Shareholders under the aegis of Proactive Shareholders Association of Nigeria have called for the release of the forensic audit report on Oando Plc.
The National Coordinator of PROSAN, Mr. Taiwo Oderinde, in a statement on Sunday, accused the Minister of Finance, Kemi Adeosun, and the Acting Director-General, Securities and Exchange Commission, Mary Uduk, of sitting on the report.
He said, “We are calling on the acting director-general of SEC to immediately release the report of the forensic audit conducted on the company since last year, although we believe the result will be compromised since they have failed to suspend the management of the company while the so-called forensic audit lasted.
“The finance minister and the SEC DG have created substantial instability and lack of transparency in the capital market, and the attendant consequences are there for all to see.
“These two high-ranking public officials are making a mockery of the present administration’s anti-corruption drive by shielding the management of a publicly quoted company that has been indicted by an initial report of SEC for perpetrating illegalities in contravention of the Investment and Securities Act 2007.”
Oderinde said the 2017 full-year result of Oando was below expectation, adding that members of his association, who are shareholders of the company, had suffered substantial financial losses.