Guidelines & Amendments to Guidelines on Ebook Constructing, Company Governance
39. Good Company
Governance is Good Enterprise
40. SEC, Udo Udoma
And Company Governance: The Truth Recordsdata
41. Enabling Regulation – Funding and Securities Act (ISA)
2007
42. SEC Nigeria’s
Executed Guidelines and Laws as at June 2017
43. SEC Nigeria’s
Consolidated Guidelines and Laws as at 2013
44. Code of
Company Governance for Public Companies_4 April 2011
Associated Information on Oando from Different Sources
45. N236bn
Legal responsibility: Oando Shareholders Protest in Ibadan – Unbiased
46. Intel’s Volpi
Steps Up Battle Towards Wale Tinubu over Management of Oando – ThisDay
47. Suspension of
OANDO PLC – SEC
48. Oando
Shareholders Set To Sack Wale Tinubu, Board – Unbiased
49. Discover to the
Normal Public on Oando Plc –
SEC
50. So what’s
taking place at Oando (2)? – Enterprise Day
51. So what’s
taking place at Oando (1)? – Enterprise Day
52. The within
story: Why SEC ordered a Forensic audit of Oando Plc – Enterprise Day
53. CorporateStories:
Beneath siege, the battle for Oando – Nairametrics
54. Oando and IAS
24: What the regulation can’t do by @Doubleeph – Nairametrics
Acknowledgement/Analysis Hyperlinks
55. Securities and Trade Fee,
Nigeria
56. The Nigerian Inventory Trade
57. Oando Plc
58. Conference for
Enterprise Integrity
59. Vetiva Capital
Administration Ltd
60. Oando’s
Traders Relation Web page – TheAnalyst
61. Oando Plc
Audited Monetary Statements – 2012
62. Oando Plc
Audited Monetary Statements – 2013
63. Oando Plc Audited
Monetary Statements – 2014
64. Oando Plc
Audited Monetary Statements – 2015
65. Oando Plc
Audited Monetary Statements – 2016
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