Refrain from interfering in audit of Oando, more shareholders tells Sanusi

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More shareholders in the Nigerian capital market have advised the Emir of Kano, Muhammadu Sanusi, to desist from interfering in the planned forensic audit of Oando Plc, saying the move was capable of eroding investors’ confidence in the sector.

They argued that such interferences would not allow regulators get to the bottom of the company’s crisis as the matter was of great interest to Nigerians and the international community.

The shareholders, who spoke on the platform of Proactive Shareholders Association of Nigeria (PROSAN), said it was of paramount importance for the Emir to steer clear of the matter in order not to thwart due process.

Speaking on behalf of the group on Monday in Lagos, National Coordinator of (PROSAN), Taiwo Oderinde, said: “Regulators should do their job without any fear or favour. This is a quoted company for goodness sake. A company guided by rules and regulations.”

He added: “What are we trying to tell the world? There is an audited report already. The report is in the public space. The management of Oando went to court and lost. The next logical thing is for auditors to continue with their job. Anything short of this process will rubbish the Nigerian capital market.”