Oando PLC has challenged at the Appeal Court the findings and sanctions on it by the Securities & Exchange Commission ( SEC ), following an alleged investigation, which began in May 2017. SECs had placed technical suspension on Oando PLC shares and ordered a forensic audit into the company’s affairs. A statement published on Oando’s […]
Read More Oando Plc says it has taken no action that is capable of undermining the authority of the apex regulator of Nigeria’s capital market, Securities and Exchange Commission. But the oil major noted that its actions were meant to protect the company and its shareholders against the actions taken under the leadership of Mounir Gwarzo, the […]
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Oando’s Nigeria Plc Shareholders under the aegis of Trusted Shareholders’ Association have issued 7 days ultimatum to the Minister of Finance, Mrs. Kemi Adeosun within which to resign her position, alleging a breach of public trust and confidence. The shareholders also asked President Muhammadu Buhari to immediately sack the Minister should she decline the call […]
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Alhaji Mukhtar is the National Chairman of Trusted Shareholders Association of Nigeria. The shareholder activist recently spoke to Daily Sun on some of the major development on the Nigerian capital market and lamented that regulators have allowed some of the problems in the market to fester. Excerpt: My views on controversy surrounding Oando Plc It […]
Read More A Federal High Court sitting in Lagos on Thursday strucked out a case filed by Oando Plc against the Securities and Exchange Commission (SEC), seeking to stop the apex regulatory authority of the capital market from conducting a forensic audit on the company and also lift a technical suspension placed on its shares. The presiding […]
Read More The lingering crisis currently plaguing major petroleum marketing company, Oando Plc is far from over as a group of shareholders of the company on Wednesday called on the embattled company’s management team led by its Group Chief Executive, Wale Tinubu to resign. The group, Trusted Shareholders’ Association of Nigeria (TSAN), led by its President, Alhaji […]
Read More Petroleum marketing company, Oando Nigeria Plc, seems to have returned to profitability, with its third quarter ended September, 30, 2017, showing a significant of 120 percent increase in profit-after-tax grew of ₦7.1 billion from a loss of (₦35.8billion) in Q3 2016. It also recorded ₦383.5billion turnover as against ₦329.9 billion achieved in the corresponding period […]
Read More Anxious shareholders of Oando Plc yesterday called for urgent commencement of forensic audit of the embattled oil company to save investors from more losses. The shareholders on the platform of Nigeria Shareholders Solidarity Association (NSSA), said the investigation should be detailed and done “without any fear or favour”. They also called on the auditors to […]
Read More Oando plc yesterday restrained Securities and Exchange Commission (SEC) from suspending trading in its shares at the Nigerian Stock Exchange (NSE). In a statement, Oando said that the NSE and SEC were served with a court order on October 24, 2017 and they are legally obliged to comply with the interim orders pending the substantive […]
Read More The Nigeria’s capital market apex regulator, Securities and Exchange Commission, has said that there were misstatements in Oando Plc’s audited financial statements for the 2013 and 2014 financial year arising from Oando Exploration and Production Limited transaction. This revelation was contained in a letter addressed to the Group Chief Executive Officer of Oando, Adewale Tinubu, […]
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In line with the mandate given to it by the National Assembly to investigate shareholders’ allegations against Oando Plc, the Securities and Exchange Commission (SEC), yesterday wrote its management, revealing gross insider dealings and other alleged unwholesome practices that forced it to wield the big stick. The letter came as anxious stakeholders await the outcome […]
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Just after the Nigeria’s capital market apex regulator, Securities and Exchange Commission (SEC) directed the Stock Exchange to suspend trading on Oando shares, the Johannesburg Stock Exchange have also followed in suspending the petroleum marketing company shares. The action, which happened on Thursday, followed the NSE’s earlier suspension on the oil major as directed by the […]
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